Movement Mortgage Review: A Good Option for an On-Time Closing

Movement Mortgage offers most types of conventional and government-backed mortgages. It aims to get loans through underwriting and processing quickly, eliminating the stressful processes of some of its competitors. Read our full review to find out if Movement Mortgage is right for you.

This mortgage lender is a good fit for: Home buyers who want to use one of the standard mortgage types, but want a stress-free application and closing process.

Top perks

Lots of mortgage types

Movement Mortgage offers conventional loans, FHA loans, VA loans, USDA loans, FHA 203(k) renovation loans, new construction loans, jumbo loans, and even offers reverse mortgages for seniors. It also offers refinancing, both in the form of rate-and-term refinancing and cash-out refinancing loans. In a nutshell, if you're looking for any of the standard mortgage types, you're likely to find it at Movement.

Movement also offers a special mortgage program that allows qualified borrowers to get a no-fee refinance if rates drop. The program is in effect for a limited time, so check with a Movement loan officer if you're interested in finding out more.

In addition to purchase and refinancing loans, Movement Mortgage also offers home equity lines of credit, or HELOCs.

6-7-1 process

Movement Mortgage offers a straightforward and streamlined application, and uses its so-called 6-7-1 process to approve loans with the general goal of eliminating the stressful scrambling to meet deadlines that other mortgage lenders often subject borrowers to.

The "6" is the underwriting time target, and that's in hours, not days. Unlike some rivals, Movement Mortgage underwrites its loans at the start of the loan process, with the goal of preventing any last-minute documentation and other approval surprises. Once all documentation has been submitted and an appraisal has been set, Movement Mortgage aims to release the loan from underwriting in six hours or less.

The "7" is the processing time in days, and is a big differentiator. In fact, 75% of Movement Mortgage's loans are processed in seven business days or fewer, with the goal of having closing documents ready to go days or even weeks before the scheduled closing.

And finally, the "1" refers to the goal of having closing done in a single day.

Hundreds of branches

While Movement Mortgage's application process is designed to be able to be completed online, it's important to mention that the company has more than 775 branches located throughout the U.S., as well as a call center that operates from 8:30 a.m. until 7:00 p.m. on weekdays. So, borrowers have several ways to get assistance on their applications.

Available in all 50 states

Unlike many other lenders, Movement Mortgage is licensed to originate loans in all 50 states, so you don't have to check for any residency restrictions before applying.

High customer satisfaction

Movement Mortgage has an A+ rating with the Better Business Bureau and has an average rating of 4.77 stars out of 5 on the BBB website, based on more than 500 customer reviews. This in itself is a worthy accomplishment, since people often go to the BBB to complain.

Competitive interest rates and fees

As we'll discuss in the next sections, one of the major drawbacks about Movement Mortgage is that it doesn't publicly share its current interest rates and origination fees. But several sources indicate that Movement Mortgage's interest rates tend to be on par with industry averages.

Credit score transparency

Movement does an excellent job of letting prospective borrowers know what credit scores they'll need to apply for a loan. For conventional loans, Movement Mortgage requires a minimum credit score of 620. For FHA, VA, and USDA loans, Movement Mortgage uses a 580 minimum credit score.

This can be especially useful, as VA loans don't have a formal minimum required by the government, and the FHA allows applicants with credit scores as low as 500 with a 10% down payment. So, specifying the lender's individual requirements can be very helpful.

What could be improved

Rate and fee transparency

Several of the top mortgage lenders publish a table of their current interest rates online, and others allow borrowers to check their estimated personalized rates quickly and easily with a soft credit pull. But the only way to get a rate quote from Movement Mortgage is to fill out an application or speak with a loan officer.

Movement Mortgage is rather transparent about qualification requirements, especially in regards to credit scores. Movement requires a minimum credit score of 620 for conventional loans, and a minimum of 580 for FHA, VA, and USDA loans. Other requirements (such as reserves and debt-to-income ratios) depend on the loan program. To apply, you can complete a mortgage application online, call and speak with a Movement Mortgage loan officer, or go to one of its nearly 800 branches nationwide.

Movement Mortgage does not publish its current rates, but according to several sources, they are on par with national averages.

Check out current refinance rates from other lenders to get an idea of what average rates look like today.

Unlike many other lenders, Movement Mortgage doesn't publish its current interest rates online, so it is tough to compare them directly to the national averages. However, according to multiple sources, Movement Mortgage's mortgage rates trend about the same as the national average. For context, here are current mortgage rates from similar lenders.

Movement Mortgage can be a great place to get a mortgage quote, especially for first-time home buyers, as Movement Mortgage offers a full range of conventional and other loan options with minimal down payments. It can be an especially attractive option for buyers (both first-time and repeat) who want a quick and efficient loan approval and underwriting process.