One of the newest mortgage lenders out there goes by the name “Wesley Mortgage,” an ode to the founder of the Methodist Church, John Wesley.
Despite being basically brand new, they are already the “Official Mortgage Provider of the Tennessee Titans” football team.
They also claim to be one of America’s top 500 fastest growing companies, which aligns with their mission to speed up the home loan process using the latest technology.
The company also happens to be located across town from Churchill Mortgage, which is Dave Ramsey’s preferred mortgage lender.
Let’s discover more about this newcomer to see if they can shake things up in the mortgage industry.
Wesley Mortgage Fast Facts
- A direct-to-consumer mortgage lender
- Offers home purchase loans and mortgage refinances
- Founded in 2021, headquartered in Franklin, Tennessee
- Currently licensed in four states: AL, KY, SC, and TN
- Official mortgage provider of the Tennessee Titans
Wesley Mortgage is a new direct-to-consumer mortgage lender based out of Franklin, Tennessee that will operate under the “Wesley” umbrella.
Nashville-based entrepreneur Chuck McDowell also runs several other businesses under the name, including Wesley Financial Group and Wesley Insurance, LLC.
Interestingly, his main business is timeshare exits, and they’ve apparently eliminated more than $250 million in so-called timeshare mortgage debt.
If they can do that, there’s a good chance they can get you a mortgage too, as I’d say the former is probably one of the trickier things to wrangle out of.
Anyway, despite launching back in September, they’re already growing fast and headed by mortgage veteran Ed Wallace.
They’re currently licensed in four states, including Alabama, Kentucky, South Carolina, and Tennessee.
However, they have plans to be in all 50 states within 18 to 24 months, with licenses already submitted in Florida, Georgia, North Carolina, Texas, and Virginia.
How to Apply with Wesley Mortgage
To get started, you can either call them up or visit their website. If you go online, there’s what amounts to a lead form that you can fill out.
Once submitted, a loan officer will contact you to discuss your goals, eligibility, and loan pricing.
If you like what you hear, you can apply for a mortgage online using some of the newest technology available.
Their digital mortgage application is powered by Wipro Gallagher. It allows borrowers to complete the form with minimal data entry and auto-populate things like credit, asset, and income information.
You can upload documents, e-Sign disclosures, compare products and rates, and monitor the progress of your loan as it makes its way through underwriting.
Additionally, Wesley Mortgage customers get a single point-of-contact to walk them through every step of the loan process.
This differs from other lenders that hand off the borrower to a processor, an underwriter, a closer, and so on.
In a recent press release, Wallace referred to this as “white glove” treatment. Aside from allowing for better communication, it could simplify things for the borrower and speed up the process.
Along with that, Wesley Mortgage has pushed underwriting to the front of the process to generate approvals quicker and hit turn times faster than traditional lenders.
All of this should make the home loan process a little less painful, and perhaps cheaper as well if they can leverage the latest tech.
Loan Programs Offered by Wesley Mortgage
- Home purchase loans
- Mortgage refinances: rate and term and cash out
- Conforming loans backed by Fannie Mae and Freddie Mac
- Jumbo loans
- Non-QM loans
Wesley Mortgage offers both home purchase loans and refinance loans, including cash out refinances if you wish to tap your home equity.
They say you can get up to $1 million in home equity, which certainly puts them in the jumbo loan realm.
Borrowers with cheaper properties and/or smaller loan amounts can also take out a conforming mortgage backed by Fannie Mae or Freddie Mac.
And those who have situations outside the norm might be able to take advantage of a non-QM loan, which are typically reserved for those with unique loan scenarios.
The only major loan type they appear to be missing at the moment is the USDA loan, geared toward those in rural areas of the country.
My assumption is both fixed-rate and adjustable-rate mortgages are available in a variety of different loan terms.
Wesley Mortgage Rates
At the moment, Wesley Mortgage does not openly publicize its mortgage rates online. In order to get today’s pricing, you’ll need to get in contact with a licensed loan officer.
The same goes for lender fees – they don’t mention them on their website, so be sure to ask about any application fee, loan origination fee, and so on.
While convenience and technology are great, so is a low-priced mortgage that you can keep for the next 30 years.
Hopefully they’ll provide more pricing information online in the near future as they continue to expand nationally.
Wesley Mortgage Reviews
Because they’re basically a few months old, their customer reviews are few and far between.
However, they’ve got 3 perfect 5-star reviews on Zillow, all of which say the interest rate obtained was lower than expected.
It’s obviously not a lot to go on, but at least it’s a good start. I will update this page when more reviews come in.
While they aren’t yet on the Better Business Bureau (BBB) website, their sister company Wesley Financial has a solid 4.85/5 customer rating from about 800 reviews.
And the company has an ‘A+’ rating based on complaint history. So hopefully the mortgage venture follows suit.
To sum things up, Wesley Mortgage appears to be an ambitious young mortgage lender with its sights set on becoming a household name, especially in Tennessee.
Their focus on customer service coupled with the latest technology could make them a good choice, whether you’re buying your first home or refinancing an existing mortgage.
The only question mark is their pricing, and it will take time to see how they deliver on their promise to fix the complex mortgage process.
Wesley Mortgage Pros and Cons
- Offer a digital mortgage application that is mostly paperless
- Can apply for a home loan online using the latest technology
- Home buyers can get pre-qualified in just 15 minutes
- Customers get one point of contact for the entire loan process
- Offer a good variety of loan programs including jumbos and non-QM options
- Parent company is well-liked and has lots of excellent reviews
- Only licensed in four states currently
- No physical branch locations
- Do not publicize mortgage rates or lender fees
- May not service your loan after closing
(photo: Mike Burton)