NJ Lenders Corp. Review: The 5th Largest Mortgage Lender in the State of New Jersey

With a name like “NJ Lenders Corp.,” there’s no question who they’re focused on; folks in the Garden State!

What’s more interesting is the fact that something like 70% of their mortgage loans are derived from previous customer referrals.

In other words, they constantly get recommended by friends and neighbors, instead of having to rely solely upon advertising.

And when you focus so heavily on one geographical area, you definitely want to get it right.

So far, they seem to be accomplishing their goals, as evidenced by their thousands of 5-star reviews. Read on to learn more.

NJ Lenders Corp. Fast Facts

Retail, direct-to-consumer mortgage lender
Offers home purchase loans and refinances
Founded in 1991, headquartered in Little Falls, NJ
Funded roughly $5.5 billion in home loans last year
More than 80% of business done in home state of New Jersey
Also active in New York, Massachusetts, and Florida
Currently licensed in 14 states and the District of Columbia

NJ Lenders Corp. is a direct-to-consumer mortgage lender with branches in three states, mostly located in New Jersey.

They got their start way back in 1991, which if you’re not keeping track is more than 30 years ago.

Since that time, they’ve grown from a modest single office into a multi-billion-dollar mortgage originator.

They’ve closed more than 100,000 mortgage loans, with loan volume exceeding $40 billion.

Last year, they funded a solid $5.5 billion in home loans, which was probably their biggest annual production on record.

Business was split nearly equally between purchase loans and mortgage refinances.

At the moment, they’re licensed in 16 states, including Colorado, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, along with Washington D.C.

As noted, they are laser-focused on New Jersey, with the state accounting for more than 80% of overall volume.

But they’re also active in the states of New York, Massachusetts, and Florida, and originate home loans across much of the East Coast.

They were the fifth largest mortgage lender in the state of New Jersey, only topped by Rocket Mortgage, Wells Fargo, Chase, and loanDepot.

How to Apply for a Mortgage with NJ Lenders Corp.

While they have physical branches in New Jersey, New York, and Pennsylvania, there’s a good chance you’ll work remotely with a loan officer.

The good news is they have a solid website and loan application process, which is mostly paperless.

In fact, you can download their free smartphone app and complete much of the process from the palm of your hand.

Their digital app is powered by SimpleNexus, one of the leaders in the fintech space.

It allows you to complete the application digitally from any device, eSign documents, upload paperwork, and snag same-day pre-approvals.

Once your loan is submitted, you’ll gain access to secure, real-time updates as your loan progresses forward.

NJ Lenders Corp. said they built a better operations platform by keeping 95% of their files in-house.

This allows them to control the entire underwriting and loan closing process, improving both efficiencies and speed.

If you’re a home buyer, you can take advantage of their “Home Buyer’s Edge” program, which goes beyond a basic mortgage pre-qualification.

It provides a full credit approval that involves a complete review of your income, assets, and credit by a loan underwriter.

This gives home sellers peace of mind your offer can actually close in the event of a bidding war.

All in all, they appear to offer the latest tech and a solid operations setup to keep loans moving quickly to the closing table.

To get started, simply head over to their website and click on “get a rate quote” or “find a loan officer.”

Home Loan Programs Offered by NJ Lenders Corp.

Home purchase loans
Refinance loans: rate and term, cash out, streamline
Home renovation loans
Conforming loans
Jumbo loans
FHA loans
VA loans
USDA loans
First-time home buyer loans
Non-warrantable condo financing
Reverse mortgages
Interest only home loans

NJ Lenders Corp. offers an excellent selection of loan programs, including harder-to-find options like interest-only home loans and non-warrantable condo financing.

You can get a home purchase loan, renovation loan, or refinance loan, including a cash out refinance.

They offer the full suite of government loans (FHA/USDA/VA), along with both conforming loans and jumbos.

And they’ve got first-time home buyer loans with low down payment requirements, as well as reverse mortgages for seniors.

You can get a home loan on all major property types, from single-family homes to condos/townhomes and investment properties.

NJ Lenders Corp. Rates

The only area where more information would be helpful is pricing.

They don’t publicize their mortgage rates online, nor is there a lender fee section on their site.

This means you’ll need to fill the mortgage rate quote request form on their website, or simply call in to get connected with a loan officer.

Generally, it’s best to get pricing and check eligibility before completing a loan application anyway.

NJ Lenders Corp. does say their goal has always been to offer competitive mortgage rates and fees, and they wrote “best mortgage rates” on their website homepage.

So as an independent mortgage banker there’s a good chance they offer low rates. But always take the time to shop around, and compare offers.

Also inquire about any fees charged, such as a loan origination fee or separate costs for underwriting and processing, if applicable.

NJ Lenders Corp. Reviews

On Experience.com, NJ Lenders Corp. has an excellent 4.88-star rating out of a possible 5 from more than 20,000 customer reviews.

You can filter by loan officer on that site if you want to fine-tune your search.

Over at Zillow, it’s a superior 4.98-star rating from 3,300+ reviews, pretty much as close to perfection as you can get.

Many of those reviews indicate that the interest rate and/or fees and closing costs were lower than expected.

They’ve also got a 4.8-star rating on Google from more than 600 reviews.

Lastly, while not accredited with the Better Business Bureau (BBB), they do hold an ‘A+’ rating based on complaint history.

To summarize, NJ Lenders Corp. has thousands of excellent customer reviews, uses the latest tech, and has tons of loan programs to choose from.

The only real question mark relates to loan pricing. If it’s also good, they could be an excellent choice for either a home purchase or a refinance.

NJ Lenders Corp. Pros and Cons

The Good

Can apply for a home loan online or via smartphone
Many physical branches in the state of New Jersey
Offer a digital loan process powered by SimpleNexus
Lots of loan programs including interest-only, reverse, etc.
Offer fully underwritten credit approvals to give home buyers an edge
Thousands of excellent customer reviews across ratings websites
A+ BBB rating
Free smartphone app
Free mortgage calculators, guides, and glossary online

The Maybe Not

Only licensed in 16 states (primarily East Coast)
Do not publicize mortgage rates or lender fees

(photo: Bobby Hidy)