Definition
Mortgage lender operating primarily online, offering digital application, approval, and funding with minimal in-person requirements.
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Online lenders (Better.com, LendingTree, LoanDepot) streamline mortgage process digitally. Online lenders often have lower overhead enabling competitive rates. Online process is convenient but less personal than traditional lenders. Online lenders range from LendingTree (marketplace) to primary lenders.
Pro Tip
Online lenders offer competitive rates and convenience; compare with traditional banks for best rates and terms.
Example
Online mortgage application from submission to closing in 21 days entirely online with no in-person visits