American Financial Network Inc. bills itself as one of the fastest growing mortgage bankers in the United States, and is indeed ranked in the top 50 nationally.
But they’re not satisfied with that, and believe they have what it takes to land in the top-10 one day. Of course, the competition is pretty fierce at the very top of the pile.
Aside from being a high-growth company, they are also a highly-rated one, finding themselves among the top three lenders on LendingTree based on customer reviews.
That’s pretty impressive given the fact that there are more than 800 mortgage lenders listed there.
Let’s dig into the details to learn more about this SoCal mortgage lender.
American Financial Network Quick Facts
- Retail direct-to-consumer mortgage banker founded in 2001
- Headquartered in Brea, CA – licensed in all 50 states and D.C
- Offers home purchase loans and refinance loans
- A top-50 mortgage lender nationally by loan volume
- Funded more than $7 billion in home loans last year
- 185+ physical locations and 700+ loan officers nationwide
- One of the top-rated mortgage lenders on LendingTree based on customer reviews
American Financial Network Inc. was founded in Chino Hills, California by mortgage industry veteran Jack Sherman back in 2001.
The company later relocated to nearby Brea, CA before growing rapidly and hitting its first billion-dollar funding year in 2012.
Today, it’s one of the nation’s largest mortgage lenders (top-50), having funded over $7 billion last year alone.
In 2019, they signed on New York and Vermont to achieve their goal of nationwide licensing, and recently celebrated their eighth billion-dollar origination month in a row.
That means they’re on track to fund more than $10 billion in mortgages this year, which should make 2020 a record year for loan volume.
While they have the ability to lend anywhere, including Alaska and Hawaii, the company is most active in the states of Arizona, California, Florida, Texas, and Virginia.
Nearly half of last year’s volume was made up of home purchases, with the remainder split about evenly between cash out refis and rate and term refis.
One other fun fact about the company – apparently 37 different languages are cumulatively spoken, a testament to their diversity.
How to Apply with American Financial Network
- You can apply directly from their website without human assistance
- They use a digital mortgage loan process known as SNAP
- Allows you to scan/upload paperwork, eSign documents, and order a credit report on your own
- Can check loan status 24/7 and contact your loan officer via text/phone at any time
AFN is a Fannie Mae Seller/Servicer, Ginnie Mae and Freddie Mac Issuer, and USDA & VA LAPP approved, meaning they can get things done quickly in-house.
Additionally, they provide fully underwritten mortgage pre-approvals, so you can be confident to move forward as a prospective home buyer.
If you’d like to apply for a home loan, you can do so directly from their website or via their free smartphone app.
I believe they offer a digital mortgage application powered by Ellie Mae that lets you complete most tasks electronically. It’s known as SNAP.
Once your loan is approved, you’ll get a to-do list with the ability to scan and upload conditions, eSign documents, and track loan progress 24/7.
Loan Types Offered by American Financial Network
- Home purchase loans
- Refinance loans (rate and term, cash out, streamline)
- Home renovation loans
- Conventional loans backed by Fannie Mac and Freddie Mac
- Jumbo home loans up to $2 million loan amounts
- Government-backed home loans: FHA, USDA, and VA
- Down payment assistance programs
- Fixed-rate and adjustable-rate home loan options available
American Financial Network is a mortgage banker, meaning they have correspondent relationships with lots of investors to ensure they’ve got every loan product a borrower could need in-house.
This basically allows them to resell loan products from other companies, providing a wider breadth of offerings than other lenders.
Additionally, their loan officers may have the ability to broker out loans if you have a unique loan scenario that can’t be placed in-house.
They offer tons of loan options, including home purchase loans, refinance loans, and home renovation loans. It’s unclear if they have construction loans.
You can finance a primary residence, second home, or investment property, including condos and townhomes.
With regard to loan type, you can get a conventional home loan backed by Fannie Mac or Freddie Mac, a government loan backed by the FHA/USDA/VA, or a jumbo home loan that exceeds the conforming loan limit.
They also have a variety of down payment assistance programs for those who may need a little helping hand asset-wise.
Aside from all the usual stuff, they say they’ve got bank statement programs for self-employed borrowers and real estate investors, and other specialty products to accommodate other needs.
American Financial Network Mortgage Rates
Like many others, American Financial Network doesn’t publicize their mortgage rates on their website.
This says nothing about their rates in general, but it does leave us in the dark unfortunately.
I give lenders transparency points for listing their rates on a daily basis, but I also understand the shortcomings of advertised rates, which often only fit one ideal loan scenario.
That being said, you can get a quick, free mortgage rate quote by filling out a short form on their website or by simply calling them directly.
The form is very short, though you will need to provide contact information.
AFN also doesn’t list its lender fees anywhere, so we don’t know if they charge a loan origination fee and/or other common fees like underwriting, processing, or application fees.
Be sure to speak with a loan officer to get a mortgage rate quote along with the applicable lender fees and mortgage APR so you can shop your rate with other lenders.
American Financial Network Reviews
They are a top-rated mortgage lender on LendingTree (top 3 at last glance) with a 4.9-star rating out of 5 based on nearly 23,000 customer reviews.
The company also boasts a 99% recommendation rate on LendingTree, which is clearly hard to beat.
The only two lenders that are rated above them on the LT network are New American Funding and Fairway Independent Mortgage.
On SocialSurvey, AFN has a 4.82-star rating out of 5 on a whopping 51,000 customer reviews. That’s pretty impressive given the high volume of customer feedback.
On Zillow, they’ve got a 4.94 rating out of 5 based on more than 2,100 reviews.
The only real question mark for the company is its ‘NR’ rating (No Rating) with the Better Business Bureau, which is the result of its BBB file information being reviewed and/or updated.
However, they are an accredited company and have been since 2019.
In summary, American Financial Network checks all the major boxes and seems to really excel in customer satisfaction, a big plus for those seeking a mortgage.
American Financial Network Pros and Cons
The Good
- Can apply for a mortgage directly from their website without speaking to anyone
- Lots of different loan programs to choose from
- Thousands of excellent customer reviews
- Top ranked company on LendingTree
- Loan officers and support staff may also speak Spanish
- Brick-and-mortar locations if you prefer to work in-person
- Free smartphone app to manage your loan
- Mortgage calculators and mortgage glossary on their website
The Maybe Not Good
- Do not publicize their mortgage rates
- Do not list lender fees on their website
- Currently aren’t rated by the BBB
