Today we’ll check out “Directors Mortgage,” a Portland, Oregon-based mortgage lender that says it “takes a community-first, people-focused approach” to the home loan business.
This means you can actually sit down and speak with a human being about your homeownership goals instead of filling out an online form, assuming you prefer face-to-face interaction.
And those human beings are apparently happy because the company is consistently recognized as one of the best companies to work for in Oregon. So hopefully they’ll make you happy too.
They are also one of the top philanthropic businesses in the area and involved with many of the local sports teams, including youth teams and pros like the Portland Thorns and Portland Timbers.
Let’s learn more about this local mortgage lender to see if they could be a good fit for you.
Directors Mortgage Fast Facts
- Independent retail direct-to-consumer mortgage lender
- Largest privately owned mortgage company headquartered in Oregon
- Locally owned and operated in Lake Oswego since 1998
- Offer home purchase loans, refinances, construction loans, and reverse mortgages
- Currently licensed to do business in eight Western states
- Funded nearly $1.5 billion in home loans last year
- Also operate a wholesale lending division called USA Direct Funding
Directors Mortgage is a retail direct-to-consumer mortgage lender that was founded back in 1998 by current CEO Mark J. Hanna.
They are one of the largest independent mortgage companies located in the Northwest, and say they don’t take a “one-size fits all” approach like some of the bigger banks.
Directors Mortgage appears to be focused on the Western United States, with licensing and physical branches in eight states, including Arizona, California, Colorado, Idaho, New Mexico, Oregon, Utah, and Washington.
Based on the most recent HMDA data, they were most active in Oregon, where they originated nearly a billion in home loans.
They also funded about $500 million in mortgages in the state of Washington, and appear to be growing in the other states where they’re licensed.
Roughly 45% of their overall volume comes from home purchase loans, with the remainder from refinances or reverse mortgages.
Aside from their main retail lending channel, they also operate Direct Portfolio Lending (DPL), which specializes in funding for clients who don’t fit the conventional mortgage mold.
Their offerings include investor fix & flip loans, bridge loans, spec construction loans, and commercial bridge loans, with interest-only options available.
Another brand under Directors is “Mortgage Monkey,” which specializes on providing home loan financing to the LGBTQ+ community.
They also operate a wholesale lending division called USA Direct Funding for mortgage broker partners.
How to Apply with Directors Mortgage
- You can apply in person, over the phone, or via a secure online application
- Once signed up you can eSign disclosures and securely upload any documents needed for processing
- Their in-house underwriting and appraisal system allows borrowers to close quickly
- After approval, you’ll be able to track loan progress via the online borrower portal from any device
While Directors Mortgage is big on the human element of mortgage lending, they aren’t a stranger to the latest technology.
In fact, if you wish it’s possible to complete a digital mortgage application without any human assistance whatsoever.
Either way, you’ve got options, whether you prefer to apply via phone, in-person, or from the convenience of your smartphone.
In terms of tech, they allow you to eSign disclosures, scan/upload necessary documents, and track loan progress 24/7 via the secure online borrower portal.
And their in-house loan underwriting and expedited appraisal system facilitates fast closings for borrowers.
Those who are buying a home can also take advantage of the so-called “Pre-Approval Advantage Certificate.”
It provides a reimbursement of up to $5,000 earnest money (to the buyer or seller) in the event the purchase agreement is cancelled due to financing.
That could give you the edge in a competitive housing market where bidding wars are the norm.
Loan Programs Offered by Directors Mortgage
- Home purchase loans
- Refinance loans: rate and term, cash out, debt consolidation, streamline
- Home construction loans
- Renovation loans
- Reverse mortgages
- Conventional loans backed by Fannie Mae and Freddie Mac
- FHA/USDA/VA loans
- Jumbo home loans
- Relocation loans
One thing Directors Mortgage isn’t short of is home loan programs.
They seem to offer just about everything, whether it’s a home purchase, construction loan, bridge loan, refinance, or a reverse mortgage.
You can get a conforming loan, jumbo, or a government-backed loan, such as an FHA loan or VA loan.
They also have a dedicated relocation team if you happen to be moving that can help with all the details, such as sending reimbursable relocation costs directly to your employer immediately after closing.
You can get a loan on any major residential property type, including a single-family home or condo, vacation home, or multi-unit investment property.
They appear to mostly originate 30-year and 15-year fixed mortgages, along with adjustable-rate mortgages like the 5/1 and 7/1 ARM.
Directors Mortgage Rates
One area where we could use some more information is in the pricing department.
Directors Mortgage doesn’t openly advertise its mortgage interest rates online like some other lenders.
As such, it’s impossible to know how competitive they are without first speaking to a loan officer about pricing and lender fees.
So if you’re planning to use Directors Mortgage, be sure to take the time to get a quote first, including what lender fees they charge if any.
Then put in the time to get quotes from other banks, lenders, and mortgage brokers to see where they stand.
While service is certainly important, so is cost if you plan to keep your mortgage for many years to come.
Directors Mortgage Reviews
On Zillow, Directors Mortgage has an excellent 4.95-star rating out of a possible 5 from about 100 customer reviews.
Many indicate that the interest rate received was lower than expected, which is good news on the loan pricing front.
On Google, their Lake Oswego location has a 4.3-star rating out of 5 from about 33 reviews, also a fairly strong rating.
You can also find ratings for other locations on both Google and Yelp, so take the time to review the location(s) nearest you.
Lastly, they are Better Business Bureau accredited, and have been since 2006.
They currently enjoy an ‘A+’ rating based on complaint history, for which just one has been closed in the past three years.
In summary, Directors Mortgage could be a viable candidate for both new home buyers and existing homeowners looking for better terms on their mortgage.
They offer a pre-approval guarantee that could give buyers a leg up, and if you want to work with a local, independent mortgage company, they’re big in the Pacific Northwest.
Directors Mortgage Pros and Cons
- Can apply for a mortgage online, by phone, or in-person
- Offer the latest technology and in-house underwriting for quick closings
- Wide product selection to choose from including jumbos and reverse mortgages
- Pre-Approval Advantage Certificate for home buyers looking for an edge
- Excellent customer reviews
- A+ BBB rating, accredited business since 2006
- Locally owned and operated for those who like to support local
- Lots of physical branches in the Pacific Northwest
- Free mortgage calculators and mortgage glossary on their website
The Maybe Not
- Only licensed in a handful of Western states
- Do not publicize mortgage rates or lender fees
(photo: Satish Viswanath)