Lenox Financial / WesLend Mortgage Review: The Biggest No-Brainer?

Last updated on March 16th, 2020
Lenox Financial / WesLend Mortgage Review: The Biggest No-Brainer?

Today we’ll take a look at Southern California-based Lenox Financial Mortgage Corp., which also does business as WesLend Financial.

First things first, be sure not to confuse them with Atlanta, GA-based Lenox Financial, whose famous radio pitch is/was, “the biggest no-brainer in the history of earth.”

To further muddy the situation, Lenox/WesLend has a very similar slogan, a slightly slimmed down, “home of the biggest no brainer” tagline.

And it appears their flagship product is also the no cost refinance. So the first step here might be differentiating the two companies and their DBA WesLend Financial.

Let’s learn more about them to determine if they could be a good choice for your home loan needs.

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Lenox Financial/WesLend History

  • Company founded in 1999
  • Headquarters are in Santa Ana, CA
  • CEO and founder is Wesley Hoaglund
  • Direct mortgage lender with roughly 25 loan officers
  • Also operates a wholesale lending division and loan servicing department

WesLend Financial Corp., which is a DBA of Lenox Financial Mortgage Corporation, is a direct mortgage lender licensed in 42 states nationwide.

They don’t appear to do business in Alaska, Delaware, Montana, Nebraska, Nevada, North Dakota, Wisconsin, Wyoming, or the District of Columbia at the moment.

The company is a full-service mortgage banker that offers a wide variety of loan programs via both the retail and wholesale channels.

They are a direct seller/servicer with Fannie Mae and Freddie Mac, and also offer all types of government home loans, including FHA, USDA, and VA loans.

Lenox/WesLend got started more than 20 years ago, founded by current CEO Wesley Hoaglund.

They appear to employ about 25 retail loan officers who work in a call center in Santa Ana, California, though there are additional branches scattered across the country.

How to Apply with Lenox Financial/WesLend

  • Can apply directly on their website
  • Or you can request a quick quote and a call from a loan officer
  • Their website also features a live chat option if you have questions
  • You can also call them directly to get started

You can apply for a home loan right on their website, which is a plus compared to some lenders that require you to call a loan advisor or visit a branch.

They say the loan application takes roughly 20 minutes to complete.

If you’ve been referred by a specific loan officer, they have a directory on their website to select that individual prior to filling out the application.

Alternatively, you can select a “quick quote” that just requires you to enter your name, state, email address, and phone number. Then a loan officer will call you directly.

They also have a live chat feature on their website if you have questions before you apply. Or you can simply call them up.

In terms of digital mortgage capabilities, like those offered by Rocket Mortgage and Better Mortgage, they are light on details.

It’s unclear if you can link financial accounts with the touch of a button, or if you must upload documents instead during the loan process.

They say they close loans fast – in just over 30 days on average, which is close to the industry norm.

What Loan Options Does Lenox Financial/WesLend Offer?

Like most mortgage lenders, they offer both home purchase and mortgage refinance loans, along with reverse mortgages, and even purchase reverse mortgages.

They offer conventional home loans, including both conforming loans and jumbo loans, as well as government home loans, including the big three, FHA, USDA, and VA.

Their signature product is the no cost refinance, which isn’t proprietary to them or any other lender. It’s just an approach where lender fees (and sometimes third-party fees) are covered by a lender credit or rolled into the loan amount.

With regard to specific loan programs, you can get a fixed-rate mortgage with these terms:

  • 30-year fixed
  • 25-year fixed
  • 20-year fixed
  • 15-year fixed
  • 10-year fixed

And an adjustable-rate mortgage in the following terms:

Lenox Financial/WesLend Mortgage Rates

Unfortunately, they do not advertise their mortgage rates on their website. If you click on the mortgage rates link, it just takes you back to the homepage.

So in terms of transparency there, it’s not great. Of course, advertised rates don’t mean a whole lot since loan scenarios can vary considerably.

However, it’s tough to know how competitive they are without having a clue about their rates.

Additionally, they don’t disclose their lender fees, so again, no idea what they charge, such as loan processing, loan origination, etc.

It’s also unclear if they charge an upfront application fee, often known as a rate lock fee.

So you’ll probably want to get a solid quote before applying to see where they stand rate and fee-wise.

Lenox Financial/WesLend Mortgage Reviews

First off, they are an accredited company with the Better Business Bureau, since 2007. They currently have an A+ rating.

Their customer reviews on the BBB website only total five, but their star rating is just over 1. So not too good, but not a large sample size either.

Similarly, they have a 2.5 star rating out of 5 on Yelp, though only on 38 customer reviews.

On Google, they had 28 reviews at last glance, with an average customer rating of 3.6 stars.

WesLend isn’t found on Zillow, though parent company Lenox Financial is, albeit with only three reviews, all of which are 5-star ratings.

On Trustpilot, WesLend are rated a 4.5 out of 5 stars, which is considered excellent. It is based on 173 reviews, which isn’t a ton but is certainly more than the other sites mentioned and enough to get an idea of customer satisfaction.

Lenox Financial has a 3.8 out of 5 stars on Trustpilot based on 101 reviews, which is considered great.

So in all in all, they appear to be well-liked by their customers, though exceptions certainly apply, much like any other lender out there.

Pros and Cons of WesLend Mortgage

The Good

  • Lots of different loan programs available
  • They offer a no cost refinance option
  • Licensed in most states nationwide
  • Have some positive customer reviews
  • Can apply for a mortgage directly on the website
  • Free mortgage calculators on their website

The Potential Bad

  • Some questionable reviews from past customers
  • Not licensed in all states
  • No closing cost option not available in Washington
  • Do not disclose mortgage rates or lender fees on their website
  • Confusion with company operating under two different names

(photo: yonolatengo)

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