J.G. Wentworth Home Lending

The Good

• Varied choices of loans available
• Expert in VA loans
• Low lender fees
• Online presence for simpler loan acquiring process

J.G. Wentworth, founded in the year 1991, is recognized by its well-structured settlements which offer cash for annuities (i.e. personal injury cases, lottery winnings, etc), but it also has a mortgage division.  It offers a wide range of loans: conventional loan options along with VA, Jumbo, VA, ARM, and USDA loans. It makes use of alternative credit scores for loans which are government-insured.

In case of fixed rate loans, the terms range from 10, 15, 20, 25, to 30 years for borrowers. And the adjustable rate for mortgages ranges from 3/1, 5/1, 7/1, to 10/1 term-years. J.G. Wentworth approves a loan for home buyer programs such as Fannie Mae and Freddie Mac which are present for low to moderate income based borrowers.

J.G. Wentworth services many types of consumers, but they really have differentiated themselves within VA loans for former military personnel. VA loans are one of the few mortgage products that require no upfront capital, but they do involve a funding fee which is a fee on all VA loan transactions that essentially subsidizes the upfront costs for everyone.  For veterans, the funding fee is an extra 1.25% to 3.3% of the value of the house, so this is essentially what you pay instead of an upfront fee.  It’s just rolled into the mortgage, so you’re not paying it up front.  Read more about J.G. Wentworth’s VA funding fee here.

For other loans, the J.G. Wentworth lender fee is as low as $299 for most loan options.

The Bad

• Physical locations in only 14 states, not licensed in all 50 states.
• Mortgage rates are average with fees on loan options.
• Lower access to brick and mortar service.
• Lack of detailed information online.

The company is licensed to lend only in 46 states along with the District of Columbia while it is only physically functional in 14 states out of 50. The states where it is not licensed to lend are Hawaii, New York, Idaho, and Nevada.

The interest rates on mortgages are just average along with added fees on various loan options. J.G. Wentworth is more functional and focused on the process of being a direct online lender. The online experience for borrowers is just ok. The information on their website is not detailed for homebuyer education, and while there are buttons to “see your rate,” you will not see your actual rate on the website – you’ll see some representative rates but then need to talk to a Loan Specialist.

The Summary

J.G. Wentworth for mortgages is not really a household name.  We recommend it for anyone looking at a VA loan, as this is an area where they have deep experience.  But the lack of physical locations, the subpar website, and the focus on other businesses make it tough to recommend for any other type of mortgage borrower.