Nationwide Mortgage Bankers might sound like a lender with broad national appeal, but its mortgage rates have been anything but competitive. For the last two years, the company has charged significantly higher interest rates than the industry average, landing it in the bottom percentile of mortgage providers. Borrowers have reported high-pressure sales tactics and unexpected costs, making Nationwide Mortgage Bankers a poor choice for those seeking a fair and affordable home loan.
See today’s mortgage interest rates on TrueRate.
How Nationwide Mortgage Bankers compares to other lenders
| Headquarters | Lebanon, New Jersey |
| Website | nmbnow.com |
| Rate | 0.28% higher than the median rate |
| Lender fees | $1,740 (Nationwide Mortgage Bankers) |
| Added cost after 1 year, compared to the median interest rate | $516 |
| Added cost after 10 years, compared to the median interest rate | $8,512 |
| Added cost after 1 year (vs. Tomo Mortgage) | $3,095 |
| Added cost 10 years (vs. Tomo Mortgage) | $19,696 |
For a $400,000 mortgage, Nationwide Mortgage Bankers’ rates—about 0.28% higher than the market median—and $1,740 in lender fees would cost borrowers an estimated $516 more in the first year and over $8,500 across a decade compared to the median lender. Compared to low-cost options like Tomo Mortgage, that difference could climb drastically, to nearly $20,000—highlighting just how much these higher rates can add up over time depending how long you plan to own the property.
What customers are saying
Some borrowers praised Nationwide Mortgage Bankers for offering competitive rates and quick pre-approvals. Loan officers were occasionally commended for their responsiveness and ability to guide borrowers through the process efficiently. Customers also appreciated the range of loan products available, including FHA, VA, USDA, and conventional loans, along with refinancing options.
However, many complaints centered on communication issues and operational inefficiencies. Borrowers reported delays in closing and instances where loan officers became unresponsive during critical stages of the process. Several customers highlighted problems with loan servicing, such as errors in reporting to credit bureaus after mortgages were transferred, which in some cases led to drops in credit scores. Other borrowers expressed frustration with misleading practices, describing situations where they were strung along for weeks only to be denied or offered unfavorable terms at the last minute.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.