Wells Fargo Mortgage?

[Anonymous]

Wells is not a bad company.  The industry today is not easy.  I am a mortgage broker, and used to work for Wells.

The reason people choose a mortgage broker is because instead of working with one lender, they represent several lenders, so you have more options.

Also mortgage brokers are limited by the federal government to receiving no more than 3% of the loan amount either in the form of points paid by you, the consumer, or lender credit to pay the broker fee.  The end result is that the rate you get from a mortgage broker will always be less than what you will get from Wells Fargo or any other large lender.

A mortgage banker or bank does not have to disclose how much they are actually receiving in income from your loan because they fund the loan at closing.  The majority of mortgage bankers and banks are making 3.5-5% on each loan, so if you use a broker, in all likelihood your rate will be lower.

Whether you choose Wells or a broker, you want to check on the loan originator themselves.  You don't want someone brand new to the business, unless they are working as a junior to a senior associate.  You want someone who understands lending guidelines and will tell you upfront, if there are any perceived weaknesses in your file that need to be addressed.

[Anonymous]

I work for a competitor of theirs and a  client said she was very happy with them on many tranactions she's done through them. They seem very professional and I have been an account holder a for a long time. I was surprised at her telling me this as I figured them to be a Bank of America tyype strong you along for 60-90 days with endless delays  I think some branches are better than others. It is kind of like going to a chain restaurant in a different location. The portion,or service might be better in one than another.

[Anonymous]

You are correct.  it is not the company that you need to concern yourself with when you get a mortgage, it is the individual loan originator that starts the process.  If you have an order taker, who just knows how to put he information into the system and does not understand or convey lending guidelines to you, then expect issues to crop up.

Just like in any business, there are good and bad people who work for a company and a few bad ones can spoil the reputation for a whole company.

[Lemmus]

...one of the things I've noted in these forums over time is the varience between the perceptions of individual buyers vs those of most realtors here (certainly not all) ...individual buyers tend to see only their LO and base their evaluations on their singular experience ...and its my personal perception that we hear from mostly pretty knowledgeable buyers here compared to the generic buyer marketplace ...realtors, otoh, see many many transactions and tend to base their evaluations on their cumulative experience including a much wider sampling of actual buyer results ...LOs vary greatly in their skills, knowledge, and dedication ...there are certainly many good LOs within the WF system as many in this forum have attested to ...but I would not personally initiate a mortgage inquiry with WF because the consensus among most realtors here is that they have an overall systemic problem with actually closing on loans they initially pre-approved ...just my perception based on what I've seen here over time and worth exactly what it cost you ...I have zero personal experience with WF. 

[Anonymous]

Are yoy aware of which Fico score version Wells Fargo uses? I've called Wells Fargo customer service line, and spoke with three reps. None of them knew the answer to my question. In fact, I don't believe any of them had a clue what I was even talking about. :-(

[StartingOver10]

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@Anonymous wrote:
Are yoy aware of which Fico score version Wells Fargo uses? I've called Wells Fargo customer service line, and spoke with three reps. None of them knew the answer to my question. In fact, I don't believe any of them had a clue what I was even talking about. :-(

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They use the mortgage scores available in the 3 B report here: http://www.myfico.com/Products/FICO-Score-3B-Report/

Here is a little more detail on the scores for mortgages: http://ficoforums.myfico.com/t5/Mortgage-Loans/FICO-scores-used-for-mortgage-and-where-to-obtain-them/td-p/3817869

BTW, I am not surprised they had no clue about your question. Seems par for the course in my discussions with WF LO's.

One of my clients used them for a mortgage that closed last month and the communication with Wells was horrendous. CTC issued the very last minute. Closing package was not issued to the title co until the day before closing in the late afternoon. Overall it was a bumpy ride through the entire process and the buyer said it was awful from their perspective (WF kept losing documents and requesting the same thing over and over).  Then the LO wanted me to refer other buyers to her! She had no idea how poorly they performed. Having said that, they at least closed.  So be aware, their process is not at all professional, nor smooth.

[Lemmus]

...most WF LOs couldn't tell a Fico from a Fako ...they rarely, if ever, see them directly ...they order your credit reports from a consolidator like Credco which includes all 3 CRA reports and scores in an easy to read format ...but those scores are derived from the Fico mortgage scoring model for each individual CRA, each of which is different to a greater or lesser extent ...read the sticky at the top of this forum on the fico score versions and how to get your own ...legitimate mortgage scores that will be exactly the same as WF pulls on the same day ...hth

[DallasLoanGuy]

i know people who have worked at wf

here is the deal:  they have two types of loan officers.

1. the guy/gal in the back who works with realtors/builders and lives off referral business

2. the guy/gal up front who can get you a checking account, replace your debit card or get you a mortgage.... i include in this the people who just man the phones for people who call in..... the  telemarketer person

the difference is huge

the #2 person doesnt know loans. they are order takers who take loan aps and sends them to real loan officers to make a deal out of.

[mynameainttracy]

What Dallas said. We had the #1 and couldn't be happier with how the process went for us. My LO and document specialist were the best.