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I like mortgage bankers over institutions where home loans are only one minor portion of their business.
My mortgage banker referrals are to firms that either lend on houses or go out of business, because they don't have checking accounts, credit cards, insurance, etc, to sell.
. How Wells Fargo
Almost every place I have worked have had Wells Fargo money, locked in with Wells from day one, but underwritten and closed under our own name, only to deliver the loans to Wells, typically after the first payment has been made.
B of A closed their correspondent division, but Chase and a few of the others are still up and running.
Almost every place I have worked have had Wells Fargo money, locked in with Wells from day one, but underwritten and closed under our own name, only to deliver the loans to Wells, typically after the first payment has been made.
B of A closed their correspondent division, but Chase and a few of the others are still up and running.
My loan was sold to Wells Fargo after the first payment too, I have no problem with them, they have an updated modern system to make payments online, clear and concise and make it easy to add an extra principal payment too. I did notice that all of the money in escrow was not showing but the lady explained it to me, and it was corrected later.
I wouldn't close with them because they are so big you easily get lost in the system and I hear their underwriting is backed up, but you can't determine who your loan is being sold to, all you can do is choose a lender who does not sell them. I went with a local mid size bank that has locations in 10 states mostly in the south.
My loan was sold to Wells Fargo after the first payment too, I have no problem with them, they have an updated modern system to make payments online, clear and concise and make it easy to add an extra principal payment too. I did notice that all of the money in escrow was not showing but the lady explained it to me, and it was corrected later.
I wouldn't close with them because they are so big you easily get lost in the system and I hear their underwriting is backed up, but you can't determine who your loan is being sold to, all you can do is choose a lender who does not sell them.
Had a home loan with them that is since paid off. Their rates were competitive and their process was without drama. They have knowledgeable CS and good hours. However, I would not bank with them. They inherited an account from my mother from a NC bank. She went in to withdraw cash and came out with a new credit card and a cash withdrawal on it. I screamed at them and they reversed everything but blamed it on my mom.
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