San Carlos Real Estate Agent, San Carlos Realtor Wells Fargo is in the house…literally. | The White Oaks Blog
San Carlos Real Estate July 28, 2008

Wells Fargo is in the house…literally.

by Chuck Gillooley

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There’s a new kid on the block of home mortgage institutions.  But this kid isn’t new, and really isn’t a kid either.  Whether justified or not, people tend to perceive Wells Fargo Bank as one of several 800-pound gorillas of the banking industry (BofA being another)  Strong name and a solid company, but not terribly nimble or flexible –nothing to get too excited about.  Big and slow.  Consequently, I haven’t seen much of them lately in the home mortgage arena.

It’s obvious to me that Wells Fargo is making a huge effort to change that impression.   This all started for me a few months ago when a one of my clients informed me that they decided to go with Wells Fargo to finance their home purchase.  I shuddered at the thought of waiting for weeks to get an appraisal done, and then anticipating a 45+ day close of escrow — and this was a competitive bid.  “Sorry, that’s just our standard turnaround…” is what I expected to hear after waiting for an eternity on hold…

I couldn’t have been more incorrect.   Wells jumped all over this transaction — the appraiser was at the house within 48 hours, the loan was approved within days and they were ready to close escrow before my client was ready to move!   Isolated incident?  Nope…the exact same thing happened with my very next client, who also chose Wells Fargo.  He went with them initially because they were so persistent and their rates were the best he had seen — but their ability to commit to incredibly aggressive contingency removal and close-of escrow dates were significant factors in winning this latest deal.

A very good Alain Pinel agent that I am currently working had a very similar experience —  her last three deals were handled by Wells Fargo, and they all went like clock-work.  So clearly, I’m not alone in this perception.  Wells Fargo Bank sees golden potential in the home mortgage shake-out and they are making some serious waves….like you might expect from an 800-pound gorilla.

As always, if you’re in the market for a home mortgage make sure you shop around with as many institutions as you can — use a mortgage broker to help guide you, if necessary.  Just make sure that Wells Fargo is on your list — they may surprise you.  Here’s their site if you’re interested in more info:   Wells Fargo Home Mortgage
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Comments 5
  • Thanks for a great post. I threw you a link.

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  • I had similar good experiences both with a purchase and refinance. Rates and fees (including the title company fees) are very competitive. You can get a slightly better rate than what is advertised on their website – just ask.

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  • Transient is in the house, too! Welcome back…it has been awhile since you have weighed in on the blog.

    You make an interesting point about asking for a better rate. There are actually a number of divisions within WFB that do home loans, and their rates vary widely. If you know your way around you can get a competitive rate.

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  • I have a home loan from the company and I have tried to refi and Wells Fargo has been a pain. My second from GMAC worked with me but Wells Fargo not a chance. So they maybe great in getting you in a home but if you have any issues after Stand by for the “not terribly nimble or flexible ” part that will come later.

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  • Anti WFB:

    Ouch… Thanks for providing your perspective on this. I’m not totally surprised that they are being tough to deal with. Frankly, the reason I wrote the post in the first place was because I had always perceived WFB as a large, slow-moving institution, and I was surprised that they were suddenly so easy to work with.

    But lately, all banks are scrutinizing the daylights out of everything to wring as much risk as possible out of the transaction, regardless of whether it’s a new purchase or a refi. So it sounds like you may be caught up in that mess, unfortunately.

    Please keep us posted on how things turn out. Thanks for your comment.

    Chuck

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