Home Buying in 90069>Question Details

Robert Gerner, Real Estate Pro in Los Angeles County, CA

Have you had a better experience working with Wells Fargo or B of A in the financing of your home?

Asked by Robert Gerner, Los Angeles County, CA Tue Sep 4, 2012

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24
They are both good lenders ,the loan agent can make all the difference in the world to work with ,ask both of the for references,good luck !
1 vote Thank Flag Link Mon Apr 7, 2014
I'd ALWAYS use Metro Cities Mortgage in Sherman Oaks, hon.....B of A and Wells Fargo are fine but there are many possible shortcomings - too many to list. Go to Metro Cities, those homies have every possible loan and they move their behinds to get it done, son..
0 votes Thank Flag Link Sun Aug 10, 2014
As an agent I have had better working relationship with Wells Fargo. I guess it comes down to who your rep is.

The folks I have worked with at B of A have been slow to respond, and over promised and under delivered.

I have never had a late closing when I used wells Fargo. I could have just been lucky:)

Best Regards,
Kawain Payne, Realtor
0 votes Thank Flag Link Sat Jul 5, 2014
There are three financing sources for obtaining a mortgage where you have the benefit of a trained loan officer: 1) Big Bank; 2) Mortgage Broker; and 3) Mortgage Banker. I have done all three. Focusing solely on the subject of customer service, the nature of big banks, like Wells and BofA, is such that it is almost impossible to provide consistent quality service. The Byzantine rules and systems that are required to operate such a large institution, and the great insulating separation that exists at a big bank between the client and the many people performing tasks necessary for processing a loan request almost guarantee a disappointing customer experience. Service is simply better with a broker or banker as the customer, rather than the corporation, is, essentially, the employer. Brokers and mortgage bankers can provide big bank products as they can originate for the big banks through the bank's wholesale or correspondent departments.
0 votes Thank Flag Link Thu Apr 24, 2014
It really depends on the lender. You can have good lenders with Wells and bad. Same with B of A. Your agent will most likely have a relationship with a lender that can help you close on a property. If not you should ask a friend that has purchased a home and they can recommend a good lender.
0 votes Thank Flag Link Mon Mar 31, 2014
Whatever you decide, you should do your homework, which will lead you to avoid Hells Fargo at all costs. At the bear minimum, Google "Wells Fargo Mortgage Complaints" and check the complaints at the Consumer Financial Protection Bureau: http://www.consumerfinance.gov/mortgagehelp/ and the Consumerist: http://consumerist.com/?s=wells+fargo

The broker that we used was a DREAM COME TRUE after the Nightmare Hells Fargo drug us through for 6 months!

This broker was able to close our refinance loan in less than 45 days without any drama. We highly recommend:

David Kooner - Loan Officer - NMLS ID# 998641
New American Funding
14511 Myford Road, Suite 100
Tustin, CA 92780
Direct: 800.450.2010 x7837
Direct: 949.751.4777
Fax: 949.751.4778
Email: david.kooner@nafinc.com
Web: http://www.newamericanfunding.com
0 votes Thank Flag Link Sat Sep 28, 2013
As a mortgage broker, I have been able to close loans that Wells Fargo and Bank of America could not approve or close.
0 votes Thank Flag Link Sat Sep 28, 2013
They are both hit and miss and both expensive. They both are so big they really do not care what you think. They are both expensive as well.

Our company specializes in purchase money mortgages. I know that now interest rates have gone up, everyone is trying for that business. But really there is a lot of things about a purchase that most lenders seem to not understand.

We guarantee that we will close on time or within 21 days and understand the needs of a person buying a home. We are a direct lender, we underwrite process, and fund all loans in house and under the same roof. Which means we can do things other lenders can't.

Because of our closing guarantee, we are seeing buyers using our services getting their offers accepted in spite of competing with all cash offers and offers with a higher offer price.

Give me a call if you would like more information.

Rich Littlefield
Tri-emerald Financial
949-297-1207
NMLS 287206
0 votes Thank Flag Link Tue Sep 24, 2013
Both are extremely challenging. I have a great Lender, Stephanie Kates, Prime Lending 818-231-8960. Stephanie works with all my Buyers and past clients who are now interested in a refi.
0 votes Thank Flag Link Mon Sep 23, 2013
I have had great experiences with Wells Fargo!
0 votes Thank Flag Link Sun Jun 23, 2013
Stay away from the big banks. So many hoops to jump through you will feel like a circus dog. And you will likely NOT close in 30 days. If you need recommendations for mortgage brokers or direct lenders who are not B of A, give me a call!

Mark Mintz
http://www.eastsidedigs.com
310-991-3808
0 votes Thank Flag Link Fri May 10, 2013
Definitely prefer brokers over banks. I've had some decent experiences with Wells Fargo (not great), but B of A is a nightmare (in my experience).
0 votes Thank Flag Link Thu May 9, 2013
Had a great experience with Wells Fargo. Bank of America has terrible service and they never followed up on my calls during the escrow process. It wasn't good. Definitely avoid them.
0 votes Thank Flag Link Thu May 9, 2013
I have worked with both of these banks and have had favorable experiences. With purchase offers, it seems that B of A or Well Fargo prequalification letters carry more weight with sellers and their agents than that of an unknown mortgage broker or company, so having this brand name behind you in your offer might give you a little more credibility. At the end of the day, however, your personal experience will vary not only with the bank or mortgage company, but also especially with the mortgage broker who works with you. I've had a B of A mortgage broker interrupt his weekend family outing to respond to me and get me a prequal letter for an offer. Now that's great service!

James Pelayo, Realtor
Keller Williams Hollywood Hills
DRE License ID 01440670
Email: jamespelayo@hotmail.com
Mobile: (323) 578-8298
Office: (323) 988-3500
Fax: (323) 389-4588
0 votes Thank Flag Link Thu Sep 13, 2012
I like brokers as well... unless it is a 203K loan... then I have had great experiances with a manager at Wells!
0 votes Thank Flag Link Fri Sep 7, 2012
Have worked with both several times and closed escrows of course but Wells has been a smoother transaction, not because they are more flexible but because B of A seems a little disorganized.
0 votes Thank Flag Link Fri Sep 7, 2012
I have an excellent contact at Wells Fargo and use them personally for my own mortgage so I prefer them based on my experiences with both them and BofA.
0 votes Thank Flag Link Thu Sep 6, 2012
Neither a local Savings and Loan is my first choice and a Mortgage Banker is my second. Neither has ever given a preapproval that was not good. It may take a week to get the preapproval however depending on the buyer client.
0 votes Thank Flag Link Thu Sep 6, 2012
Prefer brokers to the big banks.
0 votes Thank Flag Link Thu Sep 6, 2012
I have had great success with Wells Fargo. I have a great consultant in Huntington Beach.

Very responsive, and professional.

Kawain Payne, Realtor
0 votes Thank Flag Link Wed Sep 5, 2012
I agree with my colleges, I have close a very small amount of loans working directly with banks, prefer mortgage brokers that have access to many different products.
0 votes Thank Flag Link Tue Sep 4, 2012
Neither. I much prefer to use local mortgage brokers who offer a wide variety of loan programs to my clients. Also, small, community based lenders are usually able to be more responsive in terms of timelines and flexibility.
0 votes Thank Flag Link Tue Sep 4, 2012
Speaking purely as a Realtor with over 30 years in the biz, in the last few years, I can only answer, no.

Ken Dorfman, Broker
Kenneth B Dorfman Real Estate
Los Angeles CA
Ken@TheRealEstateOffice.biz
Phone 888-846-0688
0 votes Thank Flag Link Tue Sep 4, 2012
i typically have more luck going through a very local Mortage Broker
VICTOR
VICTORKAMINOFF.COM
0 votes Thank Flag Link Tue Sep 4, 2012
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