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Wells Fargo Mortgage Review


ConsumersAdvocate.org Rating: 3.8 / 5 (Very good)
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Wells Fargo is a multinational financial services company based in San Francisco, California. Founded in 1852, it remains one of the largest banks in the world with over 8,200 locations, 13,000 ATMs, and Internet and mobile banking just in the US, as well as offices in 42 countries and territories. Products include retail and commercial banking services, investment management, and home mortgages and refinancing.
 
VIEW RATES

How is Wells Fargo rated?

Breakdown

4.0/5
Lender Types
4.5/5
Available Mortgage Types
4.5/5
Customer Experience
3.0/5
Reputation & Transparency

Overall Rating: 3.8 / 5 (Very good)

Wells Fargo is one of the country’s largest private mortgage providers. This makes it a natural choice for customers looking for home mortgage solutions. The bank offers a wide variety of mortgage plans that give homebuyers a good opportunity of qualifying and being approved for a mortgage loan. A huge amount of additional resources, including several mortgage calculators and a knowledge base, is also a great help for undecided or inexperienced homebuyers. Where Wells Fargo faces competition is in customer experience, but for consumers who can get past the largely negative feedback for the company, they'll find the bank one of the strongest competitors in the home loan and mortgage industry.

Wells Fargo Loan Specifics

Available Mortgage Types - 4.5 / 5

Wells Fargo's selection of loan and joint loan products is one of its strongest suits. The bank offers everything from basic, fixed-rate and term loans, to adjustable jumbo loans, to VA and FHA government loans. Maximum loan amounts can go up to a staggering 20,000,000. Additionally, consumers are able to pre-qualify and be pre-approved with Wells Fargo before settling on their mortgage. Other of the company's products include home refinancing, construction loans, and home equity loans.

Types of Mortgage Loans Offered

  • Fixed Rate 15 Year
  • Fixed Rate 20 Year
  • Fixed Rate 30 Year
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM
  • Jumbo Fixed Rate
  • Jumbo Adjustable Rate
  • VA Fixed Rate
  • VA Adjustable Rate
  • FHA Fixed Rate
  • FHA Adjustable Rate
  • Low Down Payment Mortgage

Minimum Loan Amount

$10,000

Wells Fargo Customer Experience

Customer Experience - 4.5 / 5

Consumers can access Wells Fargo's website for a free quote on its home mortgage and refinance products. Consumers are also able to apply for said products online. The quoting process does not ask for a Social Security Number. Wells Fargo provides consumers with a large variety of additional tools and resources. Thes include mortgage calculators, help articles and videos, a document checklist, and rate comparisons.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
Mortgage Calculator
Help Articles
Videos
Document Checklist
Check Today's Rates
SSN Required for Quote
No

Wells Fargo Qualification Requirements

Qualification Requirements - 3.5 / 5

Wells Fargo is not very prohibitive with their qualification requirements, making its mortgages more accessible to a larger portion of consumers. This means even applicants with poor FICO scores might receive an offer from the bank. Like most lenders, however, Wells Fargo does adjust its offers according to higher or lower credit scores and debt-to-income ratios.

Key Requirements at a Glance

Minimum FICO Score
600
Non-Traditional Credit History Considered?
No

Wells Fargo Lender Reputation

Reputation & Transparency - 3 / 5

Wells Fargo has a large number of negative reviews and complaints left by customers. The company has a long history, being founded in 1852. It is not currently rated on the BBB as the business is in the process of responding to previously closed complaints. Its Trustpilot page is claimed and reports a below average score of 1.5. Wells Fargo has faced 9 regulatory actions since 2012 and currently has 67,203 complaints in the CFPB.

Key Facts

Lender Type
Bank
Year Founded
1852
BBB Rating
NR
Trustpilot Rating
1.8 out of 5
Collection Date
2018-11-16

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
399801
The Nationwide Mortgage Regulatory Actions
9
Consumer Financial Protection Bureau Complaints
67,203

Company Profile

Full Name
Wells Fargo Mortgage
Company Website
https://www.wellsfargo.com
Headquarters
420 Montgomery Street, San Francisco, CA, 94104

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Customer Comments & Reviews

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H
Henry S
1/28/2019
They have always treated me as if I were the only customer they had. Customer service is outstanding and rarely seen anymore. Got a $ 6,000.00 signature loan in about 15 minutes. Don't know why they're so many complaints. Henry Snow

E
Edward
8/24/2017
I have a mortgage with Wells Fargo. I am in the process of refinancing. I live in NY, where there is a significant mortgage tax for any new mortgage. To avoid this tax, most lenders will assign the existing mortgage to the new lender. There is no mortgage tax on an assignment. Wells Fargo is refusing to assign my mortgage. They will only record a satisfaction of my mortgage. This means the new bank will have to issue a new mortgage, and I will have to pay thousands of dollars in mortgage taxes. There is simply no reason for this policy. An assignment is a simple two page document that most lenders will agree to sign without any issues. Wells Fargo does not care about its customers,... Read More

Nicole W
11/15/2016
BEWARE! We had a casualty insurance loss at our home - storm related. The Insurance Company paid promptly, payable to us and Wells Fargo, but wells Fargo refused to release any of the (almost $180,000) funds until the CERTIFICATE OF OCCUPANCY was received from the city! In other words, we had to pay for all of the repairs ourselves, and then get reimbursed when ALL the work was completed, every Contractor had been paid, and the City approved the repairs! Then and only then would Wells Fargo sign off on the Insurance company check! As you may know, contractors won't work for 6 months without pay; they get paid in increments as work is completed. Of course Wells Fargo was all too happy to... Read More

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