When I saw the heading of the article I found online I couldn't wait to click on it. I get so many buyers that have been pre-qualified by their personal bank. A few buyers received a financial benefit from using their banks, like a lower interest rate or closing cost help. But most do not. In fact, many buyers go to one of the big banks because they don't realize there are other financial options.
Even if I give them my list of fantastic mortgage brokers, they've already spoken to someone at the big bank and for some reason feel like they need to continue with that lender. One of my most recent closings was a buyer that regretted making that choice, which happened to be Wells Fargo. With that said, here is a list of the banks that reject the most mortgages (according to the Wall Street Journal Online's Market Watch):
|Bank Name||Total Applications||Rejection Percentage||Denied Applications|
|JP Morgan Chase||80,036||33.6%||26,894|
|Bank of America*||76,355||25.6%||19,547|
*These banks have denied pre-approvals incorporated in the figures I think this chart is interesting as you can see which bank takes the most applications - Wells Fargo. But it's #3 in the list. Chase takes the top prize as the bank that turns down the most mortgage applications.
I have a list of loan officers that I have used and am happy with their services. If I have a buyer that does not have a pre-approval letter I give them my list. There isn't a bank on that list. I have had closings with the big banks, and the best one I've had to deal with is Fifth Third. However, I just had a mortgage not approved by them and one of my other lenders told me they can do it.
If you'd like my list of the best loan officers and mortgage brokers I have used in the 30 years I've been in the business (licensed in 1983), just give me a call at 708-536-8200 or use my Contact Form. If you're just starting to look and aren't yet ready to get pre-qualified, make your search easier by filling out our Automated Search Form.