chase loan officer

If you have questions about your existing Chase mortgage, you can reach us here: Phone: 1-800-848-9136 Contact a Local Mortgage Banker. I am a strong finance professional with a Bachelors Degree focused in Business Administration, Management from Texas Tech University – Rawls College of. He entered into employment with Chase as a Mortgage Loan Officer on or around January 6, 1997. (Id. at 3.) Crawford was based out of a.

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Happy Thanksgiving, neighbors! Here's everything you need to know about what's happening in Toledo today.


First, today's weather:

Rain tapering off. High: 48 Low: 28.

Find out what's happening in Toledo with free, real-time updates from Patch.


Here are the top stories in Toledo today:

  1. Toledoans who would benefit from a free Thanksgiving meal this season have options in the Glass City. Area churches and outreach centers such as MLK Center Kitchen on Vance St. and Toledo Rescue Gospel Mission on Phillips Avenue will be offering meals throughout the week. (WTOL)
  2. 2021 has been the deadliest on record for homicides in Toledo as Toledo Police attempt to stop the violence. TPD Chief George Kral stated part of the problem is the reluctance of citizens to share what they know with the police. (WTOL)
  3. An alleged bank robber led Michigan State Police on a chase down Southbound I-75 that continued into Ohio, where Toledo Police took over. Witnesses reported seeing more than 20 police cars following the subject and it is unknown if he was apprehended. (Southgate News Herald)
  4. On Monday a jury found Lorenzo Morales guilty of two counts of murder and one count of felonious assault in the 2019 killing of Emilia Guerrero. Morales was in a relationship with Guerrero and he will be sentenced on December 13, 2021. (13abc Action News)
  5. Lucas County is experiencing the highest hospitalization rate since the COVID pandemic began. The biggest concern for the high numbers are whether the hospitals will have to go on 'by-pass,' meaning new patients will not be accepted due to overcrowding. (13abc Action News)

Today's Toledo Daily is brought to you by Newrez, a leading nationwide mortgage lender. Make a smart move for your future and refinance with Newrez today. Call 844-979-1707 to connect with a Newrez loan officer. Newrez, LLC (NMLS #3013)

Find out what's happening in Toledo with free, real-time updates from Patch.


Today in Toledo:

  • 2021 Eastside Turkey Trot, Eastern Community YMCA (9 AM)
  • Dave's Turkey Chase, presented by ProMedica - Thanksgiving Day 5K & 1 Mile Walk (9 AM)
  • Glass City OG DJ Versus, 540 Independence Rd. (8 PM)
  • Lights Before Christmas at the Toledo Zoo (3 PM)
  • Comedy Open Mic at The Tin Can, Downtown Toledo (10 PM)

Toledo Patch Notebook

  • Ella Flora, a flower shop in Rossford, is accepting donations for the Bethany House in Toledo in exchange for a free flower and 10% off your purchase. The Bethany House offers long-term, apartment-style housing for survivors of domestic violence and it is in need of household items this holiday season. (WNWO NBC 24)
  • The historic Ohio Theatre on Lagrange Street has been home to the Children's Theatre Workshop for about a year now. The group, which offers opportunities for children aged 3-18, formerly occupied space at the Collingwood Arts Center. (WTOL)
  • The Lucas County Canine Care and Control is seeing an unusual amount of shelter dogs for this time of year, including pets that have been left behind in abandoned houses. Last week, the shelter's numbers peaked to more than 200 dogs and pet foster parents are especially needed. (13abc Action News)

Feature your local business in this spot in the Toledo Daily for just $79/month. Click here to learn more.


Now you're in the loop and ready to head out the door on this Thursday! I'll see you back in your inbox tomorrow morning with another update. If you're into these newsletters, consider bringing some more friends and neighbors on board. You can send them this link to subscribe.

Brad King

About me: I have been a lifelong Northwest Ohio native and University of Toledo grad (Go Rockets!). I'm old enough to remember when the Mud Hens were still playing in Maumee. The Glass City has seen some amazing revitalization and I am so excited to share every update with you!

Have a news tip or suggestion for an upcoming Toledo Daily? Contact me at [email protected]

The rules of replying:

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Источник: https://patch.com/ohio/toledo/most-hospitalizations-pandemic-multi-state-car-chase

Personal Loans

The Annual Percentage Rate (APR) shown is for a $10,000 personal loan with a 3-year term and includes a relationship discount of 0.25%., Your actual APR may be higher than the rate shown.


Why Wells Fargo?

Customizable loans

From $3,000 to $100,000 and flexible terms from 12 to 84 months.

Competitive rates

Fixed interest rates and relationship discounts for qualified customers.

Skip the fees

No origination fee, no closing fee, and no prepayment penalty.

Fast access to funds

Often on the same or next business day, if approved.



Repay a personal loan in terms of 12-84 months. Rates range from 5.74% to 19.99% Annual Percentage Rate (APR), which includes a relationship discount of 0.25%. No origination fee or prepayment penalty. Representative example of repayment terms for an unsecured personal loan: For $13,000 borrowed over 36 months at 11.99% APR, the monthly payment is $432. This example is an estimate only and assumes all payments are made on time.

Источник: https://www.wellsfargo.com/personal-loans/

I got into Lending for one reason, because I love working with people!As your trusted Guaranteed Rate loan officer, my number one goal is to simplify the mortgage process by utilizing our great technology, apps, and streamline programs, allowing us to get you into a homefast and cost effectively*. I was born and raised in Texas, and am proud to raise my twin boys here as well!*My wife and I have lived in the Rowlett area our entire lives, and it's been amazing to see the area grow to what it is today.

I take pride in doing things right the first time, and treating people with compassion and respect.Buying a home isone ofthe largest purchases**that most people will ever make, and the most important thing for me is that my buyers feel comfortable and confident when choosing a loan program that I recommend.

It does not matter if you are a seasoned owner, or a first-time buyer, you will never feel like you are left in the dark when working with me.*Please feel free to contact me anytime of the day with your mortgage questions, my phone is always on!

Источник: https://people.rate.com/chase-crenshaw-2100530

Chase Mortgage Review for 2021


Chase mortgage rates

Chase mortgage rates and fees are in line with other major lenders.

In 2019 — the most recent data available — Chase charged an average mortgage rate of 4.22% for 30-year fixed-rate loans.

This was the same as Wells Fargo and Quicken Loans and about a quarter-point higher than the national average of 3.94% that year.

But that doesn’t mean Chase mortgage rates are high. National averages are often based on the ideal borrower, and no lender services only A+ applicants.

Average 30-year mortgage rates at major banks

 
Chase Bank
Wells Fargo
Quicken Loans
US Bank
Average 30-Year Interest Rate, 2019
4.22%4.22%4.16%4.66%
Monthly P&I Payment*
$980$980$973$1,032
Median Loan Costs, 2019
$3,440$3,484$5,075$3,702
Median Origination Charges, 2019
$1,279$1,199$2,805$1,175

You might want Chase on your list if you consider yourself a ‘standard’ homebuyer looking for a mainstream loan.

Conversely, if you’re in one of those niche home buying groups (bad credit, unusual properties, inconsistent employment history, etc.), you may be better served by a specialist.

No matter who you are, you should shop around and compare rates from more than one mortgage lender before choosing a home loan.

Average rate and fee data are sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).

*Monthly principal and interest payment based on a $250,000 home price, with 20% down, at each company’s average 30-year interest rate for 2019. Your own rate and monthly payment will vary.

Verify your new rate (Nov 28th, 2021)

About Chase Home Lending

Though rates and costs are fairly standard, Chase stands out for having helpful online resources and a streamlined mortgage application process.

If the idea of applying for a mortgage online stresses you out, you can usually meet with a living, breathing home lending advisor at your closest Chase branch. And you can contact them any day of the week by phone.

Regardless of how you choose to apply, you should be able to get a discount on your mortgage if you’re an existing Chase customer. You’ll also benefit from the ease of keeping all your finances under one roof.

For some, Chase’s convenience might be tampered by its mortgage rates, which are generally average. Chances are you won’t get to boast to your friends about the amazing deal you got.

That said, Chase is a reliable mortgage company. You’ll likely land a solid mortgage with rates, closing costs, and service standards that are in line with industry averages.

You’ll also get the peace of mind that comes with choosing a respectable deal from a mainstream lender.

Working with Chase Home Lending

Chase puts in an honest effort to make the loan application process as transparent and straightforward as possible. That starts right at the beginning with the option to apply for a mortgage online, over the phone, or in a branch (if there’s one near you).

The convenience continues with a useful online service called “My Chase Mortgage” (My CM). My CM lets you follow your application and even amend it as you go — which many lenders don’t give you the opportunity to do.

My CM also provides you with direct contact details for the individuals on the team of underwriters processing your loan.

Just keep in mind that the process isn’t instant. Once you upload documents to My CM, someone must check them and update the system.

Chase customer service reviews

Chase gets decent feedback from its mortgage customers.

In 2019, the Consumer Financial Protection Bureau (CFPB) received about 188 complaints from consumers about J.P. Morgan Chase & Co. mortgages.

This is a fairly low number, considering the large volume of mortgages Chase originates.

Mortgage-related complaints at major lenders

Company
Mortgage Originations 2019
CFPB Complaints
Complaints per 1,000 Mortgages
2020 JD Power Rating
Chase Bank
527,6001880.36860/1,000
Wells Fargo 
1,026,8003420.33840/1,000
Quicken Loans
774,9001870.24883/1,000
US Bank
380,700850.22848/1,000

Chase also scored an 860 out of 1,000 in J.D. Power’s 2020 mortgage customer satisfaction study.

It tied with Bank of America for second place in the survey, falling behind only Rocket Mortgage — which has taken first place 11 years running.

Mortgage loan products at Chase

Chase offers a fairly comprehensive range of mortgage types to finance a new home purchase:

  • Fixed-rate mortgages — Interest rates are fixed throughout the loan, which means payments stay the same. Most home buyers choose a 30-year fixed-rate mortgage
  • Adjustable-rate mortgages — Interest rates are fixed for the first 5, 7, or 10 years, then float for the rest of the 30-year term
  • Jumbo loans — For loan amounts above the conventional loan limit, which is currently $548,250 in most of the U.S. Chase lets you borrow up to $3 million or 85% of the home’s value, whichever is lower. In certain cases, you may be able to borrow up to 89.99%
  • FHA loans — Popular with first-time home buyers, FHA loans let you buy with a down payment as low as 3.5% of the property’s value and offer more lenient approval requirements. FHA stands for Federal Housing Administration, the government agency that insures these loans
  • VA loans — For eligible veterans and service members; there’s no down payment required and no continuing mortgage insurance. The Department of Veterans Affairs guarantees this program

In addition to these widely available loan types, Chase has its own offering for select home buyers.

With the Chase DreaMaker mortgage, you only need to make a 3% down payment. However, you must have a low or moderate income to qualify.

Chase refinancing and home equity loans

Current homeowners who want to refinance or tap their home equity using a second mortgage can find a standard slate of options with Chase.

You could refinance into a conventional, FHA, or VA loan using the same application process you’d use to buy a new home.

Refinancing creates a variety of opportunities for existing homeowners. You might:

  • Get a lower interest rate — Today’s mortgage rates are among the lowest rates in history. Many homeowners can save long-term by refinancing into a lower rate
  • Change your loan term — Loans with shorter terms save money over the life of the loan. For example, refinancing from a 30-year to a 15-year fixed-rate loan could increase your monthly payment but reduce long-term costs
  • Change your loan program — For example, some homeowners refinance from an FHA loan to a conventional loan to stop paying for mortgage insurance. You’d need at least 20% home equity to do this

Homeowners who have built up equity over time can access this resource by getting a second mortgage or a cash-out refinance through Chase Home Loans.

  • Cash-out refinance — A new loan large enough to pay off your current loan balance and provide cash at closing. The funds can be used for things like home improvements, debt consolidation, or any other purpose
  • Home equity loan — An installment loan backed by the equity in your home. Unlike a cash-out refi, you’d keep your current home loan intact, which means you’d have two separate mortgage payments each month
  • Home equity line of credit(HELOC) — A credit line backed by your home equity. With a HELOC you can access funds as needed rather than all at once

The amount you’re able to borrow from your home equity depends on your home’s value, your current loan balance, and your credit score, among other factors.

Verify your refinance eligibility (Nov 28th, 2021)

Underwriting requirements for Chase home loans

If you have a FICO score of 620 or higher, you should be able to qualify for a Chase conventional refinance or a home purchase loan with at least 3% down.

But meeting this credit score guideline doesn’t guarantee your approval. Another big factor underwriters consider is your debt-to-income ratio (DTI).

Chase recommends keeping your DTI below 36%. To calculate your DTI, add up your total monthly debts including things like personal loans, student loans, and credit card payments. (Don’t include utilities.) Then divide that number by your pre-tax monthly income.

For example, if you have $1,800 in regular debt payments and earn $4,000 a month, your DTI would be 40% (1800 ÷ 4000 = 0.4 or 40%).

Required documents

Like any lender, Chase will request plenty of supporting documents during the loan origination process.Chase will want to see:

  • W2s showing employment for the past two years
  • The most recent month’s pay stubs
  • Bank and investment statements for the past three months
  • A signed contract to purchase a specific home

Chase’s online mortgage application lets you upload documents quickly, but you could also deliver them in person if you’re working with a Chase loan officer in a local branch.

Chase Home Lending FAQ

Where can you get a mortgage with Chase?

Chase Bank (NMLS no. 399789) offers three ways to apply for a mortgage loan: online, in a Chase branch, or over the phone. This variety makes Chase an accessible mortgage lender for all sorts of buyers. Unfortunately, branch locations are limited outside of major metro areas. The good news is, you can apply online or over the phone in all 50 states.

Does Chase have good mortgage rates?

Chase mortgage rates are generally on par with other big banks like Wells Fargo or Bank of America. When you look at Chase’s mortgage rates, also pay attention to discount points. Chase usually includes one or more points in its advertised rates — which means you’d have to pay about 1% of the loan amount upfront to get the rate shown.

Can I pay my mortgage with a Chase credit card?

You cannot pay your mortgage with a Chase credit card. Most mortgage lenders won’t let you pay your mortgage by credit card at all. However, you can pay your mortgage directly from a Chase deposit account if you have one with the bank.

Does Chase mortgage have a grace period?

Chase mortgage does have a grace period, though the company doesn’t state the exact length. One Chase mortgage customer review suggests the grace period is 15 days. You’ll have to ask your loan officer to see what your specific grace period is. If you do not make a payment on time or within this period, Chase charges a late fee.

How long does Chase take to close a mortgage?

If you’re an existing Chase customer, the company’s “Closing Guarantee” promises your loan will close in three weeks (21 days) or less. Any longer than that, and the company says you’ll receive $2,500 cash back. Non-Chase customers will likely experience average mortgage closing times — around 30 to 40 days.

Is Chase Bank an FHA-approved lender?

Yes, Chase Bank is an FHA-approved lender. You can get an FHA loan from Chase with as little as 3.5% down.

Is Chase Bank a USDA-approved lender?

No, Chase is not authorized to do USDA-backed loans. These loans offer low and no down payment options to home buyers in rural areas.

Does Chase offer VA loans?

Yes, Chase is an authorized lender with the Department of Veterans Affairs. Veterans, active-duty military members, and some surviving military spouses can use this program to buy a home with no down payment and no ongoing mortgage insurance premiums.

How soon should I lock in a rate with Chase?

Once you’ve found a home and applied for a mortgage, you don’t have to lock in your rate right away. Mortgage rates change every day. Chase’s rate locks could last as long as 90 days.

Can I afford a Chase mortgage?

As far as lender costs are concerned, Chase’s rates and fees are about average. And your mortgage payment will depend on your loan amount and exact interest rate. When you shop for home loans, keep in mind your house payment will also include homeowners insurance premiums and local property taxes — along with principal and interest payments on the loan itself. Taxes and insurance premiums go into an escrow fund for disbursement to your government and insurer.

Is Chase a good online lender?

Chase’s online application process isn’t as seamless as some digital lenders, like Rocket Mortgage. For example, you’ll need to speak with a loan officer over the phone even if you apply online. But Chase has added nice online features such as the ability to snap photos of your documents to upload them quickly. Chase also has online mortgage calculators to help determine your price range and tools to guide you to the right type of loan.

Is Chase the best mortgage lender for you?

Getting a good mortgage deal can save you tens of thousands of dollars over the life of your loan. That’s why it’s important to check multiple quotes and make sure the lender you choose is competitive.

If you’re an existing Chase customer, you might stand to save on housing costs thanks to special discounts. Other home buyers might prefer Chase for its helpful resources and relatively comfortable interest rates.

No matter your loan type or banking preferences, be sure to compare personalized rates from at least three lenders to find your best deal.

Verify your new rate (Nov 28th, 2021)
Источник: https://themortgagereports.com/47498/lender-review-chase-mortgage

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Источник: http://dean-collection.com/mw3skn/keybank-open-near-me.html

 

Old10-28-2014, 09:49 AM
 

11 posts, read 53,812 times

Reputation: 21

I'm a first time home buyer and I'm purchasing a condo townhouse and it has been under contact since August. The seller and I agreed on a 90 day closing date and I started the mortgage loan process with my lender, Chase.

I submitted all paperwork within 24 hours of requests, and cooperated with every request. Well shortly after the underwriting process started, my loan officer says he made a mistake on the locked interest rate and didn't quote it as a condo, but just a townhouse, and they had to change the rate, which will cause it to increase. I fought him on it and he said he will buy down the rate, but I need to be approved first.

Well, I was supposed to close last Friday and Chase calls me last Wednesday to say that they need a hoa questionnaire filled out and the one they had wasn't done correctly. My hoa uses a website to handle their paperwork and refused to give answers. The website charges for this information and chase claimed that they can't get the information. Apparently I was supposed to request and pay for it, but noone told me! After some back and forth chase agreed to pay for it, and I thought I was fine.

Well then they had to have their chase questionnaire filled out and not the generic one on the website so I won't be closing on Friday. Seller agreed to a one week extension and that's it. Chase did the comparison between the two forms and everything was fine.

Now it's Tuesday, my application has been 1.5 days in project approval with no decision. and then it has to go back to underwriting when that's done. My processor quoted me Thursday for closing and now I'm questioning if that will even happen!

Has anyone had this much of a headache with chase? I think this all stems from the first mistake with the interest rate and my lo not realizing this was a condo.


Last edited by Nolegrl88; 10-28-2014 at 10:21 AM..

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Old10-28-2014, 10:46 AM
 

5,048 posts, read 8,475,339 times

Reputation: 4167

Acquaintances have unless they had top notch loan officers who were experienced, cared and knew all the ins and outs and alternatives. Sometimes, even at best, it's a terribly uncreative loan officer's fault. Other times, it's the more stringent loan requirements. Still other times, like one I'm involved in currently, it's a loan officer who I think would have to know more just to get through life. Might never have bought or sold herself.

It is a lot of work and I wouldn't want to be a loan officer because I'd have to be a great one and I don't know how the great ones do it. You loan officer should be guiding you expertly through all this.

All the best.

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Old10-28-2014, 10:53 AM
 

11 posts, read 53,812 times

Reputation: 21

Quote:

Originally Posted by cullyView Post

Acquaintances have unless they had top notch loan officers who were experienced, cared and knew all the ins and outs and alternatives. Sometimes, even at best, it's a terribly uncreative loan officer's fault. Other times, it's the more stringent loan requirements. Still other times, like one I'm involved in currently, it's a loan officer who I think would have to know more just to get through life. Might never have bought or sold herself.

It is a lot of work and I wouldn't want to be a loan officer because I'd have to be a great one and I don't know how the great ones do it. You loan officer should be guiding you expertly through all this.

All the best.

Thank you. Unfortunately, I think my lo is out of the picture. I've been dealing with the processor exclusively and everything else has supposedly been escalated to management and expedited through the process. I don't know what all is involved with this, and I know I'm not the only client, but they're overdue on closing and I don't see why they need a whole week to fix it.
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Old10-28-2014, 01:04 PM
 

5,048 posts, read 8,475,339 times

Reputation: 4167

How about your Realtor? Do you have one? He/she should be guiding you too and really on these people.

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Old10-28-2014, 01:10 PM
 

11 posts, read 53,812 times

Reputation: 21

Yes, I'm working with a team of 2 realtors and they are both aware of the situation. Unfortunately, Chase will only speak with me and everyone is on a hold waiting for them to make a decision. My parents and older sister are helping me out with this process as well, but right now I think it's just a matter of Chase dragging their feet.

Apparently the team that is reviewing my application for project approval is in another timezone, 3 hours behind me, which doesn't help matters.

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Old10-28-2014, 03:54 PM
 

Location: Southern California

4,453 posts, read 6,125,632 times

Reputation: 2226

I'd put some of the difficulties on the HOA.

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Old10-28-2014, 03:58 PM
 

11 posts, read 53,812 times

Reputation: 21

Quote:

Originally Posted by thelopez2View Post

I'd put some of the difficulties on the HOA.

That's true as well. Since that initial outreach though, they've been very helpful. If there were additional questions or clarifications needed, the HOA answered them right away with no trouble. I'm sure the HOA is probably annoyed that the bank is asking them for this so late too. This should have been done a month ago when they found that interest rate error.
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Old10-28-2014, 04:03 PM
 

Location: Jollyville, TX

4,782 posts, read 10,483,558 times

Reputation: 6854

Last 2 loans I've used a mortgage broker and it was so much easier than dealing with a big bank. My sister was buying a $750K condo and trying to get a mortgage for $100K and Wells Fargo pretty much screwed the whole thing up and she ended up draining her entire savings to pay cash at closing to avoid losing the condo. I'm sorry, I know neither of these things help and I've been stuck at the the title office in tears at least once in the past due to a major mistake by the lender. All I can say is hang in there, try to be firm but not rude, and I hope everything works out for you.

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Old10-28-2014, 04:08 PM
 

11 posts, read 53,812 times

Reputation: 21

Quote:

Originally Posted by MoonladyView Post

Last 2 loans I've used a mortgage broker and it was so much easier than dealing with a big bank. My sister was buying a $750K condo and trying to get a mortgage for $100K and Wells Fargo pretty much screwed the whole thing up and she ended up draining her entire savings to pay cash at closing to avoid losing the condo. I'm sorry, I know neither of these things help and I've been stuck at the the title office in tears at least once in the past due to a major mistake by the lender. All I can say is hang in there, try to be firm but not rude, and I hope everything works out for you.

Thank you! I've heard horror stories about Wells Fargo as well. This whole situation is very disconcerting for a first-time-buyer and it makes me not want to go through this again.
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Old10-28-2014, 04:40 PM
 

Location: South Texas

480 posts, read 1,087,296 times

Reputation: 612

Lots of new mortgage lending rules and laws went into effect in January of this year. Banks and lending institutions are still working out the mechanics of some of the new rules & laws and, goodness knows, the mortgage industry regulators are publishing new guidance every other week.

Sometimes working with local lenders is better than dealing with the Big Box Store lenders (WF, Chase, BoA, etc.).

Sorry for your stress and I hope you get to closing without having to sell your soul to get there.

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Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


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Details

Loan products offeredConventional, Jumbo, FHA, VA, HELOC, Refinance
Minimum credit scoreDreaMaker and Conventional: 620
FHA: 580
All other mortgage types: 700
Minimum down payment (Conventional)3%
State availabilityAvailable in all states
NMLS #399798

Chase requirements

If you’re thinking about applying for a mortgage with Chase, you need to satisfy specific criteria to get approved. Your approval depends on your creditworthiness and several other factors. To apply for a Chase mortgage, you must:

  • Prove that you are a US citizen or permanent resident
  • Have a credit score of 620 or higher
  • Be at least 18 years old
  • Provide documents to verify your employment, assets and income
  • Have a debt-to-income ratio no greater than 43%

Chase updated requirements

As of November 2020, Chase announced it was relaxing some constraints on its mortgage requirements in response to rising housing prices. However, Chase failed to elaborate exactly what that means for mortgage seekers. We will update this section as information becomes available.

Documentation

In addition to meeting the above requirements, you also need to provide the following.

  • A government-issued ID with your full name and personal contact information
  • Your Social Security number
  • Proof of income covering the past several months
  • W2s and 1099s from the past two years
  • Personal tax returns from the past two years
  • Profit and loss statements, if you’re self-employed
  • A list of your assets, including savings, real estate, car titles and other chase loan officer records
  • A complete list of your debts, including student loans, auto loans, personal loans and credit cards

Costs and fees

In addition to a $395 application fee, Chase also charges the following fees:

  • Appraisal fee: $425 to $1,640
  • Broker price opinion: $78 to $110
  • Recording fee: cost varies based on local laws
  • Partial release/land transaction: $50 to $300
  • Other undisclosed closing costs including attorney fees, an inspection fee, an origination fee, underwriting fees and title fees
  • A rate-lock fee
  • Upfront mortgage insurance premium: required on all FHA home loans
  • Flood insurance for properties in the Special Flood Hazard Area, which FEMA determines. *For FHA loans, private flood insurance is not acceptable. This type of mortgage requires borrowers to obtain insurance through the National Flood Insurance Program.

How to apply for a mortgage with Chase

You can apply for a Chase mortgage either through Chase’s website or at a brick-and-mortar branch. Here’s how to get prequalified using either approach.

Online

  1. Go to Chase.com, select Home Loans from the navigation menu, then select Buying a Home.
  2. Scroll to the bottom of the page, and select Start Online.
  3. Answer a few questions about yourself, your loan, the property and your finances.
  4. Submit your application and review your loan estimate.
  5. Supply any additional documents requested by your loan officer.

In person

  1. Visit Chase.com and select ATM & branch at the top of the page.
  2. Under Find a Chase Home Lending Advisor, choose Find an Advisor then enter your ZIP code.
  3. Browse the list of available advisors and when you find one you’d like to work with, view their page and select Request a Consultation.
  4. Fill out the form with your contact information, then wait for the advisor to schedule an appointment.

Compare mortgage lenders

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.

chase loan officer Data updated regularly

Other mortgage products offered by Chase

  • HELOC. If you’ve built up equity in your home, you can use a home equity line of credit to tap into it.
  • DreaMaker. This program for new homes and refinanced mortgages features down payments as low as 3% plus up to $3,000 in grants and credits.

How Chase’s mortgage products compare to other lenders

Chase’s mortgage products are relatively similar to most other nationwide lenders, but jp morgan chase sba loans are a few notable differences. For instance, Chase charges an application fee and an origination fee, yet many other lenders do not. Also, Chase requires you to speak with a loan officer during the mortgage process, while other lenders let you complete the entire process online.

Compare mortgage lenders and brokers

Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See ratesto provide the company with basic property and financial details for personalized rates.

Compare Chase to Other Lenders

Chase reviews and complaints

As of August 2021, Chase Bank has an A+ rating with the Better Business Bureau, yet reviewers on the site have only rated it 1.11 out of 5 stars. The bank’s score is only slightly better on Trustpilot, where it’s currently rated 1.3 out of 5. However, it’s important to note that these reviews are for Chase Bank as a whole and not necessarily its mortgage products.

Satisfied customers praise Chase’s mobile app, online access and personal service in branches. Most of the negative reviews focus on frustrating customer service, with customers having trouble getting in touch with a helpful representative, being passed around on the phone or just never getting the help they need.

Pros and cons of Chase

Pros

  • Flexible application process. If you live in a state with Chase branches, you can get help online or in person, both during the application process and for the life of the loan.
  • Online tracking. Chase’s website lets you submit documents online and view your application’s status.
  • Member discounts. If you already have a banking relationship with Chase, you may be eligible for lower fees or rates.

Cons

  • Fees. In addition to an application fee, you’ll pay underwriting, origination and rate-lock fees for your mortgage.
  • Requires fair to excellent credit. If your credit score is under 620, you may need to look elsewhere for approval.
  • Limited branches. Chase only has branches in 22 states.

What is Chase?

Owned by international banking giant JPMorgan Chase & Co., Chase is one of the country’s largest banks. Aside from mortgages, it also offers bank and investment accounts, CDs, personal loans, car loans and business banking.

But it’s also been involved in several major mortgage scandals.

  • In 2013, Chase agreed to pay a $13 billion settlement to the US government over allegations that it knowingly sold bad mortgages leading up to the 2008 financial crisis.
  • In 2015, Chase was charged a $900,000 civil penalty based on allegations that it participated in an illegal kickback scheme in which the company referred mortgage loans to a now-defunct company called Genuine Title in exchange for money.
  • In 2017, Chase agreed to pay a $53 million settlement over allegations that it charged Black and Latinx borrowers higher interest rates than white borrowers.

Historical mortgage data for Chase Bank

All numbers based on 2019 nationwide data from the Home Mortgage Disclosure Act.

Conventional91,126201,432$87,399,050,000
FHA769635$122,105,000
VA219843$236,225,000
USDA1616$1,660,000

Frequently asked questions

  • Yes, Chase’s online application allows you to get prequalified for a Chase mortgage loan.

  • Yes, Chase uses 128-bit encryption to keep your banking information safe. The “https://” and lock symbol in your web browser’s address bar lets you know the site is secure.

Home loans ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.

Read the full icici india net banking login of how we rate home loan providers.

Review by

Michael Benninger

[email protected]

Michael Benninger is a staff banking writer at Finder. He is a former credit analyst and longtime freelancer whose articles have been published by Intuit, Business Insider and the Los Angeles Times. Michael is passionate about all facets of personal finance 1st gen cummins craigslist has written hundreds of articles about money management during the past decade.

Expert review

Chase has several mortgage products that can be a good match for both first-time and experienced homebuyers. But if banking integrity is important to you, you might want to think twice before applying for a Chase mortgage. This banking giant has had several run-ins with the federal government, and it has been fined for selling bad mortgages, conducting kickback schemes and practicing unfair lending.

Источник: https://www.finder.com/mortgages/chase-mortgage-loans

My Chase Loan & My Chase Plan: Should You Use These Financing Options?

Chase plans to offer two new types of financing options to existing credit card customers called My Chase Loan and My Chase Plan.

Essentially:

They’re personal loan equivalents to existing credit card customers — under very specific circumstances.

Each will represent an alternative to making purchases with credit cards or other types of financing.

At a more basic level perhaps, both loan programs represent an attempt by the bank to offer ways for Chase customers to obtain instant financing when making large purchases.

This will provide consumers with an alternative to simply charging such purchases on their credit cards.

Learn how they work and whether you should consider using My Chase Loan or My Chase Plan to finance a future purchase.

What is My Chase Loan?

My Chase Loans will be available for targeted Chase credit card customers, enabling them to borrow against unused credit card limits.

By using the Chase mobile app, you can select the loan amount which will then be transferred into your checking account, in the form of a cash loan.

The loan will require approval, and you’ll then be charged interest on the amount borrowed.

The loan is designed to be a hybrid between a personal loan and a cash advance.

It will reduce the fees and interest typically associated with both personal loans and cash advances on credit cards.

My Chase Loan will be earmarked for larger purchases, like furniture or home remodeling. It’s an attempt by J.P. Morgan Chase to offer personal loans to existing clients.

My Chase Loan Fee

My Chase Loan will come with a relatively high APR. The rate is variable and will adjust with changes in the prime rate.

Now:

This will be an advantage to anyone paying a higher rate on credit cards, like something in the 25% range.

But, if your credit card has an APR in the 15% range, My Chase Loan won’t make much sense.

No interest will be charged on a purchase if you pay the entire balance by the due date for the month.

What is My Chase Plan?

My Chase Plan is designed to provide point-of-sale financing, allowing Chase cardholders to choose past purchases of $500 or more, and finance them over longer terms.

Customers would be charged monthly fees rather than interest.

The main difference between My Chase Plan and My Chase Loan is:

  • My Chase Plan is designated for smaller purchases,
  • My Chase Loan is earmarked for larger loan amounts

One of the main benefits to consumers is that charges against their credit lines through My Chase Plan will be established for limited terms and (sometimes) lower interest rates.

This will avoid rolling the new charges into existing credit card lines, where they’ll be charged higher interest and work on a revolving basis.

That means:

The consumer will have more control over credit card balances, with a very specific timetable to pay off the additional financing.

My Chase Plan Fee

My Chase Plan will forgo an interest rate in favor of a fee (fixed finance charge).

The current rate is 1.72% of the amount of each purchase transaction. That works out to be 20.64% on an annual basis, or just slightly higher than the interest rate charged on My Chase Loan.

However:

You will have the ability to limit the number of billing periods for the loan arrangement. Since the fee applies to each month the loan is outstanding, you’ll be able to reduce total fees paid by keeping loan terms short.

No finance fees will apply on a purchase if you pay the entire balance by the due date for the month.

Once again:

This will be a benefit for anyone who is paying a higher rate on their credit card.

But if your rate is lower, you probably won’t be interested in taking advantage of this arrangement.

Impact on Credit Scores

To be clear:

The balances on both of these Chase financing options will be a part of your Chase credit card account.

Based on the fact that credit limits are determined by unused credit line balances, we should also expect both loan types to affect your credit utilization — and, as a result, your credit score.

Chase has not indicated, nor can it be inferred, that the experience with either loan type will be excluded from the normal credit reporting process.

Should You Use these Financing Options?

In analyzing My Chase Loan and My Chase Plan— at least based on the information currently available — it seems these financing options are commonwealth financial advisor 360 ways for Chase to offer personal loan alternatives to existing customers.

But in the vast majority of purchase situations, it’s difficult to see how this will benefit consumers.

The interest rates or annualized financing fees will only be beneficial to those who currently have regular APRs of over 20% for their existing Chase credit card lines.

But for the many who are paying well below 20% APR, there’s no benefit to either plan, at least from a cost standpoint.

Advantages and Disadvantages

One advantage:

The ability to establish the loan payment term.

For example, since credit card balances roll over from one month to another, the ability to limit the term to – say, six months – would enable the consumer to pay off the additional borrowing much quicker. That would eliminate the likelihood of simply carrying a balance in perpetuity.

However, even with a traditional credit card line, it’s possible to pay off the balance in less time.

You can simply set a time limit of six months, and make payments accordingly. The ability to set a specific term seems a bit superfluous.

If the main purpose of using either loan plan is to simulate either an unsecured personal loan or a cash advance, there are lower cost options, particularly for those with excellent credit.

For example, many unsecured personal loans are available at significantly lower interest rates for people with great credit. It may also be possible to apply for a personal loan at a local bank or credit union for a much lower rate than what’s being charged by Chase.

Simplicity and the possibility of denial

Also consider the simplicity factor. It will be easier to simply swipe a credit card on the spot, rather than awaiting approval for one of the loan plans.

Also, the point-of-sale application holds the very real possibility of the decline.

A consumer only needs to be declined once under either plan, and the humiliation it will cause will likely keep them from ever accessing the plans again.

This is a real possibility, and it’s included in the disclosures. It includes the following language relating to both My Chase Loan and My Chase Plan (effective August 8, 2019):

“We are introducing two new features, My Chase Loan and My Chase Plan, under which Flexible Financing Offers may be available to you from time to time, subject to the new rates in fees and Cardmember Agreement terms described below.”

It appears neither My Chase Loan nor My Chase Plan are permanent features of your current credit card arrangements with Chase.

The language above gives them the right to make these offers available at certain times, but also to withdraw them at others.

They also reserve the right to decline a My Chase Loan transaction for any reason, which sounds open-ended in an uncomfortable way.

Stated criteria for either loan arrangement includes your creditworthiness, your credit limit, and your past account behavior. Fail to qualify under any, and your application may be denied.

Binding arbitration

This is another area of potential concern, the more so because it’s a provision you must specifically opt out of to avoid.

And since the notification is buried in the fine print, it’s unlikely you’ll opt out or even be aware of the provision.

This disclosure says the following:

"Unless you timely reject the agreement to arbitrate, disputes with us may be resolved by binding arbitration. With arbitration, you cannot go to court, have a jury trial or initiate or participate in a class action for your dispute(s) with us. In arbitration, disputes are resolved by an arbitrator, not a judge or jury, and procedures are simpler and more limited than rules applicable in a court."

You can reject the binding arbitration agreement by notifying Chase no later than August 7, 2019.

But if that date comes and goes – because you didn’t see this provision buried in the fine print – you will have effectively waived any legal recourse, without ever knowing you’ve done so.

My Chase Plan and My Chase Loan vs. Credit Card or Loans

On analysis, My Chase Plan and My Chase Loan are useful in only a very limited number of circumstances, and only for certain Chase credit card customers.

The net effect of either plan is little different from the basic use of a credit card.

Either provide on-the-spot financing, which is exactly what a credit card does.

And while the interest rate or finance fees may be lower than credit card interest for some consumers (but not others), the loan amount will still apply against the user’s credit card limit.

In other words:

It won’t be a source of new credit, but rather accessing existing credit lines.

Conclusion

The addition of the two plans certainly provides Chase customers with additional financing options.

But the value of those options is extremely limited since most consumers are already well-served by existing credit card arrangements.

Use of either may apply in very limited circumstances, but neither fundamentally changes or improves on the value of a credit card account.

Continue Reading

Источник: https://www.mybanktracker.com

Wells Fargo

American multinational banking and financial services company

For other uses, see Wells Fargo (disambiguation).

Wells Fargo Logo (2020).png

Company logo since 2019

Wellsfargohq.jpg

Wells Fargo's corporate headquarters complex in San Francisco, California

TypePublic

Traded as

ISINUS9497461015
Industry
Predecessors
Founded1929 (92 years ago) (1929) in Minneapolis, U.S. (as Northwest Bancorporation)
1983 (as Norwest Corporation)
1998 (as Wells Fargo & Company)
Founders (Wells Fargo Bank)
HeadquartersSan Francisco, California, U.S. (corporate);
New York, NY (operational)[1]

Number of locations

Area served

Worldwide

Key people

ProductsAsset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management
RevenueDecrease US$72.34 billion (2020)

Operating income

Decrease US$581 million (2020)

Net income

Decrease US$3.30 billion (2020)
Total assetsIncrease US$1.955 trillion (2020)
Total equityDecrease US$185.9 billion (2020)

Number of employees

268,531 (2020)
Subsidiaries
Websitewellsfargo.com
Footnotes / references
[3]
American Express Co. early receipts (1853, 1869)
Stagecoach with Christmas gifts Wells Fargo Bank San Francisco
Wells Fargo & Co. Express building circa 1860, Stockton, California
Wells Fargo & Co. $2 stamp and 10 cents stamped envelope with Pony Express cancellation, carried from San Franciscoto New York Cityin 12 days, during June 1861.

Wells Fargo keys to the kingdom tour gift Company is an American multinational financial services company with corporate headquarters in San Francisco, California, operational headquarters in Manhattan,[4] and managerial offices throughout the United States and internationally.[3] The company has operations in 35 countries with over 70 million customers globally.[3] It is considered a systemically important financial institution by the Financial Stability Board.

The firm's primary subsidiary is Wells Fargo Bank, N.A., a national bank chartered in Wilmington, Delaware[3] which designates its main office in Sioux Falls, South Dakota. It is the fourth largest bank in the United States by total assets and is one of the largest as ranked by bank deposits and market capitalization. Along with JPMorgan Chase, Bank of America, and Citigroup, Wells Fargo is one of the "Big Four Banks" of the United States.[5] It has 8,050 branches and 13,000 ATMs.[3] It is one of the most valuable bank brands.[6][7]

Wells Fargo in its present form is a result of a merger between the original Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998. While Norwest was the nominal survivor, the merged company took the better-known Wells Fargo name and moved to Wells Fargo's hub in San Francisco, while its banking subsidiary merged with Wells Fargo's Sioux Falls-based banking subsidiary. With the 2008 acquisition of Charlotte-based Wachovia, Wells Fargo became a coast-to-coast bank. Wells Fargo is ranked 7th on the Forbes Global 2000 list of largest public companies in the world and ranked 37th on the Fortune 500 list of the largest companies in the US.[3][8] The company has been the subject of several investigations by regulators. On February 2, 2018, due to the Wells Fargo account fraud scandal, the Federal Reserve barred Wells Fargo from growing its nearly $2 trillion-asset base any further until the company fixes its internal problems to the satisfaction of the Federal Reserve.[9] In September 2021, Wells Fargo incurred further fines from the United States Justice Department charging fraudulent behavior by the bank against foreign-exchange currency trading customers.[10]

History[edit]

For history before 1998, see Wells Fargo (1852–1998). For history after 1998, see History of Wells Fargo.

A late 19th century Wells Fargo Bank in Apache Junction, Arizona
1879 Wells Fargo stagecoach

In 1852, Henry Wells and William G. Fargo, the two founders of American Express, formed Wells Fargo & Company to provide express and banking services to California, which was growing rapidly due to the California Gold Rush.

In March 1860, Wells Fargo gained control Butterfield Overland Mail Company, after Congress failed to pass the annual post office appropriation bill, thereby leaving the post office with no way to pay for the Overland Mail Company's services, and leaving Overland no way to pay Wells Fargo. Wells Fargo then operated the western portion of the Pony Express.[11]

Wells, Fargo & Co. 1868 display advertisement from The Salt Lake Daily Telegraph(Utah Territory)

In 1866, the "Grand consolidation" united Wells Fargo, Holladay, and Overland Mail stage lines under the Wells Fargo name.[12]

In 1872, Lloyd Tevis, a friend of the Central Pacific "Big Four" and holder of rights to operate an express service over the Transcontinental Railroad, became president of the company after acquiring a large stake, a position he held until 1892.[13]

In 1892, John J. Valentine, Sr., a long time Wells Fargo employee, was made president of the company. Valentine died in late December 1901 and was succeeded as president by Dudley Evans on January 2, 1902.

In 1905, Wells Fargo separated its banking and express operations; Wells Fargo's bank merged with the Nevada National Bank to form the Wells Fargo Nevada National Bank.[14]

In 1918, as a wartime measure, the United States government nationalized Wells Fargo's express franchise into a federal agency known as the US Railway Express Agency (REA). The federal government took control of the express company.[15] The bank began rebuilding but with a focus on commercial markets. After the war, the REA was privatized and continued service until 1975.

In 1923, Wells Fargo Nevada merged with the Union Trust Company to form the Wells Fargo Bank & Union Trust Company.[16]

In 1929, Northwest Bancorporation was formed as a banking association.

The company did well during the Great Depression; during a Bank Holiday in March 1933, the company actually gained $2 million of deposits.[17]

In 1954, Wells Fargo & Union Trust shortened its name to Wells Fargo Bank.

In 1960, Wells Fargo merged with American Trust Company to form the Wells Fargo Bank American Trust Company.[18]

In 1962, Wells Fargo American Trust shortened its name to Wells Fargo Bank.

In 1968, Wells Fargo was converted to a federal banking charter, becoming Wells Fargo Bank, N.A. Wells Fargo merges with Henry Trione's Sonoma Mortgage in a $10.8 million stock transfer, making Trione the largest shareholder in Wells Fargo until Warren Buffett and Walter Annenberg surpassed him.[19]

In 1969, Wells Fargo & Company holding company was formed, with Wells Fargo Bank as its main subsidiary.[20]

In 1982, Northwest Bancorporation acquired consumer finance firm Dial Finance, which was renamed Norwest Financial Service the following year.[21]

In 1983, Northwest Bancorporation was renamed Norwest Corporation.

In September 1983, a Wells Fargo armored truck depot in West Hartford, Connecticut was the victim of the White Eagle robbery, involving an insider who worked as an armored truck guard, in the largest US bank theft to date, with $7.1 million stolen and two co-workers tied up. The robbery was carried out with the support of the government of Cuba and the cash was initially moved to Mexico City.[22][23]

In 1986, Wells Fargo acquired Crocker National Bank from Midland Bank.[24][25]

In 1987, Wells Fargo acquired the personal trust business of Bank of America.[26]

In 1988, Pnc financial services address Fargo acquired Barclays Bank of California from Barclays plc.[27]

In 1991, Wells Fargo acquired 130 branches in California from Great American Bank for $491 million.[28]

In May 1995, Wells Fargo became the first major US financial services firm to offer internet banking.[29]

In 1996, Wells Fargo heritage federal newburgh First Interstate Bancorp for $11.6 billion.[30] Integration went poorly as many executives left.[31][32]

In 1998, Wells Fargo Bank was acquired by Norwest Corporation of Minneapolis, with the combined company assuming the Wells Fargo name.[33][34]

In 2000, Wells Fargo Bank acquired National Bank of Alaska.[35] It also acquired First Security Corporation.

In 2001, Wells Fargo acquired H.D. Vest Financial Services for $128 million, but sold it in 2015 for $580 million.[36]

In June 2007, John Stumpf was named chief executive officer of the company and Richard Kovacevich remained as chairman.[37]

In 2007, Wells Fargo acquired Greater Bay Bancorp, which had $7.4 billion in assets, in a $1.5 billion transaction.[38][39][40][41] It also acquired Placer Sierra Bank.[42] It also acquired CIT Group's construction unit.[43][44]

In 2008, Wells Fargo acquired United Bancorporation of Wyoming.[45]

In 2008, Wells Fargo acquired Century Bancshares of Texas.[46]

On October 3, 2008, after Wachovia turned down an inferior offer from Citigroup, Wachovia agreed to be bought by Wells Fargo for about $14.8 billion in stock.[47] On October 4, 2008, a New York state judge issued a temporary injunction blocking the transaction from going forward while the competing offer from Citigroup was sorted out.[48] Citigroup alleged that it had an exclusivity agreement with Wachovia that barred Wachovia from negotiating with other potential buyers. The injunction was overturned late in the evening on October 5, 2008, by New York state appeals court.[49] Citigroup and Wells Fargo then entered into negotiations brokered by the FDIC to reach an amicable solution to the impasse. Those negotiations failed. Citigroup was unwilling to take on more risk than the $42 billion that would have been the cap under the previous FDIC-backed deal (with the FDIC incurring all losses over $42 billion). Citigroup did not block the merger, but sought damages of $60 billion for breach of an alleged exclusivity agreement with Wachovia.[50]

On October 28, 2008, Wells Fargo received $25 billion of funds via the Emergency Economic Stabilization Act in the form of a preferred stock purchase by the United States Department of the Treasury.[51][52] As a result of requirements of the government stress tests, the company raised $8.6 billion in capital in May 2009.[53] On December 23, 2009, Wells Fargo redeemed $25 billion of preferred stock issued to the United States Department of the Treasury. As part of the redemption of the preferred stock, Wells Fargo also paid accrued dividends of $131.9 million, bringing the total dividends paid to $1.441 billion since the preferred stock was issued in October 2008.[54]

In April 2009, Wells Fargo acquired North Coast Surety Insurance Services.[55]

In 2011, the company hired 25 investment bankers from Citadel LLC.[56][57][58]

In April 2012, Wells Fargo acquired Merlin Securities.[59][60] In December 2012, it was rebranded as Wells Fargo Prime Services.[61]

In December 2012, Wells Fargo acquired a 35% stake in The Rock Creek Group LP. The stake was increased to 65% in 2014 but sold back to management in July 2018.[62]

In 2015, Wells Fargo Rail acquired GE Capital Rail Services and merged in with First Union Rail.[63] In late 2015, Wells Fargo acquired three GE units focused on business loans equipment financing.[64]

In March 2017, Wells Fargo announced a plan to offer smartphone-based transactions with mobile wallets including Wells Fargo Wallet, Android Pay and Samsung Pay.[65]

In June 2018, Wells Fargo sold all 52 of its physical bank branch locations in Indiana, Michigan, and Ohio to Flagstar Bank.[66][67][68]

In September 2018, Wells Fargo announced it would cut 26,450 jobs by 2020 to reduce costs by $4 billion.[69][70]

In March 2019, CEO Tim Sloan resigned amidst the Wells Fargo account fraud scandal and former general counsel C. Allen Parker became interim CEO.[71]

In July 2019, Principal Financial Group acquired the company's Institutional Retirement & Trust business.[72]

On September 27, 2019, Charles Scharf was announced as the firm's new CEO.[73]

In 2020, the company sold its student loan portfolio.[74][75]

In May 2021, the company sold its Canadian Direct Equipment Finance business to Toronto-Dominion Bank.[76]

In 2021, the company sold its asset management division, Wells Fargo Asset Management (WFAM) to private equity firms GTCR and Reverence Capital Partners for $2.1 billion.[77] WFAM had $603 billion in assets under management as of December 31, 2020,[78][79] of which 33% was invested in money market funds.[80] WFAM was rebranded as Allspring Global Investments.[81][82]

Environmental record[edit]

In 2009, Wells Fargo ranked 1st among banks and insurance companies, and 13th overall, in Newsweek Magazine's inaugural "Green Rankings" of the country's 500 largest companies.[83]

In 2013, the company was recognized by the EPA Center for Corporate Climate Leadership as a Climate Leadership Award winner, in the category "Excellence in Greenhouse Gas Management (Goal Setting Certificate)"; this recognition was for the company's aim to reduce its absolute greenhouse gas emissions from its US operations by 35% by 2020 versus 2008 levels.[84]

In 2017, Wells Fargo ranked 182nd out of 500 in Newsweek Magazine's "Green Rankings" of the largest US companies;[85]

Newsweek's 2020 listing of "America's Most Responsible Companies" did not include Wells Fargo.[86]

Wells Fargo has provided more than $10 billion in financing for environmentally beneficial business opportunities, including supporting commercial-scale solar photovoltaic projects and utility-scale wind projects nationwide.[87]

In 2010, Wells Fargo launched what it believes to be the first blog among its industry peers to report on its environmental stewardship and to solicit feedback and ideas from its stakeholders.[88]

Wells Fargo History Museum[edit]

The company operates the Wells Fargo History Museum at 420 Montgomery Street, San Francisco. Displays include original stagecoaches, photographs, gold nuggets and mining artifacts, the Pony Express, telegraph equipment, and historic bank artifacts. The museum also has a gift shop.[89] In January 2015, armed robbers in an SUV smashed through the museum's glass doors and stole gold nuggets.[90][91][92][93] The company previously operated other museums but those have since closed.[94]

Operations and services[edit]

Map of Wells Fargo branches in August 2015

Consumer Banking and Lending[edit]

The Consumer Banking and Lending segment includes Regional Banking, Diversified Products, and Consumer Deposits groups, as well as Wells Fargo Customer Connection (formerly Wells Fargo Phone Bank, Wachovia Direct Access, the National Business Banking Center, and Credit Card Customer Service). Wells Fargo also has around 2,000 stand-alone mortgage branches throughout the country. There are also mini-branches located inside of other buildings, which are almost exclusively grocery stores, that usually contain ATMs, basic bank teller services, and an office for private meetings with customers.[3]

Consumer lending[edit]

Wells Fargo Home Mortgage is the second largest retail mortgage originator in the United States, originating one out of every four home loans.[95] Wells Fargo services $1.8 trillion in home mortgages, the one of the largest servicing portfolios in the US.[3]

Equipment lending[edit]

Wells Fargo has various divisions, including Wells Fargo Rail, that finance and lease equipment to different types of companies.[3]

Wealth and Investment Management[edit]

Wells Fargo Advisors headquarters in St. Louis, Missouri

Wells Fargo offers investment products through its subsidiaries, Wells Fargo Investments, LLC, and Wells Fargo Advisors, LLC, as well as through national broker/dealer firms. The company also serves high-net-worth individuals through its private bank and family wealth group.

Wells Fargo Advisors is the brokerage subsidiary of Wells Fargo, located in St. Louis, Missouri. It is the third-largest brokerage firm in the United States as of the third quarter of 2010 with $1.1 trillion retail client assets under management.[3]

Wells Fargo Advisors was known as Wachovia Securities until May 1, 2009, when it was renamed following Wells Fargo's acquisition of Wachovia Corporation.

Securities[edit]

The Seagram Building: Home of Wells Fargo Securities' New York offices and trading floors

Wells Fargo Securities (WFS) is the investment banking division of Wells Fargo & Co. headquartered in Charlotte, with other U.S. offices in Chase loan officer York, Minneapolis, Boston, Houston, San Francisco, and Los Angeles and with international offices in London, Hong Kong, Singapore, and Tokyo.

Wells Fargo Securities was established in 2009 after the acquisition of Wachovia Securities. It provides merger and acquisition, high yield, leveraged finance, equity underwriting, private placement, loan syndication, risk management, and public finance services

Cross-selling[edit]

A key part of Wells Fargo's business strategy is cross-selling, the practice of encouraging existing customers to buy additional banking services.[98][99] Customers inquiring about their checking account balance may be pitched mortgage deals and mortgage holders may be pitched credit card offers in an attempt to increase the customer's profitability to the bank.[100][101] Other banks have attempted to emulate Wells Fargo's cross-selling practices (described by The Wall Street Journal as a hard sell technique).[100]

International operations[edit]

Wells Fargo has banking services throughout the world, with overseas offices in Hong Kong, London, Dubai, Singapore, Tokyo, and Toronto.[102][103] Back-offices are in India and the Philippines with more than 20,000 staff.[104]

In 2010, hedge fund administrator Citco purchased the trust company operation of Wells Fargo in the Cayman Islands.[105]

Charter[edit]

Wells Fargo operates under Charter #1, the first national bank charter issued in the United States. This charter was issued to First National Bank of Philadelphia on June 20, 1863, by the Office of the Comptroller of the Currency.[106] Traditionally, acquiring banks assume the earliest issued charter number. Thus, the first charter passed from First National Bank of Philadelphia to Wells Fargo through its 2008 acquisition of Wachovia, which had inherited it through one of its many acquisitions.

Lawsuits, fines and controversies[edit]

1981 MAPS Wells Fargo embezzlement scandal[edit]

In 1981, it was discovered that a Wells Fargo assistant operations officer, Lloyd Benjamin "Ben" Lewis, had perpetrated one of the largest embezzlements in history, through its Beverly Drive branch. During 1978 - 1981, Lewis had successfully written phony debit and credit receipts to benefit boxing promoters Harold J. Smith (né Ross Eugene Fields) and Sam "Sammie" Marshall, chairman and president, respectively, of Muhammed Ali Professional Sports, Inc. (MAPS), of which Lewis was also listed as a director; Marshall, too, was a former employee of the same Wells Fargo branch as Lewis. In excess of $300,000 was paid to Lewis, who pled guilty to embezzlement and conspiracy charges in 1981, and testified against his co-conspirators for a reduced five-year sentence.[107] (Boxer Muhammed Ali had received a fee for the use of his name, and had no other involvement with the organization.[108])

Higher costs charged to African-American and Hispanic borrowers[edit]

Illinois Attorney General Lisa Madigan filed suit against Wells Fargo on July 31, 2009, alleging that the bank steers African Americans and Hispanics into high-cost subprime loans. A Wells Fargo spokesman responded that "The policies, systems, and controls we have in place – including in Illinois – ensure race is not a factor."[109] An affidavit filed in the case stated that loan officers had referred to black mortgage-seekers as "mud people," and the subprime loans as "ghetto loans."[110] According to Beth Jacobson, a loan officer at Wells Fargo interviewed for a report in The New York Times, "We just went right after them. Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans." The report presented data from the city of Baltimore, where more than half the properties subject to foreclosure on a Wells Fargo loan from 2005 to 2008 now stand vacant. And 71 percent of those are in predominantly black neighborhoods.[110] Wells Fargo agreed to pay $125 million to subprime borrowers and $50 million in direct down payment assistance in certain areas, for a total of $175 million.[111][112][113]

Failure to monitor suspected money laundering[edit]

In a March 2010 agreement with US federal prosecutors, Wells Fargo acknowledged that between 2004 and 2007 Wachovia had failed to monitor and report suspected money laundering by narcotics traffickers, including the cash used to buy four planes that shipped a total of 22 tons of cocaine into Mexico.[114]

Overdraft fees[edit]

In August no way jose cantina, Wells Fargo was fined by United States district court judge William Alsup for overdraft practices designed to "gouge" consumers and "profiteer" at their expense, and for misleading consumers about how the bank processed transactions and assessed overdraft fees.[115][116]

Settlement and fines regarding mortgage servicing practices[edit]

On February 9, 2012, it was announced that the five largest mortgage servicers (Ally Financial, Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo) agreed to a settlement with the US Federal Government and 49 states.[117] The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $26 billion in relief to distressed homeowners and in direct payments to the federal and state governments. This settlement amount makes the NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement.[118] The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.[119]

On April 5, 2012, a federal judge ordered Wells Fargo to pay $3.1 million in punitive damages over a single loan, one of the largest fines for a bank ever for mortgaging service misconduct, after the bank improperly charged Michael Jones, a New Orleans homeowner, with $24,000 in mortgage fees, after the bank misallocated payments to interest instead of principal. Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible", stating that Wells Fargo has taken advantage of borrowers who rely on the bank's accurate calculations.[120][121] The award was affirmed on appeal in 2013.[122]

In May 2013, New York attorney-general Eric Schneiderman announced a lawsuit against Wells Fargo over alleged violations of the national mortgage settlement. Schneidermann claimed Wells Fargo had violated rules over giving fair and timely serving.[123] In 2015, a judge sided with Wells Fargo.[124]

SEC fine due to inadequate risk disclosures[edit]

On August 14, 2012, Wells Fargo agreed to pay around $6.5 million to settle U.S. Securities and Exchange Commission (SEC) charges that in 2007 it sold risky mortgage-backed securities without fully realizing their dangers.[125]

Lawsuit by FHA over loan underwriting[edit]

In 2016, Wells Fargo agreed to pay $1.2 billion to settle allegations that the company violated the False Claims Act by underwriting over 100,000 Federal Housing Administration (FHA) backed loans when over half of the applicants did not qualify for the program.[126][127]

In October 2012, Wells Fargo was sued by United States AttorneyPreet Bharara over questionable mortgage deals.[128]

Lawsuit due to premium inflation on forced place insurance[edit]

In April 2013, Wells Fargo settled a suit with 24,000 Florida homeowners alongside insurer QBE Insurance, in which Wells Fargo was accused of inflating premiums on forced-place insurance.[129]

Lawsuit regarding excessive overdraft fees[edit]

In May 2013, Wells Fargo paid $203 million to settle class-action litigation accusing the bank of imposing excessive overdraft fees on checking-account customers.[130]

Violation of New York credit card laws[edit]

In February 2015, Wells Fargo agreed to pay $4 million, including a $2 million penalty and $2 million in restitution for illegally taking an interest in the homes of borrowers in exchange for opening credit card accounts for the homeowners.[131]

Tax liability and lobbying[edit]

In December 2011, Public Campaign criticized Wells Fargo for spending $11 million on lobbying during 2008–2010, while increasing executive pay and laying off workers, while having no federal tax liability due to losses from the Great Recession.[132] However, in 2013, the company paid $9.1 billion in income taxes.[133]

Prison industry investment[edit]

Main article: Prison–industrial complex

The company has invested its clients' funds in GEO Group, a multi-national provider of for-profit private prisons.[134] By March 2012, its stake had grown to more than 4.4 million shares worth $86.7 million.[135] As of November 2012, Wells Fargo divested 33% of its holdings of GEO's stock, reducing its stake to 4.98% of Geo Group's common stock, below the threshold of which it must disclose further transactions.[136][137]

Discrimination against African Americans in hiring[edit]

In August 2020, the company agreed to pay $7.8 million in back wages for allegedly discriminating against 34,193 African Americans in hiring for tellers, personal bankers, customer sales and service representatives, and administrative coldwell banker homes unlimited claremont nh positions. The company agreed to provide jobs to 580 of the affected applicants.[138]

[edit]

In May 2015, Gregory T. Bolan Jr., a stock analyst at Wells Fargo agreed to pay $75,000 to the U.S. Securities and Exchange Commission to settle allegations that he gave Joseph C. Ruggieri, a stock trader, insider information on probable ratings charges. Ruggieri was not convicted of any crime.[139][140][141]

Wells Fargo fake accounts scandal[edit]

Main article: Wells Fargo account fraud scandal

In September 2016, Wells Fargo was issued a combined total of $185 million in fines for opening over 1.5 million checking and savings accounts and 500,000 credit cards on behalf of customers without their consent. The Consumer Financial Protection Bureau issued $100 million in fines, the largest in the agency's five-year history, along with $50 million in fines from the City and County of Los Angeles, and $35 million in fines from the Office of Comptroller of the Currency.[142] The scandal was caused by an incentive-compensation program for employees to create new accounts. It led to the firing of nearly snb 48 employees and $5 million being set aside for customer refunds on fees for accounts the customers never wanted.[143]Carrie Tolstedt, who headed the department, retired in July 2016 and received $124.6 million in stock, options, and restricted Wells Fargo shares as a retirement package.[144][145]

On October 12, 2016, John Stumpf, the then chairman and CEO, announced that he would be retiring amidst the scandals. President and Chief Operating Officer Timothy J. Sloan succeeded Stumpf, effective immediately. Following the scandal, applications for credit cards and checking accounts at the bank plummeted.[146] In response to the event, the Better Business Bureau dropped accreditation of the bank.[147][148] Several states and cities ended business relations with the company.[149]

An investigation by the Wells Fargo board of directors, the report of which was released in April 2017, primarily blamed Stumpf, who it said had not responded to evidence of wrongdoing in the consumer services division, and Tolstedt, who was said to have knowingly set impossible sales goals and refused to respond when subordinates disagreed with them. Wells Fargo coined the phrase, “Go for Gr-Eight” – or, in other words, aim to sell at least 8 products to every customer. The board chose to use a clawback clause in the retirement contracts of Stumpf and Tolstedt to recover $75 million worth of cash and stock from the former executives.[150]

In February 2020, the company agreed to pay $3 billion to settle claims by the United States Department of Justice and the Securities and Exchange Commission. The settlement did not prevent individual employees from being targets of future litigation.[151] The Federal Reserve put a limit to Wells Fargo's assets, as a result of the scandal. In 2020, Wells Fargo sold $100 million in assets to stay under the limit.[152]

Racketeering lawsuit for mortgage appraisal overcharges[edit]

In November 2016, Wells Fargo agreed to pay $50 million to settle allegations of overcharging hundreds of thousands of homeowners for appraisals ordered after they defaulted on their mortgage loans. While banks are allowed to charge homeowners for such appraisals, Wells Fargo frequently charged homeowners $95 to $125 on appraisals for which the bank had been charged $50 or less. The plaintiffs had sought triple damages under the U.S. Racketeer Influenced and Corrupt Organizations Act on grounds that sending invoices and statements with fraudulently concealed fees constituted mail and wire fraud sufficient to allege racketeering.[153]

Financing of Dakota Chase loan officer Pipeline[edit]

Wells Fargo is a lender on the Dakota Access Pipeline, a 1,172-mile-long (1,886 km) underground oil pipeline transport system in North Dakota. The pipeline has been controversial regarding its potential impact on the environment.[154]

In February 2017, the city councils of Seattle, Washington and Davis, California voted to move $3 billion of deposits from the bank due to its financing of the Dakota Access Pipeline as well as the Wells Fargo account fraud scandal.[155]

Failure to comply with document security requirements[edit]

In December 2016, the Financial Industry Regulatory Authority fined Wells Fargo $5.5 million for failing to store electronic documents in a "write once, read many" format, which makes it impossible to alter or destroy records after they are written.[156]

Doing business with the gun industry and NRA[edit]

From December 2012 through February 2018, Wells Fargo reportedly helped two of the biggest firearms and ammunition companies obtain $431.1 million in loans. It also handled banking for the National Rifle Association and provided bank accounts and a $28-million line of credit.[157] In 2020, the company said that it is winding down its business with the National Rifle Association.[158]

Discrimination against female workers[edit]

Further information: Glass ceiling

In June 2018, about a dozen female Wells Fargo executives from the wealth management division met in Scottsdale, Arizona to discuss the minimal presence of women occupying senior roles within the company. The meeting, dubbed chase loan officer meeting of 12", represented the majority of the regional managing directors, of which 12 out of 45 were women.[159] Wells Fargo had previously been investigating reports of gender bias in the division in the months leading up to the meeting.[160] The women reported that they had been turned down for top jobs despite their qualifications, and instead the roles were occupied by men.[160] There were also complaints against company president Jay Welker, who is also the head of the Wells Fargo wealth management division, due to his sexist statements regarding female employees. The female workers claimed that he called them "girls" and said that they "should be at home taking care of their children."[160][161]

Overselling auto insurance[edit]

On June 10, 2019, Wells Fargo agreed to pay $385 million to settle a lawsuit accusing it of allegedly scamming millions of auto-loan customers into buying woodforest bank routing number texas they did not need from National General Insurance.[162][163]

Failure to Supervise Registered Representatives[edit]

On August 28, 2020, Wells Fargo agreed to pay a fine of $350,000 as well as $10 million in restitution payments to certain customers after the Financial Industry Regulatory Authority accused the company of failing to reasonably supervise two of its registered representatives that recommended that customers invest a high percentage of their assets in high-risk energy securities in 2014 and 2015.[164]

Steering customers to more expensive retirement accounts[edit]

In April 2018, the United States Department of Labor launched a probe into whether Wells Fargo was pushing its customers fidelity 401k account number online more expensive retirement plans as well as into retirement funds managed by Wells Fargo itself.[165][166]

Alteration of documents[edit]

In May 2018, the company discovered that its business banking group had improperly altered documents about business clients in 2017 and early 2018.[167]

Executive compensation[edit]

With CEO John Stumpf paid 473 times more than the median employee, Wells Fargo ranked number 33 among the S&P 500 companies for CEO—employee pay inequality. In October 2014, a Wells Fargo employee earning $15 per hour emailed the CEO—copying 200,000 other employees—asking that all employees be given a $10,000 per year raise taken from a portion of annual corporate profits to address wage stagnation and income inequality. After being contacted by the media, Wells Fargo responded that all employees chase loan officer "market competitive" pay and benefits significantly above US federal minimums.[168][169]

Pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO's annual total compensation to that of the median employee.[170]

[edit]

Wells Fargo & Company reported Total CO2e emissions (Direct + Indirect) for the twelve months ending 31 December 2020 at 776 Kt (-87 /-10.1% y-o-y).[171] There has been a consistent declining trend in reported emissions since 2015.

In popular culture[edit]

Wells Fargo stagecoaches are mentioned in the song "The Deadwood Stage (Whip-Crack-Away!)" in the 1953 film Calamity Jane performed by Doris Day: "With a fancy cargo, care of Wells and Fargo, Illinois - Boy!".[177]

See also[edit]

References[edit]

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  70. ^LIBERTO, JENNIFER (March 28, 2019). "Wells Fargo CEO Quits In Wake Of Consumer Financial Scandals". NPR.
  71. ^"Principal Completes Acquisition of Wells Fargo Institutional Retirement & Trust Business" (Press release). Principal Financial Group. July 1, 2019.
  72. ^Egan, Matt (September 27, 2019). "Wells Fargo names financial veteran Charles Scharf as its new CEO". CNN.
  73. ^"Wells Fargo Agrees to Sell Private Student Loan Portfolio" (Press release). Business Wire. December 18, 2020.
  74. ^Truong, Kevin (December 21, 2020). "Wells Fargo sells off private student loan business". American City Business Journals.
  75. ^"TD Bank Group completes acquisition of Wells Fargo's Canadian Direct Equipment Finance Business" (Press release). Toronto-Dominion Bank. May 3, 2021.
  76. ^
Источник: https://en.wikipedia.org/wiki/Wells_Fargo

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Happy Thanksgiving, neighbors! Here's everything you need to know about what's happening in Toledo today.


First, today's weather:

Rain tapering off. High: 48 Low: 28.

Find out what's happening in Toledo with free, real-time updates from Patch.


Here are the top stories in Toledo today:

  1. Toledoans who would benefit from a free Thanksgiving meal this season have options in the Glass City. Area churches and outreach centers such as MLK Center Kitchen on Vance St. and Toledo Rescue Gospel Mission on Phillips Avenue will be offering meals throughout the week. (WTOL)
  2. 2021 has been the deadliest on record for homicides in Toledo as Toledo Police attempt to stop the violence. TPD Chief George Kral stated part of the problem is the reluctance of citizens to share what they know with the police. (WTOL)
  3. An alleged bank robber led Michigan State Police on a chase down Southbound I-75 that continued into Ohio, where Toledo Police took over. Witnesses reported seeing more than 20 police cars following the subject and it is unknown if he was apprehended. (Southgate News Herald)
  4. On Monday a jury found Lorenzo Morales guilty of two counts of murder and one count of felonious assault in the 2019 killing of Emilia Guerrero. Morales was in a relationship with Guerrero and he will be sentenced on December 13, 2021. (13abc Action News)
  5. Lucas County is experiencing the highest hospitalization rate since the COVID pandemic began. The biggest concern for the high numbers are whether the hospitals will have to go on 'by-pass,' meaning new patients will not be accepted due to overcrowding. (13abc Action News)

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  • Ella Flora, a flower shop in Rossford, is accepting donations for the Bethany House in Toledo in exchange for a free flower and 10% off your purchase. The Bethany House offers long-term, apartment-style housing for survivors of domestic violence and it is in need of household items this holiday season. (WNWO NBC 24)
  • The historic Ohio Theatre on Lagrange Street has been home to the Children's Theatre Workshop for about a year now. The group, which offers opportunities for children aged homes for sale in onion creek austin tx, formerly occupied space at the Collingwood Arts Center. (WTOL)
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Источник: https://patch.com/ohio/toledo/most-hospitalizations-pandemic-multi-state-car-chase

 

Old10-28-2014, 09:49 AM
 

11 posts, read 53,812 times

Reputation: 21

I'm a first time home buyer and I'm purchasing a condo townhouse and it has been under contact since August. The seller and I agreed on a 90 day closing date and I started the mortgage loan process with my lender, Chase.

I submitted all paperwork within 24 hours of requests, and cooperated with every request. Well shortly after the underwriting process started, my loan officer says he made a mistake on the locked interest rate and didn't quote it as a condo, but just a townhouse, and they had to change the rate, which will cause it to increase. I fought him on it and he said he will buy down the rate, but I need to be approved first.

Well, I was supposed to close last Friday and Chase calls me last Wednesday to say that they need a hoa questionnaire filled out and the one they had wasn't done correctly. My hoa uses a website to handle their paperwork and refused to give answers. The website charges for this information and chase claimed that they can't get the information. Apparently I was supposed to request and pay for it, but noone told me! After some back and forth chase agreed to pay for it, and I thought I was fine.

Well then they had to have their chase questionnaire filled out and not the generic one on the website so I won't be closing on Friday. Seller agreed to a one week extension and that's it. Chase did the comparison between the two forms and everything was fine.

Large coca cola piggy bank it's Tuesday, my application has been 1.5 days in project approval with no decision. and then it has to go back to underwriting when that's done. My processor quoted me Thursday for closing and now I'm questioning if that will even happen!

Has anyone had this much of a headache with chase? I think this all stems from the first mistake with the interest rate and my lo not realizing this was a condo.


Last edited by Nolegrl88; 10-28-2014 at 10:21 AM.

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Old10-28-2014, 10:46 AM
 

5,048 posts, read 8,475,339 times

Reputation: 4167

Acquaintances have unless they had top notch loan officers who were experienced, cared and knew all the ins and outs and alternatives. Sometimes, even at best, it's a terribly uncreative loan officer's fault. Other times, it's the more stringent loan requirements. Still other times, like one I'm involved in currently, it's a loan officer who I think would have to know more just to get through life. Might never have bought or sold herself.

It is a lot of work and I wouldn't want to be a loan officer because I'd have to be a great one and I don't know how the great ones do it. You loan officer should be guiding you expertly through all this.

All the best.

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Old10-28-2014, 10:53 AM
 

11 posts, read 53,812 times

Reputation: 21

Quote:

Originally Posted by cullyView Post

Acquaintances have unless they had top notch loan officers who were experienced, cared and knew all the ins and outs and alternatives. Sometimes, even at best, it's a terribly uncreative loan officer's fault. Other times, it's the more stringent loan requirements. Still other times, like one I'm involved in currently, it's a loan officer who I think would have to know more just to get through life. Might never have bought or sold herself.

It is a lot of work and I wouldn't want to be a loan officer because I'd have to be a great one and I don't know how the great ones do it. You loan officer should be guiding you expertly through all this.

All the best.

Thank you. Unfortunately, I think my lo is out of the picture. I've been dealing with the processor exclusively and everything else has supposedly been escalated to management and expedited through the process. I don't know what all is involved with this, and I know I'm not the only client, but they're overdue on closing and I don't see why they need a whole week to fix it.
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Old10-28-2014, 01:04 PM
 

5,048 posts, read 8,475,339 times

Reputation: 4167

How about your Realtor? Do you have one? He/she should be guiding you too and really on these people.

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Old10-28-2014, 01:10 PM
 

11 posts, read 53,812 times

Reputation: 21

Yes, I'm working with a team of 2 realtors and they are both aware of the situation. Unfortunately, Chase will only speak with me and everyone is on a hold waiting for them to make a decision. My parents and older sister are helping me out with this process as well, but right now I think it's just a matter of Chase dragging their feet.

Apparently the team that is reviewing my application for project approval is in another timezone, 3 hours behind me, which doesn't help matters.

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Old10-28-2014, 03:54 PM
 

Location: Southern California

4,453 posts, read 6,125,632 times

Reputation: 2226

I'd put some of the difficulties on the HOA.

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Old10-28-2014, 03:58 PM
 

11 posts, read 53,812 times

Reputation: 21

Quote:

Originally Posted by thelopez2View Post

I'd put some of the difficulties on the HOA.

That's true as well. Since that initial outreach though, they've been very helpful. If there were additional questions or clarifications needed, the HOA answered them right away with no trouble. I'm sure the HOA is probably annoyed that the bank is asking them for this so late too. This should have been done a month ago when they found that interest rate error.
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Old10-28-2014, 04:03 PM
 

Location: Jollyville, TX

4,782 posts, read 10,483,558 times

Reputation: 6854

Last 2 loans I've used a mortgage broker and it was so much chase loan officer than dealing with a big bank. My sister was buying a $750K condo and trying to get a mortgage for $100K and Wells Fargo pretty much screwed the whole thing up and she ended up draining her entire savings to pay cash at closing to avoid losing the condo. I'm sorry, I know neither of these things help and I've been stuck at the the title office in tears at least once in the past due to a major mistake by the lender. All I can say is hang in there, try to be firm but not rude, and I hope everything works out for you.

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Old10-28-2014, 04:08 PM
 

11 posts, read 53,812 times

Reputation: 21

Quote:

Originally Posted by MoonladyView Post

Last 2 what was the pick 3 number for tonight I've used a mortgage broker and it was so much easier than dealing with a big bank. My sister was buying a $750K condo and trying to get a mortgage for $100K and Wells Fargo pretty much screwed the whole thing up and she ended up draining her entire savings to pay cash at closing to avoid losing the condo. I'm sorry, I know neither of these things help and I've been stuck at the the title office in tears at least once in the past due to a major mistake by the lender. All I can say is hang in there, try to be firm but not rude, and I hope everything works out for you.

Thank you! I've heard horror stories about Wells Fargo as well. This whole situation is very disconcerting for a first-time-buyer and it makes me not want to go through this again.
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Old10-28-2014, 04:40 PM
 

Location: South Texas

480 posts, read 1,087,296 times

Reputation: 612

Lots of new mortgage lending rules and laws went into effect in January of this year. Banks and lending institutions are still working out the mechanics of some of the new rules & laws and, goodness knows, the mortgage industry regulators are publishing new guidance every other week.

Sometimes working with local lenders is better than dealing with the Big Box Store lenders (WF, Chase, BoA, etc.).

Sorry for your stress and I hope you get to closing without having to sell your soul to get there.

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Chase Mortgage Review for 2021


Chase mortgage rates

Chase mortgage rates and fees are in line with other major lenders.

In 2019 — the most recent data available — Chase charged an average mortgage rate of 4.22% for 30-year fixed-rate loans.

This was the same as Wells Fargo and Quicken Loans and about a quarter-point higher than the national average of 3.94% that year.

But that doesn’t mean Chase mortgage rates are high. National averages are often based on the ideal borrower, and no lender services only A+ applicants.

Average 30-year mortgage rates at major banks

 
Chase Bank
Wells Fargo
Quicken Loans
US Bank
Average 30-Year Interest Rate, 2019
4.22%4.22%4.16%4.66%
Monthly P&I Payment*
$980$980$973$1,032
Median Loan Costs, 2019
$3,440$3,484$5,075$3,702
Median Origination Charges, 2019
$1,279$1,199$2,805$1,175

You might want Chase on your list if you consider yourself a ‘standard’ homebuyer looking for pnc investments managed account mainstream loan.

Conversely, if you’re in one of those niche home buying groups (bad credit, unusual properties, inconsistent employment history, etc.), you may be better served by a specialist.

No matter who you are, you should shop around and compare rates from more than one mortgage lender before choosing a home loan.

Average rate and fee data are sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).

*Monthly principal and interest payment based on a $250,000 home price, with 20% down, at each company’s average 30-year interest rate for 2019. Your own rate and monthly payment will vary.

Verify your new rate (Nov 28th, 2021)

About Chase Home Lending

Though rates and costs are fairly standard, Chase stands out for having helpful online resources and a streamlined mortgage application process.

If the idea of applying for a mortgage online stresses you out, you can usually meet with a living, breathing home lending advisor at your closest Chase branch. And you can contact them any day of the week by phone.

Regardless of how you choose to apply, you should be able to get a discount on your mortgage if you’re an existing Chase customer. You’ll also benefit from the ease of keeping all your finances under one roof.

For some, Chase’s convenience might be tampered by its mortgage rates, which are generally average. Chances are you won’t get to boast to your friends about chase loan officer amazing deal you got.

That said, Chase is a reliable mortgage company. You’ll likely land a solid mortgage with rates, closing costs, and service standards that are in line with industry averages.

You’ll also get the peace of mind that comes with choosing a respectable deal from a mainstream lender.

Working with Chase Home Lending

Chase puts in an honest effort to make the loan application process as transparent and straightforward as possible. That starts right at the beginning with the option to apply for a mortgage online, over the phone, or in a branch (if there’s one near you).

The convenience continues with a useful online service called “My Chase Mortgage” (My CM). My CM lets you follow your application and even amend it as you go — which many lenders don’t give you the opportunity to do.

My CM also provides you with direct contact details for the individuals on the team of underwriters processing your loan.

Just keep in mind that the process isn’t instant. Once you upload documents to My CM, someone must check them and update the system.

Chase customer service reviews

Chase gets decent feedback from its mortgage customers.

In 2019, the Consumer Financial Protection Bureau (CFPB) received about 188 complaints from consumers about J.P. Morgan Chase & Co. mortgages.

This is a fairly low number, considering the large volume of mortgages Chase originates.

Mortgage-related complaints at major lenders

Company
Mortgage Originations 2019
CFPB Complaints
Complaints per 1,000 Mortgages
2020 JD Power Rating
Chase Bank
527,6001880.36860/1,000
Wells Fargo 
1,026,8003420.33840/1,000
Quicken Loans
774,9001870.24883/1,000
US Bank
380,700850.22848/1,000

Chase also scored an 860 out of 1,000 in J.D. Power’s 2020 mortgage customer satisfaction study.

It tied with Bank of America for second place in the survey, falling behind only Rocket Mortgage — which has taken first place 11 years running.

Mortgage loan products at Chase

Chase offers a fairly comprehensive range of mortgage types to finance a new home purchase:

  • Fixed-rate mortgages — Interest rates are fixed throughout the loan, which means payments stay the same. Most home buyers choose a 30-year fixed-rate mortgage
  • Adjustable-rate mortgages — Interest rates are fixed for the first 5, 7, or 10 years, then float for the rest of the 30-year term
  • Jumbo loans — For loan amounts above the conventional loan limit, which is currently $548,250 in most of the U.S. Chase lets you borrow up to $3 million or 85% of the home’s value, whichever is citibank govcc travel card login. In certain cases, you may be able to borrow up to 89.99%
  • FHA loans — Popular with first-time home buyers, FHA loans let you buy with a down payment as low as 3.5% of the property’s value and offer more lenient approval requirements. FHA stands for Federal Housing Administration, the government agency that insures these loans
  • VA loans — For eligible veterans and service members; chase loan officer no down payment required and no continuing mortgage insurance. The Department of Veterans Affairs guarantees this program

In addition to these widely available loan types, Chase has its own offering for select home buyers.

With the Chase DreaMaker mortgage, you only need to make a 3% down payment. However, you must have a low or moderate income to qualify.

Chase refinancing and home equity loans

Current homeowners who want to refinance or tap their home equity using a second mortgage can find a standard slate of options with Chase.

You could refinance into a conventional, FHA, or VA loan using the same application process you’d use to buy a new home.

Refinancing creates a variety of opportunities for existing homeowners. You might:

  • Get a lower interest rate — Today’s mortgage rates are among the lowest rates in history. Many homeowners can save long-term by refinancing into a lower rate
  • Change your loan term — Loans with shorter terms save money over the life of the loan. For example, refinancing from a 30-year to a 15-year fixed-rate loan could increase your monthly payment but reduce long-term costs
  • Change your loan program — For example, some homeowners refinance from an FHA loan to a conventional loan to stop paying for mortgage insurance. You’d need at least 20% home equity to do this

Homeowners who have built up equity over time can access this resource by getting a second mortgage or a cash-out refinance through Chase Home Loans.

  • Cash-out refinance — A new loan large enough to pay off your current loan balance and provide cash at closing. The funds can be used for things like home improvements, debt consolidation, or any other purpose
  • Home equity loan — An installment loan backed by the equity in your home. Unlike a cash-out refi, you’d keep your current home loan intact, which means you’d have two separate mortgage payments each month
  • Home equity line of credit(HELOC) — A credit line backed by your home equity. With a HELOC you can access funds as needed rather than all at once

The amount you’re able to borrow from your home equity depends on your home’s value, your current loan balance, and your credit score, among other factors.

Verify your refinance eligibility (Nov 28th, 2021)

Underwriting requirements for Chase home loans

If you have a FICO score of 620 or higher, you should be able to qualify for a Chase conventional refinance or a home purchase loan with at least 3% down.

But meeting this credit score guideline doesn’t guarantee your approval. Another big factor underwriters consider is your debt-to-income ratio (DTI).

Chase recommends keeping your DTI below 36%. To calculate your DTI, add up your total monthly debts including things like personal loans, student loans, and credit card payments. (Don’t include utilities.) Then divide that number by your pre-tax monthly income.

For example, if you have $1,800 in regular debt payments and earn $4,000 a month, your DTI would be 40% (1800 ÷ 4000 = 0.4 or 40%).

Required documents

Like any lender, Chase will request plenty of supporting documents during the loan origination process.Chase will want to see:

  • W2s showing employment for the past two years
  • The most recent month’s pay stubs
  • Bank and investment statements for the past three months
  • A signed contract to purchase a specific home

Chase’s online mortgage application lets you upload documents quickly, but you could also deliver them in person if you’re working with a Chase loan officer in a local branch.

Chase Home Lending Coastal bank and trust careers can you get a mortgage with Chase?

Chase Bank (NMLS no. 399789) offers three ways to apply for a mortgage loan: online, in a Chase branch, or over the phone. This variety makes Chase an accessible mortgage lender for all sorts of buyers. Unfortunately, branch locations are limited outside of major metro areas. The good news is, you can apply online or over the phone in all 50 states.

Does Chase have good mortgage rates?

Chase mortgage rates are generally on par with other big banks like Wells Fargo or Bank of America. When you look at Chase’s mortgage rates, also pay attention to discount points. Chase usually includes one or more points in its advertised rates — which means you’d have to pay about 1% of the loan amount upfront to get the rate shown.

Can I pay my mortgage with a Chase credit card?

You cannot pay your mortgage with a Chase credit card. Most mortgage lenders won’t let you pay your mortgage by credit card at all. However, you can pay your mortgage directly from a Chase deposit account if you have one with the bank.

Does Chase mortgage have a grace period?

Chase mortgage does have a grace period, though the company doesn’t state the exact length. One Chase mortgage customer review suggests the grace period is 15 days. You’ll have to ask your loan officer to see what your specific grace period is. If you do not make a payment on time or within this period, Chase charges a late fee.

How long does Chase take to close a mortgage?

If you’re an existing Chase customer, the company’s “Closing Guarantee” promises your loan will close in three weeks (21 days) or less. Any longer than that, and the company says you’ll receive $2,500 cash back. Non-Chase customers will likely experience average mortgage closing times — around 30 to 40 days.

Is Chase Bank an FHA-approved lender?

Yes, Chase Bank is an FHA-approved lender. You can get an FHA loan from Chase with as little as 3.5% down.

Is Chase Bank a USDA-approved lender?

No, Chase is not authorized to do USDA-backed loans. These loans offer low and no down payment options to home buyers in rural areas.

Does Chase offer VA loans?

Yes, Chase is an authorized lender with the Department of Veterans Affairs. Veterans, active-duty military members, and some surviving military spouses can use this program to buy a home with no down payment and no ongoing mortgage insurance premiums.

How soon should I lock in a rate with Chase?

Once you’ve found a home and applied for a mortgage, you don’t have to lock in your rate right away. Mortgage rates change every day. Chase’s rate locks could last as long as 90 days.

Can I afford a Chase mortgage?

As far as lender costs are concerned, Chase’s rates and fees are about average. And your mortgage payment will depend on your loan amount and exact interest rate. When you shop for home loans, keep in mind your house payment will also include homeowners insurance premiums and local property taxes — along with principal and interest payments on the loan itself. Taxes and insurance premiums go into an escrow fund for disbursement to your government and insurer.

Is Chase a good online lender?

Chase’s online application process isn’t as seamless as some digital lenders, like Rocket Mortgage. For example, you’ll need to speak with a loan officer over the phone even if you apply online. But Chase has added nice online features such as the ability to snap photos of your documents to upload them quickly. Chase also has online mortgage calculators to help determine your price range and tools to guide you to the right type of loan.

Is Chase the best mortgage lender for you?

Getting a good mortgage deal can save you tens of thousands of dollars over the life of your loan. That’s why it’s important to check multiple quotes and make sure the lender you choose is competitive.

If you’re an existing Chase customer, you might stand to save on housing costs thanks to special discounts. Other home buyers might prefer Chase for its helpful resources and relatively comfortable interest rates.

No matter your loan type or banking preferences, be sure to compare personalized rates from at least three lenders to find your best deal.

Verify your new rate (Nov 28th, 2021)
Источник: https://themortgagereports.com/47498/lender-review-chase-mortgage
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