Thread regarding Wells Fargo & Co. layoffs

you absolutely need underwriters. If no one is reviewing the documents to determine appropriate risk to the bank, you'll end up in a financial crisis like back in 2006-2008.

WF does not have competitive rates because we can't keep up with the volume of business. Its our own way to cut volume back. We are incredibly inefficient. We don't need processors anymore with the technology we have, and we keep adding more inefficient teams to streamline the process which only makes it take longer. I got my own mortgage with another large bank/lender and only talked to someone one time and did the rest online.

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That sounds perfect. What's the problem?

Rest assured, the robots are coming! You will be linking all the required information just like you link your bills to your bank now. If WFC is not thiking about this don't worry, others are.

I would never get a mortgage or any product from WF! Our customer service is terrible. I’m refinancing now and have dealt with three people, mostly text and email. Uploaded everything and am just waiting to be finalized.

Maybe someone can also explain why I, a Wells Fargo employee with stellar credit, got a preapproval letter a good half point higher than that of a reputable local broker. This is before the employee discount is applied but even with the discount it doesn’t make sense.

That is typical at every bank and mortgage company. Where do you work? Wells Fargo?

This process can be 99% digital with zero “people” involved.

@otq I appreciate your well thought out response, but sh– always hits the fan when consultants get involved in processing. They tell the customers what they want to hear without paying attention to current policies or what the underwriter is actually requesting. I spend more of my time arguing with consultants than actually doing my job. Either hold them to a higher standard or cut this group altogether because 9 times out of 10 it’s their lies that make the whole process more difficult.

We need to automate this process to remain competitive.

WF mortgages takes a long time to close. Go with a your credit union or with NavyFed/USAA if you can. You will only deal with one (two at the most) people and what they will offer will be FAR BETTER than WF.

I recently refinanced with a small community bank. Dealt with the mortgage officer only. I uploaded the required docs and confirmations to a secure spot. Never talked with anyone else. Even the closing was done by the same mortgage officer.
Closing costs were half of WF and was almost a full point less — even with a so-called employee discount.
Easy breezy.

Processors are really just following a checklist of things to collect, and also underwriting instructions with conditions to clear. Consultants are putting customers into products according their situation, goals, and credit qualifications and have different skills, knowledge and regulations to know. Consultants getting involved in processing are protecting their commission.

Sure you could achieve the same thing with a bot that asks you questions, but this field isn’t dead for the same reason we still have realtors... people want their hand held by a person because buying a house with a mortgage is the most complicated thing a lot of people ever do. It’s changing with Redfin and Quicken, but more slowly than you’d think.