Wells Fargo, one of the nation’s top lenders for residential properties, is aware that our clients hold us to a high standard. We know that they expect more than just simple financing. They demand courtesy, knowledgeable service and support, and most importantly, they anticipate that we will conduct our lending operations in a fair and responsible manner.
As an industry leader, we want to set an example. We created a set of Fair and Responsible Lending Principles that cover the entire process of lending for residential real estate, from product development to our post-closing procedures, for this reason. These values support Wells Fargo’s mission to meet all of our customers’ financial needs and assist them in becoming financially successful.
We consistently abide by business procedures that, in our opinion, serve our clients’ long-term interests. We do not tolerate abusive, misleading or fraudulent lending practices. Our team members are expected to act responsibly, and we evaluate and track our progress in relation to these objectives. As a result, over time, both clients and referral sources have given us their business, which is a feat of which we are incredibly proud.
Our teams’ practices are guided by three fundamental ideas in three ways. These straightforward, simple, and customer-focused principles apply to both loans and credit lines, and they act as our daily compass.
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U.S. residential real estate lending
Wells Fargo, one of the nation’s top lenders for residential properties, is aware that our clients hold us to a high standard. We know that they expect more than just simple financing. They demand courtesy, knowledgeable service and support, and most importantly, they anticipate that we will conduct our lending operations in a fair and responsible manner.
As an industry leader, we want to set an example. We created a set of Fair and Responsible Lending Principles that cover the entire process of lending for residential real estate, from product development to our post-closing procedures, for this reason. These values support Wells Fargo’s mission to meet all of our customers’ financial needs and assist them in becoming financially successful.
We consistently abide by business procedures that, in our opinion, serve our clients’ long-term interests. We do not tolerate abusive, misleading or fraudulent lending practices. Our team members are expected to act responsibly, and we evaluate and track our progress in relation to these objectives. As a result, over time, both clients and referral sources have given us their business, which is a feat of which we are incredibly proud.
Our teams’ practices are guided by three fundamental ideas in three ways. These straightforward, simple, and customer-focused principles apply to both loans and credit lines, and they act as our daily compass.
Principle # The customer must have the ability to repay the loan according to its terms and conditions and the customer’s financial circumstances.
It seems simple, but its not. For the benefit of the customer, our shareholders, and our investors, we adhere to specific procedures to make sure we evaluate the customer’s capacity to pay.
For both our direct and indirect channels, we:
Principle # The loan transaction must deliver a benefit to the customer.
Once more, it seems straightforward, but the customer has a smart and reasonable expectation. We look for demonstrable benefit to the customer such as:
Principle # Support the customer’s goal of making informed choices.
Every customer’s situation is different; no two people have the same hopes, dreams, desires, or challenges. A home loan is also typically one of the biggest financial transactions that a person will ever make. We must therefore do everything in our power to assist them in making an informed decision. Specifically we:
In summary, these three simple principles — driven by common sense, good business practice and support for the customer’s needs, guide us every day.
But our obligation doesnt end when the loan closes. Most of the loans we originate, along with loans from other lenders and our indirect lending channels, are serviced after closing. We value the customer relationships underlying each and every one of these loans in the hopes of securing the clients’ future business.
Because of this, we go above and beyond our commitment to provide our customers with responsible service, as evidenced by our Responsible Servicing Principles. Note: These guidelines apply to both our home loans and credit lines. Equal Housing Lender.
One of Wells Fargo Bank’s divisions is Wells Fargo Home Mortgage. A.
FAQ
How long does Wells Fargo mortgage underwriting take?
It can take as little as two to three days to complete the underwriting process, which is required by mortgage lenders before they can approve a loan for a home. However, a loan officer or lender typically needs more than a week to complete the procedure.
What can an underwriter deny you for?
If an underwriter doesn’t have enough information to approve a loan, they may do so. A well-written letter of explanation may help the underwriter comprehend a significant cash deposit you made into your account, clarify employment gaps, or explain a debt that is being paid for someone else.
How likely is it to get denied during underwriting?
You have a 1 in 12 chance of having your mortgage denied after it initially looked good enough to be approved because about 8% of mortgage loans are denied during the underwriting process.
How long does it take Wells Fargo to approve a mortgage?
For purchase and refinance home loans, the time between application and approval will differ. The timeline is generally 30-90 days.