Thinking of Buying a Home? Check Out These Banks That Reject the Most Mortgages

When I saw the heading of the article I found online I couldn’t wait to click on it.  We get so many buyers that have been pre-qualified by their personal bank.  A few buyers received a financial benefit from using their banks, like a lower interest rate or closing cost help.  But most do not.

In fact, many buyers go to one of the big banks because they don’t realize there are other financial options.  Even if I give them a list of fantastic mortgage brokers, they’ve already spoken to someone at the big bank and for some reason feel like they need to continue with that lender.  One of my most recent closings was a buyer that regretted making that choice, which happened to be Wells Fargo.  

With that said, here is a list of the banks that reject the most mortgages (according to the Wall Street Journal Online’s Market Watch : 

Bank Name: JP Morgan Chase
Total Applications: 80,036
Rejection Percentage: 33.6%
Denied Applications: 26,894


Bank of America
Total Applications: 76,355
Rejection Percentage: 25.6% 
Denied Applications: 19,547

Wells Fargo
Total Applications: 399,911
Rejection Percentage: 21.2 %
Denied Applications: 84,687

Quicken Loans
Total Applications: 25,038
Rejection Percentage: 21.2%
Denied Applications: 4,331
U.S. Bank
Total Applications: 52,425
Rejection Percentage: 17.2 %
Denied Applications: 9, 014
Citibank
Total Applications: 44,945
Rejection Percentage: 14.3%
Denied Applications: 6,442

This chart is interesting as you can see which bank takes the most applications – Wells Fargo.  Chase takes the top prize as the bank that turns down the most mortgage applications.

I have a list of loan officers that I have used and am happy with their services.  If I have a buyer that does not have a pre-approval letter I give them my list.  There isn’t a bank on that list.  I have had closings with the big banks, and the best one I’ve had to deal with is Fifth Third.  However, I just had a mortgage not approved by them and one of my other lenders told me they can do it.

If you’d like my list of the best loan officers and mortgage brokers I have used  in the business, just give me a call at (203) 464-8466 or use my Contact Form.  

Ma