Wells Fargo Mortgage Review 2023

What borrowers say about Wells Fargo mortgage

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.

• Wells Fargo receives a 716 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 716. (Mortgage origination covers the initial application through closing day.) 

• Wells Fargo receives a 588 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 607. (A mortgage servicer handles loan payments.)

• Wells Fargo receives a customer rating of 4.95 out of 5 on Zillow, as of the date of publication. The score reflects 4,040 customer reviews.

Wells Fargo announced plans to reduce its mortgage-servicing portfolio in January 2023. If Wells Fargo collects your monthly mortgage payment, you may receive notice that another company is taking over servicing your loan. A new mortgage servicer will provide details about where to direct payments, and the terms of your loan will stay the same. 

Wells Fargo and consumer trust

Despite earning high marks for loan variety and digital tools, Wells Fargo has seen numerous setbacks in the past six years.

The venerable lender has been accused of opening fake deposit and credit card accounts to meet aggressive sales goals, collecting improper fees on mortgage rate lock extensions and foreclosing on homeowners in error, among other alleged wrongdoing. In some cases, federal and state regulators have levied billions of dollars in fines against the bank.

Although these regulatory actions don’t enter into NerdWallet’s star rating, borrowers are encouraged to weigh a lender’s customer service record when shopping for a mortgage.

Wells Fargo mortgage variety of loan types

• 4 of 5 stars

Wells Fargo announced changes to its home-lending business in January 2023 that may lower the number of borrowers who successfully apply for mortgages. CEO of consumer lending Kleber Santos said the lender will focus on Wells Fargo customers and minority home buyers. 

Underwriting mortgages nationally, Wells Fargo offers an extended list of mortgage products you would expect from a "big box" lender. Beyond conventional mortgages and government-backed FHA, VA and USDA loans, Wells Fargo offers programs aimed at advancing racial equity in homeownership, particularly for Black and Hispanic borrowers. Wells Fargo is also notable for its jumbo loans, which boast support from a specialized private mortgage banking team.

» MORE: See the top jumbo mortgage lenders

Wells Fargo mortgage ease of application

• 5 of 5 stars

The bank offers the latest mortgage technology tools, from online preapproval to a full digital loan application. Time- and paper-saving capabilities include electronic employment verification and document upload and download.

You can sign into your Wells Fargo account to track your application's status, exchange information and e-sign documents.

Wells Fargo mortgage rates and fees

• 3.5 of 5 stars

• Wells Fargo earns 3 of 5 stars for average origination fee.

• Wells Fargo earns 4 of 5 stars for average mortgage interest rates.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

» MORE: "Should I buy discount points?" calculator

Wells Fargo mortgage rate transparency

• 4 of 5 stars

Mortgage rates are easy to find on the Wells Fargo website. A dropdown under “Home Loans” offers access to a mortgages page with options for buying a home or refinancing. You can look at sample rates for common loan products, but you will have to make contact with the lender to see customized rates.

Alternatives to Wells Fargo mortgage

Here are some comparable lenders we review that borrowers can consider.

PNC also offers jumbo loans, and Chase offers assistance for first-time home buyers.

» MORE: Best lenders for first-time home buyers

More from NerdWallet