Big Bank Denial Rates

This is an interesting chart from MarketWatch showing the different denial rates of the big banks and exactly why a mortgage is more than just an interest rate and a “Pre-Approval”  – “The Bank That Rejects The Most Mortgages.”

Getting a Pre-Approval from a lender who collects all income/ asset documentation upfront and does research before moving forward on a contract is paramount. As the below statistics do not necessarily surprise me, I still find it shocking how much time and money is wasted by incompetent loan officers in our industry!

Total    applications for purchase

Rejection rate

Applications    denied

JPMorgan Chase 80,036 33.6% 26,894
Bank of America* 76,355 25.6% 19,547
Wells Fargo* 399,911 21.2% 84,687
Quicken Loans* 25,038 17.3% 4,331
U.S. Bank * 52,425 17.2% 9,014
Branch Banking and Trust Co. 43,840 15.6% 6,855
Citibank* 44,945 14.3% 6,442
Flagstar Bank 52,030 13.2% 6,853
PHH Mortgage 17,034 11.5% 1,967
SunTrust Mortgage 34,749 11.0% 3,831