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
|Bank of America*||76,355||25.6%||19,547|
|U.S. Bank *||52,425||17.2%||9,014|
|Branch Banking and Trust Co.||43,840||15.6%||6,855|