Founded in 1890 and based in Santa Rosa, California, Exchange Bank is a longstanding community institution with 16 branches across Sonoma County. While it offers a full range of financial services, its mortgage lending stands out locally for competitive interest rates and low fees, making it an appealing option for Northern California homebuyers.
See today’s mortgage interest rates on TrueRate.
How Exchange Bank compares to other lenders
| Headquarters | Santa Rosa, California |
| Website | exchangebank.com |
| Rate | 0.23% less than the median rate |
| Lender fees | $895 (median) |
| Savings after 1 year, compared to the median interest rate | $1,120 |
| Savings after 10 years, compared to the median interest rate | $7,859 |
| Added cost after 1 year (vs. Tomo Mortgage) | $1,458 |
| Added cost after 10 years (vs. Tomo Mortgage) | $3,325 |
For a $400,000 mortgage, Exchange Bank’s rates—roughly 0.23% below the market average—and an $895 lender fee result in real savings—over $1,100 in the first year and about $7,860 over 10 years compared to the median lender.
What customers are saying
Exchange Bank is valued by some for its long-standing community presence, low basic account fees, and helpful staff at select branches.
However, mortgage lending reviews platforms such as Reddit and Yelp, reveal significant issues: poor customer service, inconsistent communication, and inflexible lending policies are recurring complaints. Borrowers express frustration with rude management, and missed deadlines.
Some loyal customers have had positive, decades-long relationships, recent experiences suggest a decline in service quality and operational reliability.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.