Wallick & Volk may be one of the oldest mortgage lenders in the U.S., but its outdated practices have led to consistently high interest rates. Over the past two years, its mortgage rates have been significantly above the industry average, placing it in the bottom 30th percentile of lenders. Customers frequently complain about slow loan processing and a lack of transparency in rate disclosures, making Wallick & Volk a questionable choice for those seeking fair and competitive home financing.
See today’s mortgage interest rates on TrueRate.
How Wallick & Volk Mortgage compares to other lenders
| Headquarters | Scottsdale, Arizona |
| Website | wvmb.com |
| Rate | 0.31% higher than the median rate |
| Lender fees | $650 (median on Wallick & Volk loans) |
| Added cost after 1 year, compared to the median interest rate | $624 |
| Added cost after 10 years, compared to the median interest rate | $9,584 |
| Added cost after 1 year (vs. Tomo Mortgage) | $3,202 |
| Added cost 10 years (vs. Tomo Mortgage) | $20,769 |
For a $400,000 mortgage, Wallick & Volk’s above-market rates and $650 in lender fees would result in roughly $624 in added cost during the first year and over $9,500 across a decade compared to the median lender. When stacked against low-cost options like Tomo Mortgage, that cost difference climbs to more than $20,000—highlighting the importance of shopping around.
What customers are saying
Wallick & Volk is praised for its long-standing experience in the mortgage industry, having been established in 1932. Customers appreciated the company’s broad range of loan products, including FHA, VA, USDA, and conventional loans. Borrowers also highlighted the professionalism and knowledge of individual loan officers who helped guide them through the process. The company’s local presence across multiple states was noted as a strength, offering accessible support.
However, complaints often focused on communication challenges and delays during the loan process. Borrowers reported frustrations with incomplete or unclear updates regarding their applications and closing timelines. Some also cited operational inefficiencies, such as disorganized handling of paperwork or repeated requests for documentation. Issues with loan servicing were raised as well, including confusion about payment schedules after loans were transferred to other servicers.
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.