{"id":4225,"date":"2024-11-08T10:35:38","date_gmt":"2024-11-08T15:35:38","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=4225"},"modified":"2025-04-17T17:10:07","modified_gmt":"2025-04-17T22:10:07","slug":"navy-federal-vs-wells-fargo","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/navy-federal-vs-wells-fargo\/","title":{"rendered":"Navy Federal vs. Wells Fargo"},"content":{"rendered":"\n<p>Shopping for a home loan? Navy Federal and Wells Fargo are likely names you&#8217;ve heard. One\u2019s a hub for helping Veterans and their family&#8217;s finance homes, and the other\u2019s a well known bank. But which one really deserves your attention? Let\u2019s break it down.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/tomo.com\/mortgage\/interest-rates-today?utm_source=tomo_blog\">Compare lenders on TrueRate<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The basics<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Navy Federal:<\/strong> Navy Federal is a big name in home lending for military families, with 55% of its loans being conventional and 45% VA. However, a civil rights lawsuit filed in late 2023 accuses the credit union of discriminatory lending practices against Black and Latino borrowers. As of March 2024, Navy Federal is seeking to dismiss the case, leaving questions about how this could affect their future lending practices.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Wells Fargo<br><\/strong>Wells Fargo was just about the biggest lender in America for a long, long time. The big name in banking with classic in-person service. But here\u2019s the tea: Wells Fargo\u2019s been in hot water with a major trust meltdown, including a $250 million fine in 2021. Their BBB rating? An F.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Tomo Mortgage: <\/strong> Launched in 2020, <a href=\"https:\/\/tomo.com\/mortgage?utm_source=tomo_blog\" title=\"Tomo Mortgage\">Tomo Mortgage<\/a> is here to shake up the industry. We offer killer rates, zero lender fees, and a process that\u2019s all about making home buying easy and stress-free. Our customer reviews? 4+ starts on every review platform: <a href=\"https:\/\/www.consumeraffairs.com\/finance\/tomo.html?#scroll_to_reviews=true\" title=\"Consumer Affairs\">Consumer Affairs<\/a>, <a href=\"https:\/\/www.google.com\/search?q=google+tomo+mortgage+reviews&amp;oq=google+tomo+mortgage+reviews&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIGCAEQRRhA0gEIMzQ5M2owajeoAgCwAgA&amp;sourceid=chrome&amp;ie=UTF-8#lrd=0x8644b57cb3ad3a03:0x18a5ac199a4e74fd,1,,,,\" title=\"Google\">Google<\/a>,<a href=\"https:\/\/www.bankrate.com\/mortgages\/reviews\/tomo\/\" title=\" Bankrate\"> Bankrate<\/a>, <a href=\"https:\/\/www.zillow.com\/lender-profile\/hellotomo\/\" title=\"Zillow\">Zillow<\/a>, etc. We\u2019re not just a breath of fresh air\u2014we\u2019re a whole new way of doing things.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/tomo.com\/mortgage\/rates?utm_source=tomo_blog\">See today&#8217;s rates<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The breakdown<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Lender<\/td><td>Navy Federal<\/td><td>Wells Fargo<\/td><td>Tomo Mortgage<\/td><\/tr><tr><td>Founded<\/td><td>1933<\/td><td>1852<\/td><td>2020<\/td><\/tr><tr><td>Lender Fees<\/td><td>$2,200 per conventional loan, $1,000 per VA loan*<\/td><td>$2,376 per loan*<\/td><td>$0<\/td><\/tr><tr><td>On-Time Close Rate<\/td><td>Not reported<\/td><td>Not reported<\/td><td>98%<\/td><\/tr><tr><td>Customer Reviews<\/td><td><a href=\"https:\/\/www.consumeraffairs.com\/finance\/navy-federal-credit-union-mortgage.html\" title=\"1.3 stars \">1.3 stars <\/a>on Consumer Affairs<\/td><td><a href=\"https:\/\/www.consumeraffairs.com\/finance\/wells_fargo_mortgage.html\" title=\"3.0 stars\">3.0 stars<\/a> on Consumer Affairs <\/td><td><a href=\"https:\/\/www.consumeraffairs.com\/finance\/tomo.html?#scroll_to_reviews=true\">5.0 stars<\/a> on Consumer Affairs <br><a href=\"https:\/\/www.zillow.com\/lender-profile\/hellotomo\/\">4.95 stars<\/a>&nbsp;on Zillow<\/td><\/tr><tr><td>Employee Reviews <\/td><td><a href=\"https:\/\/www.glassdoor.com\/Reviews\/Navy-Federal-Credit-Union-Reviews-E7281.htm\" title=\"\">4.1 Stars<\/a> on Glassdoor<\/td><td><a href=\"https:\/\/www.consumeraffairs.com\/finance\/wells_fargo_mortgage.html\" title=\"\">3.5 stars<\/a> on Glassdoor<\/td><td><a href=\"https:\/\/www.glassdoor.com\/Reviews\/Tomo-Reviews-E5526789.htm\">4.1 stars<\/a> on Glassdoor <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/tomo.com\/mortgage\/app\/preapproval?utm_source=tomo_blog\">Get a personalized rate quote<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How to judge mortgage lenders<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Interest rates:<\/strong> Don\u2019t get fooled by flashy numbers. Always compare the \u201cpar rate\u201d with 0 points and check out the <a href=\"https:\/\/tomo.com\/blog\/what-are-apr-and-interest-rates-which-is-more-important\/\" title=\"APR (Annual Percentage Rate)\">APR (Annual Percentage Rate)<\/a>. This is your real cost of borrowing, so get the full picture before signing up.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Lender fees:<\/strong> Also called \u201c<a href=\"https:\/\/tomo.com\/blog\/what-is-a-origination-fee\/\" title=\"origination fees\">origination fees<\/a>\u201d or \u201capplication and processing fees, which Navy Federal and Wells Fargo charge over $1,000 in per loan. At Tomo Mortgage, we\u2019re lender fee-free, saving you thousands of dollars at closing.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>On-time close rate:<\/strong> This is how often lenders actually close on the promised date. Industry standard? About 40%. But Tomo Mortgage &#8211;flexing a 98% on-time close rate, and we&#8217;re proud of it. Other lenders don\u2019t even bother to share this info, but it\u2019s a huge deal.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pre approvals:<\/strong> While some lenders don\u2019t take the time necessary to prepare a strong pre approval and offer letter, this is critical to making a successful offer on a new home. Tomo Mortgage\u2019s online <a href=\"https:\/\/tomo.com\/blog\/how-to-get-pre-approved-for-a-mortgage\/\" title=\"pre approval\">pre approval<\/a> only takes 15 minutes, and it includes a soft credit check\u2014but way more reliable when you\u2019re making an offer on a home.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Customer satisfaction:<\/strong> If you\u2019re finding it tough to trust what lenders are telling you, one of the best ways to gauge their reliability is by looking at reviews from people who were once in your shoes. Did those customers have a smooth experience with the lender? What went right\u2014or wrong? Navy Federal&#8217;s customer satisfaction certainly leave room for growth. <\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Employee reviews: <\/strong>Insights into employee satisfaction can reveal a company\u2019s values and transparency. Unhappy employees often lead to bad overall experiences. (See what their engineers have to say, for example.)<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/tomo.com\/mortgage\/app\/preapproval\"><strong>Get pre approved <\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The verdict: Navy Federal or Wells Fargo<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>If you value emphasis on a military community, Navy Federal could be worth considering. They excel with VA loans however their questionable lending practices and low customer satisfaction may be a reason to pause. If you already bank with Wells Fargo, it might feel &#8220;easier&#8221; to stick with them to get your home loan. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>However, for most people the most important factor is the rate. Here at Tomo Mortgage our rates are typically 0.48 points lower than other lenders. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>So, we\u2019re obviously biased, but we\u2019d say don\u2019t choose either. Tomo Mortgage has lower rates, lower fees, and better reviews. It\u2019s a pretty obvious choice.<\/p>\n\n\n\n<p>*sources: Business Insider Mortgage Reviews:&nbsp;<a href=\"https:\/\/www.businessinsider.com\/personal-finance\/mortgages\/navy-federal-credit-union-mortgage-review\" title=\"\">Navy Federal<\/a>,&nbsp;<a href=\"https:\/\/www.businessinsider.com\/personal-finance\/mortgages\/wells-fargo-mortgage-review\" title=\"Wells Fargo\">Wells Fargo<\/a>, and&nbsp;<a href=\"https:\/\/richeymay.com\/insights\/hmda-market-share-dashboards\/\">HMDA<\/a>&nbsp;data from 2023<\/p>\n\n\n<div style=\"padding-top:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);margin-top:var(--wp--preset--spacing--30);margin-bottom:var(--wp--preset--spacing--30);margin-left:0;margin-right:0;\" class=\"has-link-color wp-elements-c54b177fd5d2f341f8967a20726f2ac0 wp-block-post-author has-text-color has-contrast-color has-background has-tertiary-background-color has-large-font-size\"><div class=\"wp-block-post-author__content\"><p class=\"wp-block-post-author__name\"><a href=\"https:\/\/tomo.com\/blog\/author\/clairegtomonetworks-com\/\" target=\"_self\">Claire Gallaudet<\/a><\/p><p class=\"wp-block-post-author__bio\">Claire is a Mortgage Analyst at Tomo, where she explores the data and trends shaping the housing market. She is especially interested in how economic forces impact homebuyers. A Seattle native, she now lives in Austin, where she balances analysis and communications with teaching yoga and walks around the lake with her dog.<\/p><\/div><\/div>\n\n\n<p>If you&#8217;re ready to start your journey to homeownership, <a href=\"https:\/\/tomo.com\/mortgage\/app\/preapproval\" title=\"\">get pre approved with Tomo Mortgage today.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shopping for a home loan? Navy Federal and Wells Fargo are likely names you&#8217;ve heard. One\u2019s a hub for helping Veterans and their family&#8217;s finance homes, and the other\u2019s a well known bank. But which one really deserves your attention? Let\u2019s break it down. The basics Navy Federal: Navy Federal is a big name in [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":4228,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[286],"tags":[],"class_list":["post-4225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lender-reviews"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/tomo.com\/blog\/wp-content\/uploads\/2024\/11\/navy-federal-vs-wells-fargo-jpg.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/4225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/comments?post=4225"}],"version-history":[{"count":2,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/4225\/revisions"}],"predecessor-version":[{"id":5267,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/4225\/revisions\/5267"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media\/4228"}],"wp:attachment":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media?parent=4225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/categories?post=4225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/tags?post=4225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}