{"id":4266,"date":"2024-11-12T14:24:41","date_gmt":"2024-11-12T19:24:41","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=4266"},"modified":"2025-04-17T17:09:12","modified_gmt":"2025-04-17T22:09:12","slug":"ally-vs-us-bank","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/ally-vs-us-bank\/","title":{"rendered":"Ally vs. U.S. Bank"},"content":{"rendered":"\n

On the hunt for a home loan? Ally and US Bank  are probably on your radar. But who\u2019s really giving you the best bang for your buck? Ally, the tech forward digital option, and US Bank, the tried and true bank, have their own strengths and weaknesses. Here\u2019s the lowdown on how they compare, and why Tomo Mortgage might just blow them out of the water.<\/p>\n\n\n\n

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Ally: <\/strong>Ally may look like a fresh player, but this bank\u2019s roots run deep\u2014it started as GMAC, the mortgage arm of General Motors. Rebranded in 2009, Ally went all-digital in 2016, focusing on conventional loans <\/a>with an average loan size of $408K. In 2019, they partnered with Better.com to amp up their tech game, delivering a sleek online mortgage experience. But Ally\u2019s not without its skeletons: a $98 million settlement for discriminatory lending in 2013 and a recent data breach scandal in 2024 show the road hasn’t always been smooth. Digital convenience? Yes. Clean track record? Not so much.<\/p>\n\n\n\n

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U.S. Bank: <\/strong>U.S. Bank\u2019s been in the game since 1863, offering everything from conventional to FHA<\/a> and VA<\/a> loans, an in person experience, plus a solid digital platform for homebuyers. But it hasn\u2019t all been so simple. In 2022, they faced a $37.5 million fine for opening unauthorized accounts, and in 2023, another $21 million penalty for mishandling unemployment benefits during COVID. While they offer a range of mortgage options and first-time homebuyer tools, their past regulatory missteps serve as a reminder to dig deeper when choosing a lender.<\/p>\n\n\n\n

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Tomo Mortgage: <\/strong>Launched in 2020, Tomo Mortgage 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: Consumer Affairs<\/a>, Google<\/a>, Bankrate<\/a>, 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

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The breakdown<\/h3>\n\n\n\n

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<\/td>Ally<\/strong><\/td>U.S. Bank<\/strong><\/td>Tomo Mortgage<\/strong><\/td><\/tr>
Founded<\/td>1985<\/td>1863<\/td>2020<\/td><\/tr>
On-time Close Rate<\/td>Not Reported <\/td>Not reported<\/td>98%<\/td><\/tr>
Customer Reviews<\/td>1.0 stars<\/a> on Consumer Affairs <\/td>1.0 stars<\/a> on Consumer Affairs<\/td>5.0 stars<\/a> on Consumer Affairs<\/td><\/tr>
Employee reviews<\/td>3.8 stars<\/a><\/td>3.5 stars<\/a><\/td>4.1 stars<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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How to judge mortgage lenders<\/h3>\n\n\n\n

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