Wells Fargo Sees Recovery.... Really?Posted by Doug Smith on Thursday, January 21st, 2010 at 7:52am.
Stevenson Jacobs reported this morning that Wells Fargo posted surprising profits among loan losses and has a an optimistic view for the year ahead. How is Wells Fargo outperforming many of its competitors? The answer from the the street view is they did they right thing yesterday.
A couple years ago I had several agents in my office come to me and explain we need to have a serious talk with Colorado Mortgage Alliance, our joint venture with Well Fargo, and have them become more "creative" with their loans like the local mortgage brokers are. I visited with Nick Bertrand in regards to these sentiments and Nick stated "Wells really like to look at the customer and make sure they truly are presenting them with the best loan option that they truly can afford." Fast forward two to three years and many of the "creative" mortgage brokers are no longer in the business and many of the "creative" banks that were in their portfolio are either out of business or suffering losses from their portfolios.
We all know no bank is perfect, but the success that Wells Fargo is having today truly is a result of doing the right thing back when the pressure was to just get the Buyer in the house. This scenario has also played out for us over the last couple of years when other agents may be suffering. By truly focusing on the needs of our clients we have had the oppurtunity to grow.
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