WELLS FARGO PRIVATE
MORTGAGE BANKING

If you’ve ever bought a home, then you probably remember a loan application that took some time to process. You sat in the side office of a bank, gave a lot of information to the loan officer, then went home and waited while the bank representative sent your loan to an underwriter for approval. A few days later, the loan officer may have contacted you for additional paperwork. The following week, when the approval finally came, you breathed a sigh of relief.

Joe Lobosco believes that homebuyers shouldn’t wait for an unknown face to decide the fate of their loans. Joe is the Southern Nevada branch manager for Wells Fargo Private Mortgage Banking (PMB). His team of bankers is equipped to provide what homebuyers want most: expedited loan approvals and direct access to the decision-makers.

Giving clients access to decision-makers can help achieve highly satisfied customers. The added layer of customer service reflects not only on Wells Fargo, but also on the Real Estate professionals involved in the transaction. According to Joe, “We want exactly what REALTORS® want: first, what’s best for the client; second, to get the home closed.”

All of the bankers in the PMB office are equipped with $1 million in loan authority. Because they understand personal and business tax returns as well as corporate structures, the bankers can talk specifics, which can lead to firm loan approvals without sending the loan to a third party. According to Joe, “We provide [our buyers with] clear, concise, accurate communication from an underwriter’s point of view.”

According to Joe, one benefit of in-house loan approval is that the loan submission, the underwriting, and the commitment are all controlled by the team. As a result, the loan is approved “as quickly as the banker can get through the workflow.” For loans that are “outside the box,” PMB has a dedicated staff of underwriters who weigh the risks against the mitigating factors in order to achieve a second signature.

Joe’s team is qualified to lend for many types of mortgages. Wells Fargo Home Mortgage can lend on purchases and refinances for primary residences, second homes, and investment properties. In addition, the branch includes construction specialists who understand blueprints and construction costs.

The Private Mortgage Banking division of Wells Fargo is a niche within the umbrella of Wells Fargo Home Mortgage. The PMB niche was founded in 1992 to support the Wells Fargo Wealth Management Group. Although many of PMB’s clients are professionals, executives and business owners, Joe stresses that his office is by no means exclusive. Rather, his team attracts all types of clients.

The Southern Nevada branch of Wells Fargo PMB has closed an impressive number of loans at a time when many lenders are struggling. In 2007 Joe’s team was the most profitable branch in the Nevada-Oregon region in terms of actual dollars. The team closed more than $242 million in loans, with each loan averaging more than $777,000.

The branch’s success is further highlighted by the team’s growth from six bankers in January 2007 to 11 bankers a year later. The sales force is very seasoned, with more than 100 years of combined experience. Joe takes pride in the depth of the team’s customer service. For instance, if you have a question about the mortgage market or if you read an article that you don’t understand, Joe encourages you to call his bankers. “Use us as a resource,” he says.

Because of their emphasis on “high-touch, high-feel” customer service, PMB attracts a large amount of repeat business. Repeat clients who are relocating, buying vacation homes, or purchasing investment homes are common due to the transient nature of Las Vegas.

Nationally, Wells Fargo Home Mortgage employs more than 9,000 loan officers. The PMB niche includes more than 500 private mortgage bankers in the United States. Additionally, since Wells Fargo PMB conducts business in all 50 states, clients can do business with PMB Las Vegas no matter what state they are purchasing or refinancing in. Joe’s team therefore inherits business relationships from other branches. Joe says that PMB customers are loyal because the company is “relationship driven, not transaction driven.”

The relationship philosophy extends not only to the PMB group, but to Wells Fargo as a whole. Each division places supreme importance on maintaining strong relationships with its clientele. The goal is always the same: clients should be inspired not only to conduct repeat business, but also to recommend the company to other clients.

Not only does Wells Fargo want customers to use the company for their home mortgage needs, but also to use the company’s other business lines. With more than 80 business lines cross-marketing one another, Wells Fargo is firmly planted in many different areas of the economy. As a result, Wells Fargo is in growth mode at a time when the global credit readjustment is putting serious pressure on the lending industry.

One of the strongest partners for PMB within Wells Fargo is the Wealth Management Group, which is made up of The Private Bank and Private Client Services. Wealth Management Group offers a personalized approach to managing a client's assets, including a team of professionals specializing in private banking, investment management, trust and estate services and brokerage services.

Joe’s team continues to break its sales records despite the industry-wide tightening of credit guidelines. Because of the collapse of the secondary mortgage market, loans are more difficult to grant in 2008 than they were in 2006. The result is a “flight to quality” in which lenders all across the industry scramble for good, solid clients.

Unfortunately for most lenders, high-quality clients are skittish about the mortgage industry. Between 2006 and 2008, thousands of homebuyers found that their lending companies went out of business before their transactions could be completed. Some 250 mortgage firms closed their doors during that time, and the number continues to rise. During this troubled time, Joe’s team has achieved rapid growth by telling people about its strength. “With 80-plus business lines supporting one another, Wells Fargo is strong,” says Joe. “We’ll be in business to close the deal.”

Joe says that one way in which homebuyers can avoid a lending catastrophe is by choosing a strong company that is accountable to its customers. Accountability means meeting your lender face-to-face. Online mortgage lenders may offer highly competitive interest rates, but when things go wrong the online bankers can disappear behind the veil of the Internet. Wells Fargo PMB, on the other hand, will continue to do business at exactly the same address.

Not only do Wells Fargo PMB clients meet with their bankers face-to-face, but the bankers also have loan authority. Moreover, turnaround can be quicker than with the average lender. Joe takes pride in his team’s ability to provide the best customer service in the industry.

Joe and the Wells Fargo PMB team can be reached at (702) 791-6221.

Photography: Britt Pierson