Ally... A LIE... ALL LIES
It looks like my review may simply be superfluous based on other reviews I've read regarding AllyFinancial and their multiple service offerings, but in a world where we as consumers largely only have the experiences of other consumers to make decisions about which companies to do business with, I figured I'd share my recent experience -- not out of spite or to vent frustration, but so that hopefully no one else has to waste ample time and money like I did to ultimately get nothing.
During my preliminary calls with the Ally mortgage broker assigned to my file, I was ASSURED multiple times that my W-2s would qualify me for a jumbo home loan and that they fit with Ally's underwriting requirements and that I REALLY didn't need to worry that I'd only incorporated in 2021, creating a loan out S-Corp for my work as a writer (TV, books, blah blah blah). I even conference called with my realtor to get a more detailed assurance and make sure Ally firmly understood my financials because it had made it impossible for me to qualify with Fannie Mae. I was assured that this did not matter because my financials were strong and would fit the underwriting requirements regardless of the new S-Corp.
Fast forward a month and a half -- six or seven more Ally employees have been involved with my file all with titles like "Loan Expert", or "Processing Expert," "Loan Consultant" etc. Not to mention constant automatically generated messages from the portal after uploading the requested personal and financial documents. At this point, I've paid for an appraisal to be performed by Ally's choice of appraiser; I've allowed them them to run my credit; I've spent copious hours trying to provide every financial document imaginable and many I didn't know existed that I had to learn how to fill out properly (from Google and YouTube -- not through the help of an Ally employee), and we're about 15 days into what is supposed to be a 30 day escrow...
At this point I'm informed that I won't qualify because my S-Corp hasn't been around long enough. The VERY same problem I'd had with Fannie Mae, only they were able to tell me in 5 days time... not a month and five days and 15 days into an escrow. Needless to say, my wife and I who are expecting a child in April, were/are devastated. These things happen of course, many lenders have policies that prevent buyers from securing loans for any multitude of reasons. However, most will be up front (at least somewhat) with buyers because who wants to waste a month and change doing busy work for ABSOLUTELY NOTHING, actually less than nothing as it cost me money.
Obviously Ally may work great for some buyers... but from all the comments I can find anywhere from any independent review sites, it doesn't seem to work at all for the overwhelming majority.
If you've made it this far, thanks for reading and best of luck in the housing market!