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upsetting news-refinance declined

September 24th, 2015 at 09:15 am

Upsetting news today. Refinance declined. My original loan officer was let go and left the company. He also left the file in disarray apparently and they submitted it for the wrong loan type. I should have been submitted for Fannie Mae.. anyway.. waste of time and money (appraisal, credit report)... very upsetting. and they do not with to resubmit as they do not 'own the loan'.. guy who left the company does so it poses problems. Maybe that was why service was so bad after he left.

Crazy.. anyway. re-starting trying to get a Fannie Mae refinance. i was approved last year (except had to wait 1 more year per their waiting periods).

Goal rate is 3.25 and this guy is speaking w underwriters up front .. a Fannie Mae one! he can use my appraisal if we act fast.. they expire after 90 days

I am on a 5/1 arm right now at 5.75

Onward

5 Responses to “upsetting news-refinance declined”

  1. michdado Says:

    Sorry for your trouble. I hope the new Refi works out for you.

  2. snafu Says:

    Sorry, I didn't write down the details but several on-line mortgage companies have been running commercials for 2.99% mortgages with no closing costs. I've no idea what they require or approval percentages. Are they merely 5 year rates or fees by another name?
    Have you looked at promos from Quicken or similar electronic brokers?

  3. Another Reader Says:

    Rachael's file is extremely difficult to underwrite because of the history. It takes an experienced broker with a lot of programs available to find a loan package that will work in her circumstances. Unfortunately, a lot of marginal brokers make promises they can't deliver on.

    Quicken Loan is not the cheapest place to go. Have a look at Aimloan, some of the PenFed programs, or find a good broker to shop the wholesale side if you are easy to underwrite (W2 income, long time on the job, excellent credit score, simple credit history).

  4. Rachael777 Says:

    Talked to the underwriter. she said it would have fit Fannie Mae (what I should have been submitted under but the box 'intent to reaffirm' was checked on the Chapter 7 filing. She takes that to mean i was stil liable for the home loans after the BK even though they were discharged, She was not able to be dissuaded. Finding another loan guy now. Guidelines. Foreclosure and Bankruptcy on the Same Mortgage

    If a mortgage debt was discharged through a bankruptcy, the bankruptcy waiting periods may be applied if the lender obtains the appropriate documentation to verify that the mortgage obligation was discharged in the bankruptcy. Otherwise, the greater of the applicable bankruptcy or foreclosure waiting periods must be applied.

  5. Another Reader Says:

    If the underwriter makes a mistake, the lender can be forced to buy the loan back from Fannie Mae. Best to get that straightened out before you apply again, as that will be a difficult issue to overcome in the current lending environment. No one will want to take on that risk.

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