Home Buying in 85339>Question Details

Frustrated H…, Home Buyer in 85339

i am purchasing a condo in california and chase bank underwriting is being too difficult. i have supplied all necessary documents for my cash

Asked by Frustrated Homebuyer, 85339 Fri Sep 25, 2009

deposits and they still won't approve my loan. This is going on the 45th day for a 30 day escrow. I am good for the money what can I do legally against chase

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Answers

5
The Big Banks are in the denial of loan business. Their vaults are full and really don't want or need to lend a dime to you. They are bellied up to the tax payer 'back door' revenue stream and can't be bothered with lending.
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I have been an outspoken critic of too big to fail banks (just wait until you meet the soon to arrive 'too big to fail healthcare insurance companies) and a real advocate of local lenders.
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Local lenders are those who support the area economy through small business loans and local mortgages. Many of these lenders have their own underwriters. Find an "A" or "B" graded local lender by entering your city name or zip code.
http://BankingGrades.com

Be sure to tell them 'Annette' sent you.

Real friends won't allow their friends to do business with Chase, Citi, Wells Fargo or Bank of America.

Wishing you success in your home purchase,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727. 420. 4041
http://RealEstateMadeEZ.us

PS: Don't overlook local credit unions. They are the all-time winner of low cost loan origination fee.
0 votes Thank Flag Link Wed Aug 22, 2012
Chase needs to just close down. I have an FHA loan and applied for a streamlined re-fi under the new excellent guidelines effective June 2012. Well Chase mortgage department is either completely stupid or they don't give a rat's butt about helping customers because the first loan officer failed to tell me of the discounted PMI (per the new FHA streamline re-fi).
Then they went way overboard (according to FHA guidelines) with the income verification. Mind you, I already have an FHA mortgage with Chase since May 2003 with excellent payment history. Excellent. Yet this FHA loan re-fi is designed specifically to minimize the verification and underwriting done as well as give people a break on the higher PMI rates.
STill, I found the loan officer asked for what was probably way way way too much of mhy private personal fiancial info at least according to wht the FHA states. A simple income verification shoujl have been adequate
Now the underwriting is going on a toot. I don't see any rhyme or reason to her conditions. They won't improve my score, they won't prove me more worthy of the re-fi, in fact, they are contrary to what the FHA guidelines state. I feel this is discrimination against me based on age -- I'm 54, seeking a re-fi. No older borrowers, please. And also because I am a woman. I doubt they'd have the chuztpah to pull this on a man. They bully those they think they can.
I am disgusted with them. Chase took bail out money because Chase screwed up giving loans they shoud not have now they are getting ridiculous INSTEAD OF generating goodwill by being reasonable and fair. Now their boss, Jamie Dimon and waste billions on a hedge fund and what do they think? If I jump hoops that will help THAT situation?
Chase should have gone down.
0 votes Thank Flag Link Wed Aug 22, 2012
You need confer with mortgage broker any opinion without having all the information could be held liable for comments made.

Underwriter is gate keeper for you obtain a loan, keep in mind there has been holidays delay for many closings.

30 day close is thing of past most closings are now approx. 45 days.

Buyers Agent have an amended contract for ext. for close date.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

http://www.lynn911.com
0 votes Thank Flag Link Mon Jan 4, 2010
I agree with the previous answer. For some reason Chase will not fund the loan, did you get a pre-approval from Chase already, a Good Faith Estimate. If so then between when you got these and when you found the property something had happened like the requirements had changed for them to decline it. I would try to go with another lender to see if they can approve it.. Good luck Frustrated Home..
0 votes Thank Flag Link Mon Jan 4, 2010
yes I got pre-approval AND a good faith estimate, a lock-in etc. I meet all the guidelines. Not under this weekend I spent a lot of time on the FHA site do I now question Chase's handling of this. I don't know if this comment relates to my situation, but nothing happened to the property, mine is a streamline re-fi under the FHA insured loan program.
Flag Wed Aug 22, 2012
Thee probably isn't much you can do with Chase. Move on. If you want the condo, find another lender.

Robert Greenblatt
Keller Williams
856-685-1660
0 votes Thank Flag Link Sat Sep 26, 2009
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