I do not know who to blame at the Chase Bank home loan, is it the Mortgage Consultant, the Loan Processor or the underwriters, who decline my loan. Last April, I got this on the Chase websites: WE APPROVED YOUR LOAN REQUEST ON 3/30/2009. The interes rate was locked at 4.875% and will expired on 6/29/09 and the locked points for this loan is 1.875%. This is from the mortgage consultant. I am so happy I can build a fence on my house for the safety of my grandkids for the cash out. Then the Loan Processor make all the papers in order and make sure she did not missed anything then she submitted it to the UnderWriters. All my papers is in correct order and everything was verified on my credit report and my co-barrowers credit report and appraisal is excellent. We have enough income and assets to get this loan but the nightmare comes when we get decline by the underwriters. The 1st reason "Occupancy for the co borrower is questionable, due to the distance from his office and your home (50 miles).
The co-borrowers is, my son, a Postal Mail Handler, who do not live with me, my reason, he only stay with my relatives because of the gas raise but all the mail goes to my house and he still live with me. Second reason is my bankcruptcy in 2002 which is already gone but they still mentioned that WAMU has a serious derogatory credit on mortgage loan. They knew about all of this but the Mortgage Consulatant still approved my loan as he said that my credit score and my son is way up high. Then he transfered all the papers to the Loan processor who asked for more assets and I gave my three more bank accounts and all my life insurance which is worth more than half a million. Then when all is in order she gave it to the underwiters who decline it because of the live in situation and the more than 7 years bankcruptcy. I have read al lot on your website about the Chase Bank especially the $750 application fee Rip off by Chase BAnk. Is the Chase BAnk only wants to get some money from borrowers from this application fee. Do they want to loose all their good reputaion because of this fee. The reason for my loan decline is questionable: the Chase BAnk underwiters supposed to see to it if the loan will be paid every month, if the owner will live in that property for a long period of time and if the borrowers has a good job.
Mountlake Terrace, Seattle, Washington