I had been working with Sharon Styles out of your office since early December on my mortgage refinance. Prior to filling out the paperwork or paying any money I asked what our home would need to appraise for so our loan would stay the same. I did not want to spend money if a refinance was not possible since I knew that our credit had slipped over the past few years when my husband was out of work for an injury. I was told, our home would need to appraise for $185,000. I knew that would not be a problem as it had appraised in 2008 for $265,000. I also asked what our credit scores were so I would be aware of everything along the way where our midscores are 625 and 629.
The appraisal came back at $217,000 which I thought was low, but should still not be a problem since that was well above the $185,000 we were told. Sharon asked me to do an Appraisal Appeal form (Doc.pdf attached) when the appraisal came back at $217,000. I did not hear anything back for a while so I emailed her and she stated that the Appeal group had denied my appeal. I asked where our loan stood and shouldn't we go ahead and close and I was told that our value and credit score were too low and we were denied! This was very upsetting to me as I was told that we only had to appraise for $185,000 and our credit scores were known from the beginning!
I was then told my by lender that we qualify for a HARP refinance that does not matter about the LTV as this program was set up for these instances. We have not had any late payments on our mortgage so that keeps us in the running as well. I asked Sharon about this and did not get an answer. So I did some searching and found someone at your Ohio branch who specializes in HARP refinances. He stated that we did qualify for this but since my score had dropped due to so many pulls of my credit report by (Sharon and Quicken Loans and the CREDCO and CREDTECHNOLOGY) I fell below the 620 so the loan would need to be set up as my husband only.
I emailed Sharon back again to ask about the HARP refinance per a gentleman I spoke with on Monday at Quicken Loans. He said that I should call back about these issues and see if the loan could be applied to the HARP refinance as we should qualify. He also stated that it should be addressed that we were told one bit of information and then the information was changed after I paid all of the money for an appraisal. Sharon states that we must have a 640 for Quicken Loans. The list she sent me shows a LTV 95/95/125 at a 620 score but she has not answered me as to why that would not qualify us .
My lender stated that our credit score and LTV did not matter with the HARP refinance, but I was told because that was because I was not switching lenders. I would need the 620 to approve for this with a new lender. I did have that score when we were ready to close with your company. We should have closed this loan in January. I have met and qualified for everything I was told from the beginning. I do not understand why I was told that a lender was found that would take our credit and loan, then was told we were denied.
All of this was sent to the Branch manager on 2/13 to which she responded and said she would have an answer within 48 hours. I did not get an answer so I followed up on 2/15 and again on 2/18 with no response. On 2/27 I called and left a voicemail asking for a call and still have not received a call back.
The branch in Ohio was unfortunately unable to approve us either with just my husband as his income was not enough to have the loan in his name alone. We should have qualified and did in December until so may people have lowered our credit drastically!! Very frustrating to be told something, spend the money then declined and ignored when asking for help!