LSI mortgage plus Brad Harris Denied loan over too many questions. Internet

    This is another complete lie, no Fruad was ever done nor performed in any transaction we or my bank has done.  Every bank is audited on every file to ensure fruad has not taken place.  Banks have to answer to state and attornye generals and every bank has to follow federal laws set in place to protect individuals from fraud as well as predatory lending.  Now this person is stating that we denied a loan to a friend after paying for an appraisal, this is 100% false.  A loan was never denied, in fact the bank issued a full approval and a clear to close.  The borrower choose not to close.  This borrowers credit report had numerous errors reporting on it, including an addtional mortgage from a previous marriage.  These items were cleared up by our bank, one of the items that were reporting incorrectly was by a student loan company which has nothing to do with our bank.  Every bank has to verify that all the informatin provided was/is correct. This is called underwrting and this is why files are underwritten according to federal guidelines and laws.  Once the student loan company correct the report or how it was reporting, this raised the borrowers debt to income ratios.  The file was submitted originally at a lower debt to income ratio as this is how the credit report was reporting.  Once the file was underwritten and the credit report was corrected, it was found that the true payments were much higher than how the student loan company had reported it.  This raised the borrowers debt to income ratio, these ratios are set to make sure a bank does not do a loan for someone to put them in a position where they might not be able to handle their monthly payment.  If the raios are above what the federal guidelines state, then the bank has to either run a whole new approval or has to deny the loan.  It is impossible for any one to know that a credit report is incorrect until these numbers are verified.  This is not even done until the file reaches underwrting, a file does not reach underwriting until an appraisal is sent in.  This is mandatory at every bank, please do not take my word for it.  You can clearly look up these guiedlines or even call a bank and ask when a file is sent to underwrting.  The bank was able to get an approval even with this borrowers debt to income ratio above 50% (the limit is 45%).  The difference in the new approval was $7.00 a month.  The borrowers savings went from $519.00 a mont to $512.00 a month, and they choose not to close on this because of the difference.  Our bank offered to take a loss, remove costs, and anythign to still get this closed up even with the $7.00 a month difference in payment.  A loan was never denied, this is another lie from an individual who is mad that the bank decided to turn down his file.  And again the reason why his file was turned down was because he did not accpet that a bank could not gurantee a rate until the file is 100% completely underwrten, and the reason is because something just like what happened on this other individuals file could happen.  Banks are not responsible for otehr companyies reporting and consumers credit history correct, this is why a file is underwritten, that is the whole point of this.  Some people understand this and realize that bank have to follow the law accordingly and some people do not understand this no matter how many times it is explained or broken down.  It also clearly state this in the disclosures that are sent out to each borrower at the start of the process before an appraisal is even paid for.  Banks no longer are allowed to accept any money for apprisals.  It is pointless for a bank to deny, or turn down a file when they do not even receive any funds unless that file closes.  So if a file does not close the bank is out of pocket the time and money it takes to underwrite the file, process the file, as well as title costs.  It makes no sense to spend money on these things and to just turn a file down or not close it for no reason at all. 

The only real thing to say here is, you can believe who ever you want. If you believe him you may as well go to Vegas and spin the wheel, better odds. If you believ me, you'll find someone else who is reputable, honest, and good and you'll get the rate you were told, the loan finished timely, good communication, no surprises, and no bailin out when things don't go there way. To sum it up, you'll be happy. So take your pick. It's a tough one.

Do not use Brad Harris and this company. I will use your name because people need to know who the scam artist is. Complete lies. He also just denied my friend after paying for appraisal and stringing him along for weeks. I have no reason to lie, I'm the one that got screwed and left hanging, he's trying to cover for himself to pull in other victims. Just look around at the numerous complaints about this company. Most of them are the same. No coincidence. BEWARE! He will be reported. Anyone else with this company and person must stand up up and report his fraud.

    This report is 99.9% false, the only true fact is that I did turn down this individuals (i will not type out their name over the internet) application.  However the reason for this is completely the opposite of what he has stated here.  The reason that I decided to turn down this application is because the individual wanted the bank and I to 100% guarantee the rate and terms given at the start and before the their file was underwritten or an appraisal was even performed.  Any one that has ever refinacned a home before knows that each file has to be underwritten accordingly to not only bank specific guidelines but federal/state guidelines as well.  These things are out of my control.  If something pops up during the process that has a negative effect on the file itself, I can not control this.  I also can not control property values in any one market. 

We all know how bad the housing market is right now, the foreclosure rate is increasing each month.  Banks are very hard on appraisals now, each report has to meet specific guidelines.  I tried to relay this infomation to the borrower to make it 100% clear that this could affect the banks final approval.  The value could come in lower, which would raise someones loan to value ratios, this means we would have to get a whole new set of approvals based on the new value and the percentage that a borrower is borrowering against the home.  A borrower could end up owing more on the home than it is worth, this also means a bank woud have to evaluate the market and decide what type of program the bank can offer (if any at all).  A persons interest rate is based on risk, if the risk level goes up for any reason, than of course the bank would have to re-evaluate its intial offer.  I thought it best to provide this informatin up front instead of having a borrowr fork over $400.00 for an appraisal that is non-refundable, otherwise this person could end up being $400.00 down.  I do not think that is good business.  

    I also had the particular borrower send me an email of every single question he had so I could answer each concern one by one.  I also did this to keep as record to provide to any one that might think this was not addressed properly.  I have email after email from this individual calling me names, and expressing their upset that I could no longer work on their loan.  Obviously you can not make every one happy.  I would rather have a complaint file against, even if it is a complete lie, for something like this, rather than someone complain that I lied to them upfront to earn their business or have them fork over $400.00 for an appraisal for no reason. 

    I have always been up front with every borrower I have done business with and stand by my reputation.  In fact I have numerous 4 and 5 out of 5 star reveiws all over the place.  I will not let one person make up lies because they are upset that a bank will not lie to them or take their money for no reason.  

    With all the problems our economy is in and the bad name that some banks have given the rest of us, I beleive it is best to always be 100% honest and up front with someone.  This is what I would expect if the shoe were on the other foot.  I have heard horror stories of people being taken advantage of, and I refuse to do business this way.  

    There is a ton more I can go on about in regards to this individuals file, in fact their was a 3rd mortgage that was hidden from us at the start.  Yes a borrower brake the same laws that banks can.  Hidding or with holding information is a Federal offense, this is another reason why this file was turned down.  I have no idea what else was/is hidden from me.  When a borrower hides information, refuses to accpet that a bank can not guarantee any rate or term until a file has been completely underwritten, and also starts calling me names, then its time to cut ties with that person.  It is unfortunate that it had to come to that, but this complaint is way more acceptable than lying to a borrower.