No. of Recommendations: 7
I had the same experience a number of years ago. From an industry newsletter:

"I had to comment on your paragraph discussing an opinion about how an LO [loan originator] loves his job, but hates the system. I just turned down a gentleman looking to purchase a new home with a price over $1 million and a down payment of over $600,000. His middle credit score was 770.

His crime? He's retired and his multi-million dollar stock portfolio didn't produce enough income to "qualify." I couldn't annuitize the assets because they're not held in retirement accounts.

So guess what? He's going to use the $1.5 million dollars he received from the sale of his previous home and PAY CASH for the new home. My company loses the loan. I lose the commission and the trust of the real estate agent who referred him to me. As I see it, the lending parameters have swing so far that the pendulum is off its pivot point."

And so it goes.
Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.