Here is a nice one. I was told by WF that my loan had been denied 2 weeks prior to settling on my house. I had been corresponding with the loans officer for almost a year to get over the hurdle of applying for a loan from overseas.
I was living in Australia when I put the deposit on my house in early 2004. I moved to the US in Jan with a green card and a high paying secure slary job. I was to settle on the house in early March.
As I knew a lack of credit score would be a problem I gathered ridiculously extensive credit history from all my utility companies, local government, a previous mortgage lender and even Australian Federal Government Credit report. We don't use a scoring system back home but it would be clear to anyone who saw these 200 odd pages that I had nothing short of exceptional credit - never late on anything ever!
Could you image my surprise when with only 2 weeks to go it all fell apart - I mean they had suggested all along that is was all going great - all I was waiting on was the closing signatures. Then they offered my a 75% loan with a bunch of ridiculous caveats and a few days later denied me all together.
Now I looked up the Equal Credit Opportunity Act and it appears that they are in violation. I have since settled on my house with another lender but have a real strong desire to sue WF for the way they acted - they are clearly in violation of the ECOA for discriminating aginst me on basis of national origin and for failing to apply the correct option of credit assessment.
Their letter to me stated that the credit was denied for insufficient credit history and no credit history found - what a joke! Anyway I am dealing with federal agencies to address the discrimination side of things and will work around to suing them for damages. Unfortunately for them I kept very detailed and extensive records.
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