My husband & i bought our manufactured home in june; our lender was chase bank at that time. We refinanced in 2002 and shortly thereafter, vanderbilt mortgage acquired our loan from chase. We wanted to refinance our home again last year but it has been near impossible. Here's where the problem comes in... Vanderbilt requires most of the lenders they partner with to sign a "no compete clause" which means most other lenders are not able to refinance your loan because they would be competing with vanderbilt!!! Ridiculous!!! I find this to be illegal as vanderbilt does not even do refinances on their own existing loans so they are, in essence, preventing their customers from getting refinances elsewhere which seems to be against the law. What are people supposed to do? Sit there for 20 years and never be able to refinance your home because of this crap? I understand from other lenders i have spoken with that the attorney general of tennessee has been contacted regarding this matter. I also called vanderbilt's office and some smart-a* b*ch informed me that warren buffet is the ceo of vanderbilt and if i had a problem, i could take it up with him. Hmmmmm
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