Bank of America/Merrill Lynch Mortgage
Refinance Denied Due to Unfair Practice

After 5 weeks of underwriting evaluation, my refinancing mortgage was refused before price-lock termination. Loan processor displayed the expert (an outsourcing third party organization employed by Lender of America/Merrill Lynch mortgage) offered the next factors: 1. Estimated value was also minimal (in reaction, I posted 4 extra offered comps to aid the larger price to fulfill the LTV needs) 2. W2 Revenue originated from numerous resources hence just one company income qualifies to determine Revenue-to-Debt Ratio (in reaction, I confirmed 4 decades of W2 income showing exactly the same income developments) 3. Attention/dividend income CAn't be incorporated until it's guaranteed for 3 years (in reaction, I confirmed a few months of interest/returns received and verification from broker company that opportunities possess a estimated ROI, but no expense results could be "assured" for three years). Despite my attempts to supply all paperwork, it seems the lender has created a foregone choice to not recognize the refinancing using the appealing rate of interest provided 5 weeks before.in my opinion the financial institution needed to purpose to shut the offer and was finding reasons to refuse. Is that this authorized, moral?

Company: Bank of America/Merrill Lynch Mortgage
Country: USA
State: California
Site: merrillhomeloans.com

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