Can private lenders legally decline a re-fi loan even as we meet all other requirements?

Wells Fargo and Quicken loans don't work with lender paid MI. We do however, it's pretty easy to transfer and we work with almost any MI company. If the MI company is closed we still have solutions to help you. Give me a call we should be able to help you. 888-320-7888 - www.MortgageWholesale.net - Ken

Contact our Connecticut Licensed Loan Officer, Jon Allen to answer all your questions. As a local lender, we provide excellent customer service and we might be able to help you. 718.267.2000

Yes, they can decline you for almost anything they want. It is their money and their risk. All banks have different overlays that they put over standard guidelines. Give me a call to discuss. We should be able to help. Thanks!

The problem with a big bank and online is that when they issue a denial it is very vague. There could be a few things going on here, with PMI they have a set reserve requirement and credit score if you are deficient on any of these they can deny renewal of your coverage. I would love to talk to you PRMI 203-368-6441 ask for Melissa Mason

I am a local broker and would have the ability to help you accomplish your mission. Those institutions are having difficulty transferring PMI. I work directly with Wells Fargo and have seen their issues first hand. If you paid the upfront $500 to Quicken they should send you back a refund.

The government cannot force the hand of the banks and make them lend... HARP 2.0 is nothing but conforming guidelines to enable the loan to qualify for MI.. The biggest mistake you made was going to a big bank and a 50 states internet lender... contact a local mortgage broker... he has lenders that will allow your scenario... WilliamAcres.com

I want to make sure that you are talking about refinancing a forward loan and not a reverse mortgage. If you have ANY questions on a reverse mortgage, please call me at (203) 874-3883. Lou

The reality is that even if you meet ALL the rules, they can decline you. Fannie Mae and Freddie Mac do not make the loans, therefore, the banks that do get to make the rules. IF they are telling you that you meet "all the criteria EXCEPT one", then you do not meet all the criteria for them to make you a loan. Personally, your first mistake was using who you chose. I always recommend the following advice: DON'T use one of the big banks, DON'T use one of the big national Mortgage factories, and DON'T use the people you are currently making payments to. Instead, contact a local Mortgage Banker /Broker. We have heard that the big banks are already advising their customers that it could be a 4-6 month lead time before they will be able to close escrow. You shouldn't have to wait. More importantly a local or regional Mortgage Banker/Broker is better equipped to handle the volume. We tend to be much more nimble in adding or moving personnel to accommodate a spike in volume. The big guys don't want to hire more people, so instead you wait and wait and wait. Another big PLUS is that your local Mortgage Banker has access to all the lending sources, allowing for an easier fit into the lender or program that makes the most sense. Whoever you choose, make sure you check them out at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com