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Contact your loan officer. When a lender rejects your loan application, “it shouldn’t be a surprise,” says Brian Koss, the Winchester, Mass.-based regional sales director of Movement ...
Lenders often do manual underwriting when an application would likely be denied through an automated system, or if the borrower has some unusual circumstances but is otherwise qualified.
Most loan types have minimum credit score requirements, and if you don’t meet them, the lender can’t approve your application. But your score isn’t the only thing lenders consider.
A mortgage loan application can feel like an IRS audit: tons of paperwork and a thousand questions about your finances. Unfortunately, even when you think you've done everything right, you could be...
Loan officers were clearly aware that they were exploiting their customers, in some cases referring to blacks as "mud people" and to subprime lending as "ghetto loans". [ 16 ] [ 22 ] [ 23 ] A lower savings rate and a distrust of banks stemming from a legacy of redlining may help explain why there are fewer branches in minority neighborhoods.
Bob Otondi, a Black business owner in Texas who was denied a mortgage by Navy Federal in 2021 – and then approved by another lender in about two weeks – said the rejection “didn’t make any ...
Mortgage underwriting is the process the lender uses to determine whether to approve your mortgage application. Before underwriting, a loan officer or mortgage broker collects credit and financial ...
Being denied for SBA financing is stressful, but you have the option of reapplying or looking at other financing options.
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