chrisfc923
Joined: 25 Sep 2007
Posts: 3
Location: nj
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| Posted: Wed Mar 26, 2008 12:41 pm Post subject: any laws protecting LO's from underwriters discrimination? |
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here is my dilema in a nutshell a looong nutshell :D ... I work for BofA and I boarded and closed on a 2nd home for a client. He has another home in the building in miami that he gave to his ex-wife on the side as part of their own private seperation agreement. So he wanted to refi that to lower the payments. Turns out that because he is not the primary person to stay there it is not a 2nd home. BofA basically because of that thought I was being fraudulent putting it as a 2nd home when it was just an honest mistake and me not reading the guidelines thoroughly enough. After that was hell as each level starting from the underwriter asked me the same questions on why I put it as a 2nd home and i calmly explained myself over and over. Well acouple of weeks went by and credit admin asked me the same question again! at that point I explained to her what happened and she follows up with a email telling me to please explain it, even though I just got off the phone with her. Well I got pissed and told her that I wasn't a child and I explained it to everyone that asked and that was it, I am not going to talk about it anymore. This caused a chain reaction that is causing me to basically rethink working here....
Apparently I pissed her off as she sent this loan to be investigated which in turn basically had all my files audited. Even the ones that closed. Out off all my loans that closed last year which was about 170, they picked a out 5-6 they had questions about. They all were stupid things just to they could say they found something. Ex. One file they were paying off 3 mortgages on one property, idiot investigator thought it was 3 separate homes and asked me why I put the same address on all 3 liens :roll: , another example: full doc loan and person lived in a 4 family and the insurance showed that it was an investment property because of the other units, keep in mind this is a full doc loan and we had pay stubs, tax returns all showing this address as his primary. All said and done, they closed out the investigation and I didn't get written up for anything. I thought I was in the clear.
Now all my files that are in the pipe are being sent to underwriting to be basically reviewed. Even my papersaver loans which is the same as countrywides fast and easy are being sent to underwriting when its not supposed to be. They are now questioning and 4506'ing EVERY SINGLE of my papersavers. Keep in mind most of these are Million dollar homes, with perfect over 700 credit, and self employed. They find stupid reasons to 4506 my clients such as, his business is in FL but he lives in NJ. Now any logical person would just ask for a utility bill or D/L. He even banks with BofA. But they ask for a 4506. i have a client where he was moving down the street from where he lives to house 500dq smaller than where he lives but the lot is twice the size which is perfect becuase he has 2 dogs, and was going to expand on his house. they denied it because the current house he lives in is on the market(which was put on the market 2 months prior to even taking the app with me BTW) for 3 million and the new house he is buying is 2million. the client was willing to even go as far as a post closing inspection and if he wasn't living in the new house you could default on the loan. nope bofa denied it.
I could go on and on, but even though the investigation was never about income, they are trying to find something and unfair sending all my files to be picked apart and changing all my approvals. Business owners of one of the largest boutiques in the city refinancing a 3 million dollar house, and her income of 500k is unreasonable, a wall street investor making about a million a year living in a 2 million dollar house with 2million in the bank and its unreasonable. They basically took away the papersaver from me and even though supposedly they cleared me of any wrong doings because I pissed credit admin off, they are doing this to me to either try and find something on me or to make it so I quit. Anyone who is logical knows what they are doing and they're only doing to me at this point. my manager, his boss, and his bosses boss all backed me up during this but it seems like they can't control what is happening.
Does anyone know if there is any type of law to protect me from this? basically it can be considered discrimination right? I mean to sum it up, they did an investigation found nothing and now treating me like a criminal and underwriting my files different than any other person. Any help would be appreciated... sorry for such a long post. |
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