Posted on: 02nd May, 2010 05:27 pm
Hi,
My wife and I applied for a mortgage loan in both names and provided documentation to that effect. Over 5 months and we had not closed. Toward the end we discovered that the loan officer at a national bank had forwarded an application with my wife's information removed. The seller walked before we could get approval. The loan officer said she ran it only in my name because my wife works 36 hours a week and that is considered part time. My wife is a nurse with 12 hour shifts and has worked 36 hours weekly for almost the whole duration of her career of 15 years. It is a personal choice not to work more. The loan officer's action cost us the home, lost money and aggravation. Home appraised at $90,000, we had the price down to 76,000 and also had 2500 in seller concessions and 6500 home buyer credit. Wife's credit score was 830 mine was 690. I read about sex based discrimination I wonder if this applies. What can we do?
My wife and I applied for a mortgage loan in both names and provided documentation to that effect. Over 5 months and we had not closed. Toward the end we discovered that the loan officer at a national bank had forwarded an application with my wife's information removed. The seller walked before we could get approval. The loan officer said she ran it only in my name because my wife works 36 hours a week and that is considered part time. My wife is a nurse with 12 hour shifts and has worked 36 hours weekly for almost the whole duration of her career of 15 years. It is a personal choice not to work more. The loan officer's action cost us the home, lost money and aggravation. Home appraised at $90,000, we had the price down to 76,000 and also had 2500 in seller concessions and 6500 home buyer credit. Wife's credit score was 830 mine was 690. I read about sex based discrimination I wonder if this applies. What can we do?
Hi ogar,
Both of you really have good credit scores. Thus, it shouldn't have been a problem for you to secure the loan. If you feel that your lender had discriminated against your wife, then you can definitely complain against it to the State Attorney General. You can even contact other local lenders and apply for a mortgage in order to buy a property.
Both of you really have good credit scores. Thus, it shouldn't have been a problem for you to secure the loan. If you feel that your lender had discriminated against your wife, then you can definitely complain against it to the State Attorney General. You can even contact other local lenders and apply for a mortgage in order to buy a property.
And I will chime in by saying that I utterly agree in involving the Attorney General of your state, though you might want to first try the banking department, which is undoubtedly the agency that is first in line with issues of this sort.
Unfortunately, the banking dept only sends stern letters to the national banks. They are looking to protect the national banks while going after the smaller lenders and brokers. Although George's suggestion is the best course of action, dont expect any kind of compensation.
I'll second that, too, Eric. Sometimes delayed justice may be the only reward.