Old mortgage lender will not release documentation to refinance with new lender? What can one do?

it really doesn't make sense. keep pushing.

Hi byoung,

I don't think it is legal for the lender to hold back your documents. As George has suggested, you should keep on contacting your lender so that he releases the papers quickly.

Thanks

In regard to my previous questions to you in regard to my mortgage lender withholding documentation, one of the things that I am seeing which is holding people like myself back from refinancing with a better rate even though I have a high credit score, never been late paying bills and employed, are the appraisal values. Because of the depreciation of the properties, the lenders are rejecting loans based on that. I know banks do not want to lose money and are not in the business of losing money, but aren't there programs where if you are able to meet all the other qualifications and the property value is low, what help is there for people like us. They say there are loans aren't there for those with the right credentials, but then when the underwriters deny you based on property values, it seems that there is no help! How can one help stimulate the economy if this keeps happening?

there is a new product that allows ltvs of up to 105%. i'm not afraid to say that i haven't investigated it thoroughly, even though we offer it. in our market, we don't have much use for that particular product.
someone else can certainly expound on it, and provide a bit more information.

That Fannie product is called DU Refi Plus. It allows borrowers to borrow up to 105% of their home value with no PMI and with the same rate as loans with an 80LTV. However, your current loan must be with Fannie. There are additional stipulations. Too many to list here.

The loan referred here by the board member is 'making home affordable' program of Fannie mae but this is only restricted to those who are already customers of Fannie mae and are suffering due to falling prices of homes.

This is specifically meant for those responsible borrower. :arrow: :arrow:

keep in touch

thanks again, eric. my mind has been on our bond program and fha and fha 203k loans lately. i haven't done a conforming loan in so long it's like they don't exist.

du refi plus is something we offer, but it looks like the target market is limited anyway. it's kind of hard to forget about it when you don't see one for eons.