Has Countrywide lost their marbles?

t316

t316

Active Member
I built a new home about 2 yrs ago. I finance with Countrywide. There were hardly any questions, very few checks, etc....loan goes thru no problemo (which is why all the credit co's are in the predicament they are in).
But back in December, I decide to refinance. I'm using a broker who got me a 30 yr. fixed 4.5% locked in. There will be a second mort.gage (line of credit) to pick up the remainder since it's a jumbo).
I have spent almost 4 months going thru anylization hell from Countrywide (they took the bait and locked in at 4.5 on the new loan). They have made me write countless letters of explanation, submit my personal and corporate returns for the past 5 yrs, delayed, blah...blah...blah...and now at the last minute turned down the loan...

No worries, just about every other lender out there is jumping on it. I have 45% loan, 800+ credit, very frugil credit use, but Countrywide jumps ship? There final reason was that I showed a "slight decline in salary over the past two years". No friggin' CRAP Sherlock.....I'm self employed, look at the economy. We are not talking about a decline of 10K or anything, but peanuts.
And my current loan is with, none other than, Countrywide. Are they stupid? They have my current loan, but are worried about reducing my rate via a new loan?
 
ruaround

ruaround

Active Member
i went through the same thing with countrywide 3 years ago when i decided to refi... after i refi'd with another mort co i had countrywide people calling me daily to try and get me back... i am looking into another refi now and have baited up the countrywide again...
 
uneverno

uneverno

Active Member
Yeah, about par for the course.
My credit card lenders increased my rates from 18 to 33% over the last year 'cuz I got laid off. You'd think they'd actually be grateful that I was never late or missed a payment, given the circumstances. I could'a bailed, but because I didn't, they saw fit to try to make me pay for those who did.
Screw that - I paid them off and sold their stock.
Good luck to them, I say.
 
sickboy

sickboy

Active Member
That's dumb, you would think they would rather keep the money instead of losing a customer.
I don't know that much about home loans, but I got my 30y fixed at 4.875....should have waited a little I guess, but I had the banker lock it in while I was on the phone as I was worried it would swing higher. My bank sold mine to Fannie Mae though.
 
sickboy

sickboy

Active Member
Originally Posted by uneverno
http:///forum/post/3025509
You'd think they'd actually be grateful that I was never late or missed a payment, given the circumstances. I could'a bailed, but because I didn't, they saw fit to try to make me pay for those who did.
That's about right, I work in the bankruptcy biz and you wouldn't believe how the credit card companies get screwed, it just sucks they then turn around and do it to good customers.
 
t316

t316

Active Member
I don't know... I have great credit, good income, never missed a bill payment in my life, and love my wife. The only thing I can possibly fathom is this...They know if they turn it down then another co. will snatch it up, thus paying them off on the original loan. So they must be hard up for cash

Maybe they are trying to regroup and better position themselves with more cash. I just don't get it though. I am just so pissed after having spent 4 months telling them every detail of my life, then they come up with this response.
 
jtt

jtt

Member
T316, sent you a PM, but i sent 2 because swf.com puts a limit on how big the PMs can be...
 
firestorm

firestorm

Member
I was in mortgages for a short period of time. Nothing sub-prime, and with a major bank. I had to leave because the restrictions on who we would and wouldn't finance got ridicilious. Our approval rate cut in half, literally, and these were A and B tier customers - nothing subprime, just normal regular mortgages.
Unfortunately, its not just countrywide, its everywhere.
Good luck friend, I hope it works out for you.
 
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