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#2072580 - 04/05/16 08:54 PM Investor refuses to purchase loans from certain UW
luvs2trvl Offline
100 Club
Joined: Apr 2013
Posts: 110
Texas
This may not be the correct forum but I am seeking advise on this situation:

We are a mortgage banker who sells all of our loans in the secondary market. One of our investors has advised us that they will not purchase loans that have been underwritten by a particular underwriter. They have indicated it has nothing to do with work qualify or any found or suspected fraud in any of the files from our company or their previous employers. Based on our limited conversations, it appears that it may be due to the underwriter having a delinquent debt with the investor (a bank). There are no public records indicating judgments or foreclosures. We hedge our loans and do not know the end investor until after closing so we cannot limit the files being underwritten by this person. I'm not sure that it's even legal for the investor to use this as a valid reason for non-purchase of the loan files. Has any one ever had a similar situation? Suggestions/Advise would be appreciated. We certainly feel we can't approach the employee as it may be a delinquent debt and the bank somewhat violated FDCPA. Thank you for any thoughts.

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#2072588 - 04/05/16 10:16 PM Re: Investor refuses to purchase loans from certain UW luvs2trvl
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
The investor makes their own rules.
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