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Can a lender out there help me refi?

My mortgage company Wells Fargo said I don't qualify because I have PMI, but Quicken Loans said I do. QL submitted my app and my mortgage insurance company won't release my policy so QL had to deny me. Anyone else having this problem? Can a lender out there help me refi? by chuckc_334_897 from New Albany, Indiana. Mar 20th 2012 Reply


James Barath (JamesBarath)
#1 ranked lender in Indiana - 352 contributions

Hi Chuck. Sounds like you had an unsuccessful refinance with both Wells Fargo and Quicken Loans. I would be happy to discuss your situation in more detail to let you know if something can be done. My corporate office is in Pendleton and I'm available to speak now. You can reach me at 219-662-0166 x21. Happy 1st Day of Spring!

Mar 20th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

unfortunately the MI company does have to agree to accept the new loan terms... but to be honest, I would not take QL's answer... The MI company also might only agree to release and re-issue to certain companies, and QL's might not be one of them... Contact a local mortgage broker, not a bank, and apply with them... they have access to numerous lenders and can find the right lender for your particular scenario ... WilliamAcres.com

Mar 20th 2012
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Scott Swinford (scott@nwiloanguy.com)
#17 ranked lender in Indiana - 21 contributions

Sounds like you are applying for a loan under the HARP program. Some of the lenders have different guidelines, so what Wells is saying may be true for them. If you are applying for a HARP loan, you do not have to go through the same lender and you should be able to get MI (if you previously had it) at the same level from another company. I have not heard of anyone "not releasing" a policy, but there were major guideline changes just a few days ago and we are still trying to figure it all out. I'm in Indiana, so if you have other questions, I will try to answer them.Scott

Mar 20th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Lender Paid MI does not preclude you from obtaining relief under HARP 2.0. Start with a Local Mortgage Banker/Broker. The big guys, like the two you mentioned are less likely to work outside the box. It will take additional effort to get the existing LPMI policy transferred and it is likely the people you wore working with are more interested in helping those deals that require less effort. Your original loan documentation should tell you the MI Company that issued the policy and the right Mortgage Banker/Broker should be able to get it transferred for you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Mar 20th 2012
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Hello Chuck, a few questions for you. Who currently holds your PMI? Also is your current loan an FHA or conventional Loan? Did Quicken Loan give you a value on your current home and what would your Loan to Value be? We may quite possibly have some programs to get a refinance accomplished for you. Thank you! John...jlorey@sagamoremtg.com

Mar 21st 2012
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Larry Lechel (Larry@GenevaFi.com)
#16 ranked lender in Indiana - 38 contributions

Chuck - hi! I've read through the responses and they all seem to be correct and providing you with the information necessary. I am a mortgage broker in Indiana - please give me a call at 260 221 0030 - (mobile number) - we can discuss your situation. I believe that they are trying to qualify you under the wrong program for your needs. I am happy to help though :) i can obtain and or help you in getting the mi transfered etc. - if that is the correct program for your situation. i look forward to hearing from you! KIM WHITE

Mar 21st 2012
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