I applied for a mortgage, I met all the guidelines and was approved. At the last minute they turned it down…

Lenders have a program called a rapid-refi, which means if you have a mortgage that you have paid on time for 18 mos, you qualify. You are not requried to prove your income. I met all of the guide lines. Income, assets, property type, credit score, etc. I myself am a mortgage broker. I asked upfront if the company did loans for mortgage professionals. the answer was “YES”. After weeks of waiting and getting all the info that was required. The lender came back and said we are not able to do the loan because of the first payment default rate with Realtors and Mortgage Professionals. What a slap in the face. I am not sure if this is fair. Nothing like slapping the hand that feeds you. Is there any recourse? I am moving on to a different lender, just wish they had been up-front from the beginning.

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