11-19-2012 05:15 PM
Hello all - I have a problem that hopefully someone can help me with here.
I recently built a house and closed on the mortgage back in April, and have been living in the house since then. The mortgage broker underwrote the loan and sold it to a fairly small community bank. Last week, I got a call from the mortgage broker informing me that Fannie Mae has declined to purchase the mortgage from the bank because they questioned some of my financial statements, and the mortgage broker is now faced with the prospect of a repurchase. We have sent in supporting documentation to Fannie Mae, but the broker is trying to talk me into a refinance to a FHA loan at a lower interest rate (~.25 lower - not much) and no closing costs.
What really irked me is that the mortgage broker has done a hard inquiry without my knowledge or permission before they called me, and they are really trying to give me a hard sell on the refinance as if they think Fannie Mae will decline it again, but they won't say that. They want me to resubmit financial statements and go through the whole underwriting process again, and I really don't want to go through that again for such a minimal rate reduction, even if there is no cost.
My question is whether any of this is really my problem at all. It seems to me like it's really THEIR problem because they underwrote the loan and are trying to convince me that it's mine so I will refinance into an FHA loan that they can sell. Am I reading this situation correctly, or is this something that I really need to be concerned about?
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