Credit decision / Underwriting

Hi! I am a XXXX in Oregon representing the seller. Chase Bank denied a loan to whom appears to be a well qualified buyer, who is an American citizen, but works overseas ( this was the reason the lender ‘s loan originator gave to me. ) The parties have been in contract for over 3 weeks and Chase just denied the loan. This buyer paid for and received a copy of the appraisal, which came in without issues. However, since Chase denied the loan, the buyer and his realtor had to scramble to find a local lender. They did and asked Chase to transfer the appraisal which the buyer paid for up front. Chase will not assign the appraisal to the new lender. So, the buyer has to pay for a new appraisal and my seller has to agree to extend the contract another 4 weeks to make time for the new appraisal, processing and CD notification requirements and underwriting. This seems like discrimination and expensive and almost illegal. This buyer has the resources to pay for another appraisal. Many buyers do not. Please explain to me how Chase can get away with these policies. Can we get that appraisal assigned to the new lender?
XXXX XXXX, Principal Broker, XXXX Out XXXX XXXX XXXX XXXXXXXXXXXX CHASE FILE # Reference Number : XXXX Borrower ( s ) : XXXX XXXX XXXX Property Address : XXXX XXXX XXXX XXXX, XXXX, OR XXXX Again, this does n’t add up. I asked the new lender if there were any red flags on the buyer, and he said absolutely not. I just feel like the laws were changed to protect the consumer, but it seems like we have more, and more issues like this cropping up. I just want to understand. Thanks for anything you can do to help. XXXX XXXX

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