Credit decision / Underwriting

Posted on Posted in Complaints, Mortgage

review

Applied for a home loan to refinance our home with RMK Financial Corporation or ( Majestic Home Loans ) we received our Closing Disclosure on XXXX/XXXX/2016 with a 4.0 % interest rate. Then 4 days later on XXXX/XXXX/2016 I get a call from my Broker saying they now want to increase our rate to 7.25 % based on late payment history. This is 4 days after our ” CD ” Closing Disclosure had been signed and dated ( XXXX/XXXX/2016 ) by my wife and I agreeing to the terms at 4 % for a 30 Year Fixed. Also, according to the Closing Disclosure we were supposed to Close on XXXX/XXXX/2016 and then have our Dispursement and Sign-Offs on XXXX/XXXX/2016. Well it ‘s now XXXX/XXXX/2016 and nothing has happened. We have not received any new terms in writing from RMK Financial Corp. / Majestic Home Loans in regards to their proposed interest rate hike. I ‘ve tried to call the Lender, Majestic Home Loans direct, but have had to leave messages for the Accounts Manager two days in a row. And still have not received a call back. So as of right now my wife and I still assume we have a loan at the 4 % interest rate that we signed, dated and agreed to on XXXX/XXXX/2016.

And according to other lenders I ‘ve called for advice and friends in real estate that I know, they all say that Majestic Homes Loans is doing some illegal practices and trying to bully us into a high rate loan. Our LTV ” Loan to Value ” of our homes is 30 %. Which means we have over 70 % of equity in our home. Should we walk away???????? Please Help!

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