Capital One Mortgage Complaint

Capital One Mortgage department,

Conventional fixed mortgage Credit decision / Underwriting Georgia

My Wife and I live in a small rural community in GA. We applied for a 30 year fixed rate mortgage on -. We received confirmation that our request had been approved and the current interest rate locked in - subject to further processing, verifications, an accurate and adequately supported opinion of the market value of our property, etc. My Wife and I met with the Lender 's approved appraiser and she performed an in-depth inspection - all the time complimenting the various upgrades and design additions we had made - all, in accordance with current code requirements. We eventually received a copy of the appraisal which was indeed $12000.00 more than the 80 % requirement for our loan request. My Wife and I inquired if the estimated loan closing costs could be reduced if we further reduced our requested loan amount - we were expecting State and Federal Income Tax Refunds. Our Mortgage Loan Officer responded by a voice-mail message and e-mail, that if we reduced our loan request to 75 % of the Fair Market Value - as supported by their appraisal - there would be $0.00 closing cost, if we would agree to take an interest rate


higher '' closing costs and a different interest rate! My Wife and I began a crusade of telephone/e-mail communications to ask for clarification, but no one would respond - not, the mortgage loan officer, the assigned loan processor, or their individual supervisors. On -, via snail mail, we received a Notice of Action Taken '' dated - that simply stated, We 're unable to approve your request for a Home Loan because : The TYPE of property or the CONDITION of the home is not acceptable. '' The effective date of the Lender 's appraisal was -! We believe that if this scenario is investigated, it will support the fact that there exists mortgage credit discrimination within - - - Appraisal Documentation Guidelines which deny '' equal opportunity/fair housing lending in small rural communities. PLEASE INVESTIGATE!!!