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Loren
Loren, Attorney
Category: Legal
Satisfied Customers: 29085
Experience:  30 years experience representing clients.
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My wife and i were denied a refinance mtge because she works

Customer Question

My wife and i were denied a refinance mtge because she works for a temporary employment company(kelly services). She picks her assignments and for the past 11 years has only accepted assignments with Johnson & Johnson working for Senior level Executives within J&J. She recently accepted a two year assignment beginning last July 2015 at a very good rate. The mortgage company denied our request because,previous two years earnings did not meet their standards. Unless all applicants have worked the,previous two years is a criteria I would assume everyone who did not work the previous two,years was denied the ability to get a refinance and were unable to secure a mortgage . Does that also mean all persons who were unemployed the previous two years were ineligible for a refinance? This seems very discriminatory to temporary agency employees.
Submitted: 1 year ago.
Category: Legal
Expert:  Loren replied 1 year ago.

Good morning. I am Loren, a licensed attorney, and I look forward to assisting you this morning.

Expert:  Loren replied 1 year ago.

Have you looked into other lenders or other mortgage products? Are you working with a broker?

Expert:  Loren replied 1 year ago.

Are you online with me?

Expert:  Loren replied 1 year ago.

Basically, lenders have various mortgage products and each of those products has its own underwriting standards for eligibility. From a legal standpoint the lender may enforce its own underwriting standards so long as those standards do not discriminate against a legally protected class of potential borrowers. A protected class would be race, religion, ethnicity, gender, etc. Unfortunately, temporary or unemployed persons are not considered a protected class and they may be legally denied credit.

So, yes, all persons who were unemployed in the previous 2 yrs or 1 yr or 3 yrs may be denied that particular mortgage without it being illegal.

Expert:  Loren replied 1 year ago.

However, that is just one lender and just one product. Different loans and lenders have different underwriting standards. Have your broker look at other lenders. There is probably a different loan you may qualify for or, it may be possible, that now is just not a time you will be able to refinance with the products this broker works with. In that case, shop around with a different broker.

Expert:  Loren replied 1 year ago.

I realize this is probably not the answer you were hoping to receive. Also, please remember that this is not necessarily a moral judgement on my part. As a professional, however, I am sometimes placed in the position of having to deliver news which is not favorable to a customer's legal position, but accurately reflects their position under the law. I hate it, but it happens and I only ask that you not penalize me with a bad or poor rating for having to deliver less than favorable news.

Expert:  Loren replied 1 year ago.

Did you have further questions? Have I answered your question?

Expert:  Loren replied 1 year ago.

If you have no further questions please remember to rate my answer to you so that I am credited for assisting you and so that I may close the question. Thank you.