I have a 761 total credit score, excellent credit and low debt to income ratios but was denied a loan by First Merit bank because they don't make many loans in my area and to justify that they send in their appraisers to low ball property values so they don't have to make the loan.
In addition to this they stated that their where marks against my credit that was not true or on my credit report. I feel they went out of their way (illegally) to deny me a loan in my area without just cause and I feel I have been damaged by their actions on this loan.
PS I took the same loan information to another bank and the loan was approved in 3 weeks no problem. What should I do and is their anything I can do about First Merit bank?
Thank RP Shelton
Hello RP Shelton,
I really do appreciate you coming by my site and sharing with us your concerns.
I'm sorry you had a bad experience with your local bank. Also, I'm glad you were able to get approved elsewhere.
You have rights as a borrower. These rights are mandated by the Federal Government. Look at this page to read what your rights are to determine if they have been violated. First Time Home Buyers RESPA. On this page you will see what procedures they must follow.
If you feel your rights have been violated, it also helps you see what to do. You may find it's not going to be worth the fight. It's kind of funny, we have rights but to enforce them would require a lawyer, the courts and who knows how much time.
I wish you the best in your home buying experience.