J
Dallas/Ft. Worth,#2UPDATE Employee
Thu, December 25, 2003
I work for CHL in a role which is supposed to implement procedures within a certain division which I won't give many details on. For if I lose my job, I will quickly become homeless. But it has to do with state and fed. compliance on loans. Ive been with CHL for a number of years in a corporate location and can tell you that individual branch operations have very little oversight. But each branch does have its own Underwriter, in the event that there isn't one "in house" then your app. along with any supporting documentation is sent via email or fax to a support group for whom thier job is to quickly and effectively underwrite a loan. Their turn-around time is less than 48 HOURS with a verbal confirmation and 72 hours with a written confirmation. I do not know why it was denied, nor do I have the appropriate access to find out as this was more than likely a branch decision. But I find it hard to believe the Full Spectrum couldn't do the loan either, as their main purpose is to provide loans to borrowers with unstable credit history, lack of appropriate funds,etc. Which is typically called "B and C paper" loans in the industry. A loan officer does not have the authority (within the company or within legal bouds)to determine if you are approved or not. I would say you have a slight chance in getting even, but I wish you the best of luck in doing so. Every law has its loopholes. Just make sure that next time, you have EVERYTHING documented. And to tell the loan officer, branch manager etc. that you are recording the phone conversation for "quality control and consumer protection purposes". Good luck in your endeavors.