"If there's a material change in the borrower's credit or the value of the home, we might be less willing" to approve a refinancing, says , mortgage bank chief credit officer for Inc. IndyMac evaluates refinance requests "on a case-by-case basis," he says. "Due to declines in home values, we are turning down more" of these requests now than in the past.
Other lenders are also giving refinancings more scrutiny. , a loan officer in Canton, Mass., says one of his clients was unable last month to complete a refinancing that would have reduced his mortgage payments by about $250 a month because local lender South Shore Savings Bank, which held the home-equity loan, refused to give its approval.
Other lenders are also giving refinancings more scrutiny. , a loan officer in Canton, Mass., says one of his clients was unable last month to complete a refinancing that would have reduced his mortgage payments by about $250 a month because local lender South Shore Savings Bank, which held the home-equity loan, refused to give its approval.
Source: yahoo! finance
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