The borrower had good credit, wasn't pulling out cash and had never missed a payment, but his total mortgage debt exceeded 90% of the home's value at the time the loan was originated. The rejection "really kind of shocked me," Mr. Dunne says, adding that the lender's "situation was not being hurt in the least bit."An executive vice president with the South Weymouth, Mass., lender, says he can't comment on the specific situation. "I think we are all being more careful," he says. "On the other hand, if our position isn't being worsened and the customer is able to do something to improve their situation," the bank is likely to give its approval.
Source: yahoo! finance
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