What is a good loan program?

B of A loan officer doesnt feel 'comfortable' submitting app for grant program? what the heck?

• As stated above, My expected wages for the remainder of 2011, 'might' go over the maximum limit for a homeowners purchase grant, Loan Officer states, well, you may or may not pass the maximim limit in earnings, I said, well, you've seen my last 3 W2's, I make less then that, and I expect to make less then that this year, by at least $500 or maybe more, like $1000 less. Besides, after this point of the year, work slows down and I make less the remaining time of the year. She states "maybe if you didnt work over time and provided a letter from your employer of no more overtime, you can qualify" I said no problem. I said, besides, that is not a indefinate rquirement of no more over time right? Just till the loan closes, right? I mean, after all, I could win the lotto, or get another job, this is not an indeffinate requirement for eternity or nothing. Then she says "well I don't feel COMFORTABLE submitting an application like that for the grant program" ........Is this legal? She works at B of A, is this some kind of policy? The limit is for a reason, "it's the limit", if you get close to the limit, that isnt the same as past the limit. So what the heck? How can she not process my application over a 'if' situation, or because I'm 'close' to the limit, or/and how can she not process it because she's not 'comfortable'?Any advise or comments?

• Answer:

  Touch base with the loan officers supervisor. It doesn't matter if your wages "might" go over the limit. They haven't yet and your base wage W-2 shows that they won't. If they do before the end of the year, it is your legal responsibility as the borrower to notify the bank and reufnd the grant money. The Loan Officer can not obligate you to earn less money either, that's an unconstitutional infringement of your rights. I'm a former bank Risk Manager, which is way up the food-chain from a loan officer. I'd recommend firing or at least retraining any loan officer who made a borrower promise to earn less money - especially if it was in writing! I mean, holy lawsuits batman. I want my borrowers earning more money -so they can pay back that damn loan! An underwriter is who is responsible for approving or declining your loan application. The underwriters work for the risk managers, who set corporate policy, data mine company and economic data for risks and pay attention to government regulation. However at BoA you never work with the underwriter or risk managers, you work with the loan-officer - who is supposed to follow the rules the underwriting team defines. Loan officers are peons in the banking world, they are glorified bank tellers. But the best people to hire as a loan officer are anal-retentive, form-filling out, button-pushing employees. That is the kind of person who will get all the documentation filled out correctly, which is the loan officer job. But his/her job should NEVER be obligating you to harm yourself by limiting your income.