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Posted by: carrie504 1 year, 3 months ago
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carrie5041 year, 3 months ago
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In reply to Not2Needy's question about why Countrywide would approve a 30 year mortgage for an elderly woman. It's quite simple. I work in the finance industry and by law you may not turn down a loan of any type based on age. The Fair Lending Act was put in place to make sure people got loans based on their credit and income, not age, race, health conditions, social or economical backgrounds, among other things. Lending institutions face heavy penalties if they are found to be using any of those to determine a loan approval.
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tia1 year, 3 months ago
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Exactly! As a mortgage underwriter I can't tell someone how much longer they are going to live. Obviously an 86 yr old won't live 30 yrs, but what if she was 65? Do people think I should stip for a complete physical exam to be performed and approve or deny the loan based on the results? That's against lending laws, and most lenders do everything they can to toe within the lines of the law or face stiff penalties, bad press, and costly lawsuits.
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