Valley National Bank Complaint: Credit decision / Underwriting

#1492620 29 Jul 2015

Mortgage Conventional fixed mortgage

Complaint #1492620 submitted on 07/29/2015 relating to Valley National Bank. Complaint relates to Mortgage Conventional fixed mortgage - Credit decision / Underwriting .

Complaint was submitted via Web and sent to the company on Wednesday 29th July 2015.

Narrative (may be redacted).

I received statement of credit denial ( see attached Valley National Bank Credit Denial ) regarding refinance of home loan with Valley National Bank for primary residence.
Complaint is regarding Valley National Bank is not refunding {$490.00} origination fee.
According to Valley National Bank Disclosures and Authorization document, under section REFUND OF ORIGINATION CHARGE AND OTHER FEE ( see ( XXXX ) in attached Disclosures_And_Authorization document ) Origination Charge ( The amount collected ) is not refundable, except under the followingcircumstances : ( XXXX ) your application is denied and our decision is based on reasons other than valid underwritingconsiderations which we knew, or should have known, from the facts contained in your application ; My refinance loan was denied because of pending HOA litigation which was the fact contained in my application ( see attached CONDO ADDENDUM, provided with myloan refinance application. Look for " is the project the subject ... '' ).

For that reason Valley National Bank has to refund {$490.00} origination fee.

I spoke to XXXX, XXXX XXXX, and XXXX XXXX and they all said we ca n't sell/re sell your mortgage in secondary market due to pending HOA litigation and we ca n't approve refinance home loan.
I did not get any answer from customer service or XXXX XXXX, XXXX XXXX, XXXX XXXX.

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