Can the bank decline a loan for no or a bad reason?

[yllin923]

Hi,

I am working with a mortgage broker (the person does not work for any banks) and he submitted my application to Wells Fargo. I locked in a low rate of 4.35 (the interest rate is approximately 5 as of today) and I feel like the loan officer or the bank are trying to not let the go through. First of all, they picked on the fact I applied the loan with my American name and on some of my documents shows Chinese name. I wrote a letter with my Ceritification of Naturalization and explained that I had legally changed my name during the naturalization process but the bank insisted in declining my loan and my loan officer told me that there is nothing that I can do because the bank has the right to verify my name under the Patriot Act.

I have no problem if the bank wants to verify my name but I don't think it's right to decline a loan application knowing that I have enough documentation to prove that I had legally changed my name. I have a feeling that my low rate has something to do with this but I am wondering if there is anything that I can do at this point.

Can I take legal action against the mortgage broker (it's his own company) or against the bank?

 

[army judge]

Hi,

I am working with a mortgage broker (the person does not work for any banks) and he submitted my application to Wells Fargo. I locked in a low rate of 4.35 (the interest rate is approximately 5 as of today) and I feel like the loan officer or the bank are trying to not let the go through. First of all, they picked on the fact I applied the loan with my American name and on some of my documents shows Chinese name. I wrote a letter with my Ceritification of Naturalization and explained that I had legally changed my name during the naturalization process but the bank insisted in declining my loan and my loan officer told me that there is nothing that I can do because the bank has the right to verify my name under the Patriot Act.

I have no problem if the bank wants to verify my name but I don't think it's right to decline a loan application knowing that I have enough documentation to prove that I had legally changed my name. I have a feeling that my low rate has something to do with this but I am wondering if there is anything that I can do at this point.

Can I take legal action against the mortgage broker (it's his own company) or against the bank?

There are many ODD things in that one can do in these United States.
One of them is filing a lawsuit.
You don't even need a reason or have a case in order to file a lawsuit.
Sure, you can sue the bank.
You can even sue Barack Obama.
The problem for you is, that you have no cause of action against either party (as far as I can see).

The bank need not state a reason (in as far as specificity needed to form a prima facie case) for deciding NOT to loan you money.
We all have the RIGHT to bring lawsuits.
We have no INHERENT right to receive a loan, insofar as a private lender is concerned.

If I were you, I'd move on, very quickly.
That is, if you don't want some eager, nosy, FEDERAL AGENT snooping into your life.