I qualify for a mortgage based on credit score, income, ratio, etc.
We're in the last stages of loan approval (closing is 8 days away) and the underwriter wants to know where income from a property sale went.  I've disclosed some of it, but...some of it went into assets that I choose not to disclose!
Is it legal for them to deny the loan based on my refusal to disclose ALL my assets?  As I said before, the assets I have chosen to disclose give me a 1:5 debt/asset ratio.





I'm not saying they WILL deny the application, but if they do, I'll be getting a lawyer involved - assuming they DON'T have the right to discover all my assets (we're not getting divorced here...)





 

Their money their rules

"Collectible Firearms" wouldn't raise any eyebrows, assuming some of that money went to tax stamps...

You have the right to withhold any information that you don't want to give them.

They have the right to not give you any money because you chose to not provide the information they request.

I could sue them for discrimination, considering I exceed all the standards for loan approval.



But really, my question was not about the right of a private company to refuse service - that's a philosophical discussion - it's about what regulations govern the rights of a consumer not to reveal private information that is not relevant to the service that company provides.



If anyone is a mortgage loan professional or an attorney familiar with the rules, please feel free to comment.



 

I don't work as a consumer loan officer but I am a loan officer at a bank.  If you failed to provide verification that is requested, we simply withdraw the loan as an incomplete application.  

My guess is that your loan won't be denied, but if they are stuck on getting that info verified then they will withdraw your loan request if you fail to provide it.

Used to purchase personal property or used for personal expenses. That has a good chance of satisfying the question.

Thanks