After 5 months of underwriting review, my refinancing loan was denied right before rate-lock expiration. Loan processor represented that the underwriter (an outsourced 3rd party company hired by Bank of America/Merrill Lynch mortgage) gave the following reasons: 1. Appraised value was too low ( in response, I submitted 4 additional sold comps to support the higher value to satisfy the LTV requirements) 2. W2 Income came from multiple sources thus only one employer income qualifies to calculate Income-to-Debt Ratio (in response, I showed 4... read full review »