littlefish
Junior Member
What is the name of your state (only U.S. law)? Virginia
I applied for a refi online with my mortgage lender. Several days later spoke with an agent. Was given a 5.125% fixed rate. Received papers the next day that showed 12.125% fixed rate. Contacted the agent and he apologized for the error. Was sent another set of papers showing the correct 5.125% rate, however the agent said that the rate had to be locked in before they could begin processing the loan. Gave the agent the cc info., and provided him written consent to apply the $480 non-refundable fee to proceed with processing. Received an email verifying the loan was locked. All papers were signed, other documents requested were provided and shipped UPS on the same day 3-15. On 3-31 I receive an email from the loan coordinator listing 9 items the Underwriter needed verification on. Some of the items were strange so I responded with questions. I waited and waited, however being given 10 days by the Underwriter to comply, I contacted the loan agent and the loan coordinator for answers. No replies ever arrived. On 4-6 I call the toll free number just to ask questions about the process. The person I spoke with was able to determine something wasn't right. I told him I did not want to get the loan agent in trouble, but was concerned as to why I was being ignored. I gave him the loan number and he discovered the rate had never been locked in. He also told me they were supposed to have the appraisal performed before I filled out all the paper work. He spoke with the Manager and contacted me later on 4-6 to advise the manager was going to honor the 5.125% even though the interest rate had risen. He gave me the manager's name and direct line. I called the manager on 4-7, left a message in order to thank him and request another loan agent, and a call from him. I also advised him of being away all day 4-8. Earlier today 4-9, I called the manager and left another message. However this afternoon the original loan agent called with many apologies. He said my rate of 5.125% was now locked in and he promised that he and the loan coordinator would review the 9 items and get back with me. This evening after normal business hours I receive an email from the loan agent advising me the Underwriter has determined our debt-to-income ratio is 57% and they want to hold off on the appraisal. I have already figured my debt-to-income ratio and it is 32%. I know what I am being put through is not professional, however I wonder if what they are putting me through is legal. Please advise me as to the best way to handle this.
Thank you!
I applied for a refi online with my mortgage lender. Several days later spoke with an agent. Was given a 5.125% fixed rate. Received papers the next day that showed 12.125% fixed rate. Contacted the agent and he apologized for the error. Was sent another set of papers showing the correct 5.125% rate, however the agent said that the rate had to be locked in before they could begin processing the loan. Gave the agent the cc info., and provided him written consent to apply the $480 non-refundable fee to proceed with processing. Received an email verifying the loan was locked. All papers were signed, other documents requested were provided and shipped UPS on the same day 3-15. On 3-31 I receive an email from the loan coordinator listing 9 items the Underwriter needed verification on. Some of the items were strange so I responded with questions. I waited and waited, however being given 10 days by the Underwriter to comply, I contacted the loan agent and the loan coordinator for answers. No replies ever arrived. On 4-6 I call the toll free number just to ask questions about the process. The person I spoke with was able to determine something wasn't right. I told him I did not want to get the loan agent in trouble, but was concerned as to why I was being ignored. I gave him the loan number and he discovered the rate had never been locked in. He also told me they were supposed to have the appraisal performed before I filled out all the paper work. He spoke with the Manager and contacted me later on 4-6 to advise the manager was going to honor the 5.125% even though the interest rate had risen. He gave me the manager's name and direct line. I called the manager on 4-7, left a message in order to thank him and request another loan agent, and a call from him. I also advised him of being away all day 4-8. Earlier today 4-9, I called the manager and left another message. However this afternoon the original loan agent called with many apologies. He said my rate of 5.125% was now locked in and he promised that he and the loan coordinator would review the 9 items and get back with me. This evening after normal business hours I receive an email from the loan agent advising me the Underwriter has determined our debt-to-income ratio is 57% and they want to hold off on the appraisal. I have already figured my debt-to-income ratio and it is 32%. I know what I am being put through is not professional, however I wonder if what they are putting me through is legal. Please advise me as to the best way to handle this.
Thank you!