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Hopefully your LO locked at a good rate. I am sure the LO was acting on good intentions, considering the market volatility. Another option for you would be to move it to another lender. If the rate difference is good enough to justify the move it would would make sense. Hope this helps
George Magana West Coast Funding and Real Estate Services (866)703-9893
She shouldnt have locked without your consent. Locking is the consumer’s choice, not the lenders (though there are times when not locking will delay you in ways you really dont want it to). Was there some previous conversation that could have led to misunderstanding, or was she just acting on instinct? A direct lender may or may not have the ability to adjust your rate, based upon the way they manage their pipeline – but they SHOULD be able to adjust your CREDITS to make up for the error, if it was their fault. Ask again. Ask to speak to a manager or secondary market representative. Make certain you relay the story accurately and completely – the manager may have flex that she does not. Then, if needed, move the loan to someone else, if you are unhappy with the lock you have. Let the new lender know, in writing, that you DO NOT with them to lock until you have provided them written permission to do so. They will then put this clear statement of intent in the file to protect both of you. Have the lender explain if and when NOT locking might cause you hardship, and why, so that you can make an informed decision.
My LO locked me a rate on the morning of 13 sept and emailed me that she had locked. I was expecting a call before locking and was going to wait till the afternoon after Bernanke spoke about Qe3. Needless to say this was a big miss for me and my finances. She said she was sorry, she should have called and she would see what she could do. It ended up she could do nothing and told me a lock is a lock. Now docs are printed and ready to sign and I have three days to decide. She said my options were to accept what she had locked or cancel and wait 30 days to relock. There has to be another option since it wasn’t my call to lock. Can’t the direct lender adjust the rate or the lender credits? Anyone ever hear of a LO locking without discussing it just before locking?
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