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Can you get any money back if your loan doesn't close due to the Mortgage Originator lack of action?

My Mortgage Originator is through Hartford lending.  We are in the process of trying to purchase a short sale.  The Mortgage Originator had 51 days originally to close the loan.  Due to FHA guidelines there was things that needed to be fixed and reinspections.  The purchase agreement was extended for another 30 days.  The mortgage originator had over 2 weeks to take care of the paperwork due to incorrect numbers the appraiser listed for the hud certification we were not able to close by the date, the hud certification issue was resolved before the expiration of the close date.  We got another extension issued for 15 more days due to this problem.  I am supposed to close in 6 days and only 4 of those days are business days.  I am afraid that this will not get closed because of the mortgage originator and the underwriters dragging their feet.  Am I able to get any portion of the $2500 we have spent out already due to the loan not being able to close in 105 days because of no fault on my part?
  • May 09 2012 - Sardinia
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Answers (2)

Call the owner of the mortgage company and let them know the situation. See if you can get better pricing on your rate or a lender credit on your closing for the money that you have lost due to their hold up. If you have already closed contact the BBB.org and put a complaint in. If you have to go call the State Attorney General and file a complaint. But you must be able to prove that this was their mistake.
  • May 15 2012
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That would be a question only the originator could answer. Although service levels are often subpar, typically the originator is not bound to perform timely for a loan application.
  • May 09 2012
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