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Since November 2009
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Since January 2009
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Since August 2009
The majority of your assuming comments on this thread have been smug and arrogant.
"You really need to lighten up!"
why, did I hit a nerve? Did I hurt your feelwings? I know your objective is to get the final word in, as you do on most threads. A simple apology to the customer and to me for your pompass accusations will suffice. Man up, Andrew. This childish banter you want to dish out is getting old.
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Since January 2009
Does CA have a 3-day rescision policy for refi's?
WA state does. Then the recourse is to walk-away. Of course that means starting over, rates may not be as good. But the experience might feel better.
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Since January 2009
Haven't had a chance to read this in full yet...but in reading only the original post....I just knew I would see the words Provident in this thread.
I think lender/broker/customer all contributed to this mess.
Provident is known to make up conditions when the market shifts and they couldn't care less if the loan closes, they care only about their profit and nothing else. I agree they should be out of business, but as long as brokers are willing to put up with their BS, they will stay in business.
Broker definitely knew what they were dealing with in Provident and should have warned consumer that this scenario was a possibility. If it wasn't bank statements, they might have decided instead to condition for the grass to be mowed or some other such nonsense. There are so many known stories in the industry about how they operate.
Consumer is least at fault, but the lesson learned is that if you shop only for rate and pick the cheapest out of all quotes, you have the risk of being declined. I bet Gregorio quoted genesmahser this time and genesmahser picked what he felt was a better offer. Genesmasher doesn't deserve a decline, but I'm sure he won't make this mistake again.
As Andrew said, hopefully other consumer can learn from this.
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Since August 2009
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Since September 2009
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Since January 2009
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Since January 2009
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Since August 2009
"why he did not go back to the quality broker who had helped him in the past though?"
Exactly what I was thinking as this did not sound like Greg.
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Since August 2009
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Since January 2009
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Since January 2009
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Since January 2009
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Since January 2009
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Since August 2009
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Since February 2009
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Since February 2009
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Since September 2009
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Since September 2009
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Dishonest tactic by the lender ...
genesmasher
Contributions: 14
Zillow All-Star
Since October 2009
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On the morning of the lock expiration our broker unsuccessfully tried to contact the lender by phone and e-mail many times, to make sure that everything is OK, and they fund on time. The lender finally phoned back 15 MINUTES ( no kidding !) AFTER the funding deadline (11am) and stated that there are additional conditions. So called "conditions" were bank statements from 6 months ago, showing a transfer of funds between two savings accounts, which had absolutely no implications on our ability to fund, or anything else. Presumably, the lender needed to confirm that the funds that were wired to escrow are legitimate (??). We are fully employed with >$280K annual income, perfect credit and plenty of liquid funds. Fine, we supplied the statements they asked for within a couple of hours on the same day - lock still valid, but past funding deadline for that day. The next day lender says "it is too late to fund, the rate lock expired". Our funds are still sitting in escrow, the options we are presented with are "relock and close at a higher rate" or "wait and see if market improves" (yeah, right). It is very obvious to us (and our broker) that the lender came up with the late conditions with the sole purpose of not wanting to fund, because they no longer considered the loan "profitable enough". Obviously, now the rates increased by 0.25 or worse, and we can not re-lock at the old rate with anyone. Is there any recourse for us ? Thanks
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