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I started working with Statewide Realty and Mortgage on October 11 for refiance and submitted all docs by Oct 14. I had a 30 days lock on the rate. The lender was EVER bank. I also provided my credit card info for appraisal. My credit card was charged $400 on Oct 25. My broker got an extension on the rate when we were close to end of 30 day period. The appraiser came one week before the extension ended and submitted the report on day of expiry i.e. took one week to complete. I was unable to refinance as EVER bank refused to give further extensions and rates have now gone up.How can I get refund for the appraisal fee, which the appraisal company charged me on the order from Bank who was acting on broker's guidance. Please advise as I do not want to lose $400.
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I'm currently a retail loan officer for a bank but I previously worked as an account executive on the wholesale side (3 yrs) and I've never heard of a wholesale lender (i.e. everbank) not allowing you to extend a lock that started off as a 30 day lock. They don't necessarily extend for free. The locking is done by the loan officer. And he should have locked you for a longer term than thirty days in the rei boom/UW climate that we have experienced this last year. You may have to pay up to .5 discount to extend the lock for 30 days but it can be extended. IT's usually cheaper to lock for a longer term upfront.
You really don't have a recourse. My guess is the broker is making the wholesale lender the bad guy. I suspect there is more to this than what you may be aware of.
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