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My refi rate was locked without my consent. What recourse do I have? I have paid for appraisal.

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July 07 2009 - Roswell
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I assume rates are now better than when you locked the loan?  Your loan officer may have the ability to renegotiate the rate if the lender used has such a policy.  I think most lenders do have this policy.  You will have to pay a fee to get today's pricing, but if it was truly the Loan Officers fault, I would ask them to reduce their commission by the same amount. 
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July 09 2009
If your working with a broker they have many work arounds for that to ensure you get the best rate available. If it's a bank it's going to cost someone some money to get the lower rate. There could also be a misunderstanding along the way.......feel free to contact me to discuss in more detail. Keep in mind that the longer the issue drags out, the more chance rates could change again and again. Good luck!
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July 07 2009
Does not make sense that your rate was "locked" without your consent.  Recourse that you have because I take it, rates are better,...  Go above the LO... If it is a brokerage shop... you would have gotten some type of disclosure from the Wholesale lender... If the LO does not give you satisfaction.. go to the wholesaler.  Policy is not to speak with you directly.  Might make an exception about this particular...  What is the "locked" rate and points and what are you thinking you should be getting instead.  Principle is one thing, but real money is another.  Here to help.  :)
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July 07 2009
 
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