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After lender completed the items he gave me earlier (see in previous post), I asked if I can now lock.
He said no u r under 15 days to close and u cannot lock.
So since I started this loan on January 13 until closing February 20 I have not been given opportunity to lock. I thought every borrower is given opportunity to lock.
Please look at your application package. A rate lock letter is required to be given at every loan application. Not being able to lock sounds like complete garbage, but if that is what he gave you in the lock letter, then you agreed to it.
FWIW, reg B requires a credit decision within 30 days of a loan application. Quite honestly, it sounds like your lender has too many loans and he's rushing around, putting out the biggest fire. Where was your credit score? Is that what's behind a manual underwrite? Is the lender paying closing costs? If none of this applies, renegotiate your rate now,
Lenders are required to provide a lock letter at the time of application. At the time of completing an application, the lender is required to spell out in writing the terms of your lock. How did you get in touch with this lender, where did you find him? What is your Realtor saying about this? Are you leaning on him or her?
Are you counting on the lender to pay all or part of your closing costs with that rate? The reason I ask is 4.25% is outrageous, if there isn't any lender assistance. In that case, do see the attorney at your title company, and do so before closing (after confirming s/he is familiar with the current lending regulations).
Your lender should be held to what is on the GFE. If you get a GFE and say 'yes I want this' that day, then the rate on the GEF is the rate you should have, unless you mis-represented something or some other major component of the deal changes.
That's what I did. He told me he couldn't lock because GFE is only an estimate.
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