Refinance : Lender not showing interest after rates went up (loan, interest rate, credit) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

vraj · 05-28-2015, 09:54 AM

I started my refinance and paid for appraisal when the interest rates went down in March. For some reason the lender is delaying the process and I suspect his commitment. I guess may be because the interest rates went up. They waived the two lock extensions because of their delay. Now they saying they will charge me for the extension.

It took 35 days (April 20) to get the appraisal. Now they found a small issue on title (may 20th) which would be corrected in a week.

I can't let this go because I can't get the same rate now. Is there any way I can close this loan? Any law that protects the initial commitment?

Modification Specialist · 05-28-2015, 11:13 AM

FYI - interest rates historical drop date after June 16th......

SmartMoney · 05-28-2015, 07:46 PM

Wow sounds like Bank of America or Wells. Why are they just now finding title issue? Most lenders order title when the loan comes in. Send them an email requesting a timeline for the processing of your loan. Tell them this was being requested by the CFPB when you called them. Sit back and watch them trip over themselves.

SmartMoney · 05-28-2015, 07:47 PM

Quote:

Originally Posted by Modification Specialist

FYI - interest rates historical drop date after June 16th......

Did I miss something? Do tell!

vraj · 05-29-2015, 10:37 AM

Quote:

Originally Posted by SmartMoney

Wow sounds like Bank of America or Wells. Why are they just now finding title issue? Most lenders order title when the loan comes in. Send them an email requesting a timeline for the processing of your loan. Tell them this was being requested by the CFPB when you called them. Sit back and watch them trip over themselves.

Do I need to contact CFPB prior to that? Does it costs me to file a complaint ?

SmartMoney · 05-29-2015, 03:28 PM

It costs nothing.........but sometimes just the mere hint is enough to get them to move forward.

Fact: Lender is required to have a credit decision (approval or denial) no later than 30 days after taking the loan application.

I fear waiting for CFPB to sort out your issues, your chance to refinance may be gone. I would do whatever you can to get this resolved as quickly as possible. File your complaint, but continue to seek resolution. Submit a complaint > Consumer Financial Protection Bureau