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Old 06-19-2008, 12:14 PM
 
Location: State of Being
35,885 posts, read 65,305,521 times
Reputation: 22274

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Tell me if I am being unreasonable or if I am getting jerked around.

On Tuesday, I paid to lock in a loan.

I have gotten no confirmation showing said "lock in"

Instead I get a call saying I am pre-approved.

I have been thru/ many a loan process b/f . . . and always received confirmation via fax showing the rates on the loan and confirming lock-in.

I have called the agent and keep getting voice mail. Wrote an email re: my expectation to have the info on the loan and lock-in confirmed in writing.

Give me your opinions/advice - am I wrong to expect something stating the terms of the loan and confirming date and time of lock-in??????
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Old 06-19-2008, 01:03 PM
 
Location: Richardson, TX
10,162 posts, read 16,739,222 times
Reputation: 24769
Yes, you should have a receipt/lock-in letter. You signed nothing when you gave them your check?
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Old 06-19-2008, 01:04 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,101,195 times
Reputation: 1008
Sometimes we dont receive a lock confirmation.
I have only a couple of ppl that ask for it so I forward them a printscreen copy of what I see.

BUT

If you paid for something, then I would want a receipt for it.
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Old 06-19-2008, 01:20 PM
 
Location: New York City
1,836 posts, read 2,834,586 times
Reputation: 378
I didnt get a rate-lock confirmation in writing from my broker and i closed recently with no problem.
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Old 06-19-2008, 01:24 PM
 
Location: Phoenix
73 posts, read 230,647 times
Reputation: 27
Ask to speak with his/her manager -- get the answer and the confirmation.
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Old 06-19-2008, 01:33 PM
 
Location: State of Being
35,885 posts, read 65,305,521 times
Reputation: 22274
Thank you all for the info! I called back several times, trying to get a supervisor and was told the supervisor was out. So then I started feeling rather hostile, frankly, and said since the loan officer's phone kept going into VM, give me ANYONE to speak to.

I was transferred to someone who gave me the loan number and read the terms of the loan to me over the phone (yes, they were the same terms I had expected).

He also told me that "because of the mortgage meltdown," there was a recent law, that dictated that the terms of a loan could not be sent w/o the full loan packet attached.

I said - all I am asking for is a copy showing date and time of lock in.

He said - well that would be included in my loan packet, wh/ would be mailed to me this evening.

I said - how do I know this loan has been locked in and - locked in w/ the terms I agreed to. He said - well I am looking at it right here and so I can assure you it has been locked in. I said I would feel better w/ something being faxed to me now, and indeed, am out of my comfort zone w/o having that paper in hand. He reiterated that BY LAW they could not longer do that.

Sounds weird to me.

A few minutes ago, I got this response from the loan consultant who supposedly locked in my loan:

"I wanted to respond to your email. Your loan was locked in yesterday 6/18. Your loan specialist will be mailing out your loan package by end of business today. This loan package confirms the details of the loan. I do not have anything to fax to you today. . ."

Never had a loan handled like this b/f.

EDIT: Just occurred to me: I gave them my credit card on Tuesday, the 17th, and was told it would be locked in right then. This says it was locked in yesterday. I just do not get this. Really. I do not.

Last edited by brokensky; 06-19-2008 at 01:34 PM.. Reason: add info
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Old 06-19-2008, 01:35 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,101,195 times
Reputation: 1008
sounds like one of the online lenders
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Old 06-19-2008, 01:37 PM
 
Location: Phoenix
73 posts, read 230,647 times
Reputation: 27
Where's the trust in this story? Wait until you see the package, if you can. If you don't like what you see, tell them to go pound sand.
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Old 06-19-2008, 01:38 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,101,195 times
Reputation: 1008
hard to say that when they already got his money!

Quote:
Originally Posted by chuck-a-muck View Post
Where's the trust in this story? Wait until you see the package, if you can. If you don't like what you see, tell them to go pound sand.
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Old 06-19-2008, 01:41 PM
 
Location: State of Being
35,885 posts, read 65,305,521 times
Reputation: 22274
Quote:
Originally Posted by renriq02 View Post
sounds like one of the online lenders
We have had the house since 1994 (second home) but our loan was sold to Countrywide. We took out a HELOC to make repairs on the house in 2004, also w/ Countrywide. It is at a variable rate. The rate has actually gone down, but I know it will go up. (Fixed rate on first mortgage). We have FICO scores of 740 and 748, so we knew we could do a loan w/ someone else (roll both loans into one). We are not taking $$$ out - just refi to combine loans and avoid that HELOC shooting up (has 12% cap). But Countrywide said since we were longtime, valued customers, we could do a Fastrack loan, wh/ sounded fine w/ us.

Maybe that was a stupid move.

Last edited by brokensky; 06-19-2008 at 01:42 PM.. Reason: wrong word
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