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Old 05-24-2013, 06:14 PM
 
7 posts, read 9,884 times
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I signed the GFE at 6,625%. Four days before closing my lender says there was an issue with their "price engine" and rate changed to 3.875%. Is this normal????

Thanks for any help,
Ignacio
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Old 05-25-2013, 08:58 AM
 
Location: MID ATLANTIC
8,209 posts, read 20,395,010 times
Reputation: 9477
Ignatio, there could be a valid reason, but what was the specific reason? They can't just cite "price engine." It has to be because a low appraisal, credit score change, lock expiration.......something.

Tell them you have a lock letter for 6.625%. Tell them you have learned that a "pricing engine issue" is not reason for a Chance of Circumstance (use those exact words), an event required to change a customer's rate. Tell them you want a letter in writing explaining what went wrong with the lock before you proceed. If there is a valid Change of Circumstance, they shouldn't have any problems. If they screwed up, your use of the phrase will put them on notice there will be hell to pay if they are covering up their mistakes.
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