Supposedly locked in; why no paperwork (loan officer, fixed rate, heloc, pre-approved)

[brokensky]

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??????

[Debsi]

Yes, you should have a receipt/lock-in letter. You signed nothing when you gave them your check?

[renriq02]

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.

[BK2Westchester]

I didnt get a rate-lock confirmation in writing from my broker and i closed recently with no problem.

[chuck-a-muck]

Ask to speak with his/her manager -- get the answer and the confirmation.

[brokensky]

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.

[renriq02]

sounds like one of the online lenders

[chuck-a-muck]

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.

[renriq02]

hard to say that when they already got his money!

Originally Posted by chuck-a-muck

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.

[brokensky]

Originally Posted by renriq02

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.