The primary issue here is that the underwriter and the underwriter prepper have been asking me for additional documentation every time I send in my document, for months -- I started this process in November.
I should say that there are unrelated documents, not like I'm sending in only partial info and they need a fuller picture, but completely separate things.
Today, with the "final documents" sent to the underwriter, they say that since the process has taken so long, they can't lock in the rate that we agreed to in November last year, and have raised it from 2.3% to 2.8%.
I'm not sure what good a "rate lock" is if the lender can simply filibuster when the refinance rates are on an uptrend in order to increase the rates.
Do I have any recourse here to keep the rate that we agreed to? I would imagine there are some consumer protections here, but I'm not familiar with what my rights are, or what actions I can take, to ensure that I'm not taken advantage of.
Submitted March 22, 2021 at 07:27PM by actismo https://ift.tt/396478c
