Financing in Dallas>Question Details

Doug Renken, Home Buyer in Marietta, GA

I requested a rate lock confirmation as well as a confirmation for an extension from my broker and she said she can not get that information.

Asked by Doug Renken, Marietta, GA Mon Jan 21, 2013

When I pushed the issue further, she responded with the following. "There is no paper trail on the lock confirmations/extension. It's not like the old days when we would fax in a request and a confirmation would be faxed back to us. Everything is updated "live" electronically. The Loan Detail does not show breakdowns of dates and % costs, only $ totals (the same numbers that are stated on the Revised HUD)." She insists that in her 8 years in the mortgage industry, she has never had a request for a rate lock confirmation. Am I being jerked around or is she being truthful?

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I always provide my clients with a Rate Lock Confirmation upon lock that spells out the terms of the lock. I would contact Management in this case.
0 votes Thank Flag Link Wed Jan 23, 2013
You should be able to get a rate lock and the loan officer should be able to print or email it to you. Ask for the manager and get some clarification if it is their policy or what.
0 votes Thank Flag Link Tue Jan 22, 2013
It would really all depend on that mortgage company's computer system. Everything is electronic now. Keep in mind that some of the documents we receive are for internal use only and not for distribution to the public (i.e. a borrower or an agent).

Our system does provide a Rate Lock Confirmaiton which tells the interest rate, the lock expiration date, and the points involved. If you are working with a Mortgage Broker instead of a Direct Lender, then that could be another source of the inability to issue one.

I would have to say that cannot recall ever having a borrower specifically ask for a copy of a rate lock extension and I have been in the business a lot longer than 8 years.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Tue Jan 22, 2013
Yes - your lender should be able to give you a lock down rate. Dates vary per lender, some will lock down for 10 days others 30, just depends. Talk with your lender ~ this is definately do-able.
0 votes Thank Flag Link Mon Jan 21, 2013
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