Unfortunately, there isn't a lot of accountability for lenders that do not meet deadlines or do not submit paperwork within the deadlines. Typically, an approval letter is a major factor in an offer and whether or not a seller is going to accept your terms. They want to KNOW that your transaction is going to close.
Don't let this scare you or discourage you from finding another deal and another lender. Only this time, get your prequalification letter ahead of time so you won't have this issue later down the road while you're under contract. Your real estate agent will also work with the lender in order to ensure all the requirements are met while you're going through the transaction.
Trent Rhodes, Metro Brokers of Oklahoma, OKC Metro Area
You need to have all your ducks in a row when you make offers to demonstrate to the listing agent that you have it together. Learn from this and nail the next one.