Financing in 11720>Question Details

Janeydnt3, Home Buyer in 11720

SONYMA Extension refused

Asked by Janeydnt3, 11720 Mon Feb 14, 2011

I was given a lock in rate of 100 days on November 18, 2010. In the second week of December 2010 I was given my mortgage commitment by Bank of America. There was no further communication from Bank of America until the last week of January, which they requested further documents, to which I supplied immediately. When I asked why the process was taking so long, the Bank of America rep informed me that she could not he held responsible for what happened ( more like did not happen) with my file prior to receiving it. Last week, I was informed that I literally had three days to close or SONYMA would not honor my lock in rate. My attorney requested an extension for the rate and was denied. I am livid with the lack of due diligence on Bank of America's part and wonder what recourse I have to retain my original lock in rate.

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That's BIG branded banks for ya!
4 votes Thank Flag Link Fri Feb 22, 2013
Do you have a contact number for sonyma I'm going through hell waiting on response forever....
0 votes Thank Flag Link Tue Dec 30, 2014
You have no recorse with the Bank. You should have been told this when you locked in . However rates are so low right now, you can`t go wrong !
0 votes Thank Flag Link Fri Aug 10, 2012
Correction- When I asked Bank of America for the SONYMA denial of the extension, I received no response from Bank of America.
0 votes Thank Flag Link Wed Feb 23, 2011
Thanks to all for your comments! The kicker to all of this was I was extremely pro active during the whole mortgage process. However, regardless of such, Bank of America, (including the mortgage broker) had their focus on blaming everyone involved, from each other, to my attorney, while the clock continued to click. Bank of America's representatives went so far as to down right lie when they prohibited me from contacting SONYMA. However, when I contacted SONYMA ( they are a State agency after all) I was informed that SONYMA welcomes calls from the public as their objective is to get people into homes! And SONYMA stated they giving a week or two extension is common place. The agency was none too happy with Bank of America and their tactics. However, Bank of Amercia just locked me in at a higher rate. When I contacted Bank of America and requested to see documents from SONYMA stating an extension renewal- my request went unanswered. I would STRONGLY advise anyone looking for a mortgage to stay clear of Bank of America. And to Bank of America I would suggest their slogan should be "The Bank where one rep lies and everyone at Bank of America swears to it!"
0 votes Thank Flag Link Wed Feb 23, 2011
Each of our home buyers who are purchasing a home with us and are obtaining a mortgage we check in with the mortgage rep every week. We follow the file from application to appraisal and final underwriting. The underwriting review of the file can take the longest amount of time with all of the documents and contingencies the process now requires in order to complete a file and obtain a "clear to close". Working these files in this way shows the time-line and if a rate lock extension is required, it is identified well in advance.
Talk to the branch manager and they will be able to advise you on the process and what options are available. You may have to pay points in order to extend your rate lock. Your mortgage rep will be able to review with you the options so you can make the best financial decision.
0 votes Thank Flag Link Thu Feb 17, 2011
Consider discussing your concerns with the rep's supervisor, and go from there...
0 votes Thank Flag Link Tue Feb 15, 2011
Since you have no correspondence between you and the lenders representative for so long, there is no proof of lack of action on the part of the rep. I can guess that the rep dropped the ball with non-communication during the process. The only thing I can recommend is that you go directly to the manager or president of the rep you were working with and demand proof from them that you were told that your lock in rate period was expiring and that your closing date has been scheduled.
0 votes Thank Flag Link Tue Feb 15, 2011
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