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  • Mortgages: Interest Rate Change Due to Loan Officer Inactivity

    My question involves real estate located in the State of: Washington

    We are working with our credit union in purchasing a house. the loan officer we are working with takes, sometimes, up to 10 business days before getting back to us via email about needing additional paperwork. This is aside from not answering our phone calls.

    If the interest rates change over the time period of being able to lock in our rate, are we able to recoup anything from the financial institute?

    we are far enough into the process now that swapping institutions would be a pain, and the other officers there have declined to want to take over the deal because of how far we are. But again, if rates change because of the lack of communication do we have any ability to recoup these losses? Over a 30 year co****, even $40 monthly, could mean thousands of dollars and we just feel stuck since even the lead at the credit union main branch isn't getting back to us.

    Or are we just better off cutting where we are and swapping to a different institution?

  • #2
    Exactly when did this all happen.

    There are new Federal regulation governing that call TRID. There is a lot of stuff on it you can just google TRID. It took me a whole month of training to get thru the bulk of it.
    Alan Plager
    Berkshire Hathaway HomeServices
    Top Ten for units US 2015
    Over 6,000 Units Sold
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