Lock expired - What now?

Well... this is not a fraud. In the recent times, locks have been expiring not because of the underwriters or the lenders but because of the refinance boom that is swamping lenders and all others who are associated with the lending industry.

Normally, the party who is responsible for delay in closing leading to lock expiration should pay for it. Many a times, lenders even extend the lock rate for 1-2 days. If the lender was responsible for the delay in your case, then you have a cause for complaint.

This is just a normal scenario. You just have to deal with the situation and pay the amount asked by your lender. However, if you think that your has something to do with the delay, you can always get a law officer and file a complaint against your lender.

I certainly have to agree that if the lender was responsible for the delays and cannot lay the blame in your lap, they ought to be willing to absorb at least a portion of the cost of re-locking the loan for you and getting you to the closing table.

I agree that it's not fraudulent behavior (most likely), but you and your loan officer ought to have been vigilant in ensuring that the lock period didn't expire before you had the chance to close.

Loan officers are supposed to be on a borrower's side.

And the dog ate my homework! Perhaps there truly was some weird delay in underwriting but just remember this is the easiest excuse for a loan officer who wants to shift blame to the no single reason for missing a lock time. Myriad delays in documentation, inaccurate entry into DU or LP, etc. Who knows, you may have been to greedy in selecting a shorter lock period to . With the new appraisal system about to be implemented, hopefully LOs are pushing longer lock terms who does not fund and/or underwriters their own deals; bet you do that again.

Bottom line is that hard to assign to any single step in the process and a quarter point is not the end of the world.