Ever have the bank refused to lock the loan with NO NOTICE? 
Today I got the news from the buyer's mortgage broker, Bank of America refused to lock my buyer's loan. My buyer had jumped through all the hoops and got through underwriting yesterday. The very NEXT DAY (Today) they went to lock the rate so we can close next Wednesday and SURPRISE, they are refusing to lock the loan. Bank of America claims they notified the mortgage broker yet per the mortgage broker they NEVER received any notification.
The mortgage broker is submitting it to another company which will delay the closing two weeks. Fortunately, our requested close date was the end of March.
I'm wondering if anyone has experienced this this situation, how you handled it and if there is any recourse for the buyer with Bank of America. He is considering taking it the news media. Any suggestions would be appreciated.
Hi Connie, I'm not sure on this one?
Connie: That's so frustrating. Advice, close deal..run!
Connie, based on the info you gave, I have no idea why the lender refused to lock the loan. Did the program go away? That is all that I can think of as a reason for the lender to refuse to lock. They may still have the program but the guidelines have changed. I'd be curious to know more...
I have never heard of that one. Although, in todays market anything is possible.
Hi Connie!
I am probably starting a rumor here, so I will qualify this with it is something I heard...it may or may not be true, but it would explain what B of A did. I heard they are "this close" to declaring bankruptcy. Just a possibility.
Sometimes these things can make me crazy. I am looking forward to a little normalcy soon-Dinah Lee
David - I know, I've never run into this before.
Matt - yep, we've got another lender working on it so we can close in two weeks.
Libby - I don't believe the program went away since we were approved by underwriting on Wednesday to close and the very next day they say, sorry, no loan for you.
Frank - I know, I'm really wondering about implications for protecting future buyers and sellers. I think it's going to be an interesting road for a while.
Paula - now that would definately explain it. Interesting, I'll have to do some digging.
Dinah - I hear you. Let's get back to something resembling normal.
Connie, it is good that they can use a backup lender even if it delays the closing a couple of weeks. I think that the remedy is to go to the media, let them sweat a little, with the billions that we are giving them as taxpayers, they should show a little more respect than that!
Never had that happen. Then again Bank of America seems to be having a lot of problems these days.
Nothing surprises me anymore when it comes to the lenders, that's for sure. Sometimes it seems like I know more than they do, seriously. I had a buyer tell me today that his lender told him he should do conventional instead of FHA so he won't have to worry about credit. He didn't even run the guys credit beforehand. He also didn't know that they did away with minimum credit scores on FHA YESTERDAY.
Connie, I'm surprised you got this from Bank of America. I've heard of it happening with a number of smaller non-local out of town banks, but not with the big guys.