From: nedflanders@psu.edu (Ned Flanders)
Newsgroups: misc.consumers.frugal-living alt.invest.real-estate
Subject: Re: TWO Rate Lock Extensions (a tale of woe)
Date: 10 Aug 2003 00:43:23 -0700

tsreyb@yahoo.com (Bob - Andover, MA) wrote in message news:...
> We attempted to refi via Amerisave, and they failed to get the
> mortgage ready in time for the original rate lock period (30 days).
> They applied for an extension (15 days) for which we will be charged
> $1300 - and they MISSED that lock period as well! Now they want to
> charge us for a 2nd extension, which will be an additional $7000.
> 
> Amerisave claims neither delay was their fault, but was because the
> banks through which they broker refinances failed to approve our refi
> in a timely fashion.
> 
> That may be true, but it seems to me in this period of record breaking
> refi volume, they should've expected a long processing delay and
> therefore, by default, should give customers longer original rate lock
> periods (60 days) right from the get-go.
> 
> We will probably cancel our application (and eat the $500 app fee)
> rather than pay the $8300.
> 
> Just wanted others to know about this pitfall.
> 
> -Bob

I can put you in touch with a bank officer who can do better things
than the discount fee generators you're going to…

Cheers,

Ned