Did anyone have to extend their rate on a re-fi?

My rate is expiring on 7/17. Of course the bank attorney only called me the other day about the subordination on my HELOC so I called Citibank to make a payment and not only did they not have the paperwork on file yet b/c the bank attorney hadn't sent it, they said they are taking up to 30 days to get the docs. Meanwhile my rate is expiring in 17 days. I called back Bank of America and they said it's out of their hands and I can beg Citibank to put a rush on the subordination.

***??? When I started this whole process the loan officer told me I would be closing way before b/c it is a quick re-fi and I didnt need an appraisal and all the usual BS. Now it is going to cost me 1/4 pt. to extend the rate for 2 weeks

Re:

Message edited 6/2/2012 11:20:45 PM.

Re: Did anyone have to extend their rate on a re-fi?

I feel your pain!!!!!!

My HELOC is with Citibank as well and I can tell you that, they are so backed up it's not even funny. I started my process over 2-months ago, Citibank got my check and started the process May 28th and well....still nothing. I call almost every day, spoke to Supervisor's and all they keep saying is "It's in the Underwriters hands".

I had to extend my rate 2X already. Thank god Chase is on board with what is going on and are being patient, but what a cluster f*ck!

Just wanted to add, I did not have to pay anything to have the rate extended

Message edited 7/1/2009 10:30:04 AM.

Re: Did anyone have to extend their rate on a re-fi?

I didnt have to extend it wells fargo honored the rate because it was their fault that the refis are taking so long

Re: Did anyone have to extend their rate on a re-fi?

we had a 60 day rate lock, and managed to close just a few days before the lock expired. They were very backed up.

Re: Did anyone have to extend their rate on a re-fi?

Posted by Mrs-D-Girl

I feel your pain!!!!!!

My HELOC is with Citibank as well and I can tell you that, they are so backed up it's not even funny. I started my process over 2-months ago, Citibank got my check and started the process May 28th and well....still nothing. I call almost every day, spoke to Supervisor's and all they keep saying is "It's in the Underwriters hands".

I had to extend my rate 2X already. Thank god Chase is on board with what is going on and are being patient, but what a cluster f*ck!

Just wanted to add, I did not have to pay anything to have the rate extended

Re: Did anyone have to extend their rate on a re-fi?

Tell me about it. I just closed last night at 8pm because my rate is due to expire on FRIDAY.

Re: Did anyone have to extend their rate on a re-fi?

Posted by jellybean1420

Posted by Mrs-D-Girl

I feel your pain!!!!!!

My HELOC is with Citibank as well and I can tell you that, they are so backed up it's not even funny. I started my process over 2-months ago, Citibank got my check and started the process May 28th and well....still nothing. I call almost every day, spoke to Supervisor's and all they keep saying is "It's in the Underwriters hands".

I had to extend my rate 2X already. Thank god Chase is on board with what is going on and are being patient, but what a cluster f*ck!

Just wanted to add, I did not have to pay anything to have the rate extended

Have you closed on your re-fi yet?

My rate expires the 17th...of course I am going to have to extend the rate but this is insane.

I am beyond angry. This is not acceptable and given the housing crisis should not be allowed.

Re: Did anyone have to extend their rate on a re-fi?

My loan officer took my application on 5/20. I was sent some docs in the mail and had to sign and send them back.

I got a call from a processor at Bank of America around 6/15 asking for the note on my mortgage and HELCO and than I didnt get a call from the Bank Attorney until 6/24 about the subordination.

Apparently my loan officer had back surgery which I wasn't aware of and was not in the office for several weeks so I dont know if they dropped the ball or not. But if I knew this whole situation with the subordinations I would have sent a copy of the note on my HELOC with the application.

The best is, the bank attorney called me 6/24 and told me call Citibank to make the payment for the subordination so I did. They didnt even have my paperwork on file b/c the bank attorney didnt send it so I had to call the bank attorney back and ask them to send the subordination docs. She told me she would overnight it but guess what, Citibank didnt receive the docs until 7/4, obviously not overnighted.

But sometihng tells me Bank of America is not going to waive my rate extension fee's. I am going to have to fight them on this!