In March 2009 I inquired about a refi with Lending Tree. They recommended Shore Mortgage. I was contacted by Mr. Sadik of Shore Mortgage and we reviewed what I wanted to do. I wanted to go from a 30 yr to a 15 and take advantage of the new lower rates. Mr Sadik drew up the application, I paid the (good faith) $395 deposit and waited for the appraisal. After numerous calls and e-mails concerning the application and credit report questions were answered, we locked the rate in @4.5%. That was in the middle of may. I e-mailed Shore Mortgage 5/28/09 complaining that I had not heard from them and they said they had fired my sales representitive and had tried to contact me. I was given a new guy who said he would get the ball rolling. He calls me on 6/03/09 and asks "what do I want to do". I say "lets close". He says "He will call me with the dates".
I e-mail him 6/08/09 asking him "whats going on with the closing"
I get an e-mail back saying "I will be out of the office from Thursday June 4th, returning Wednesday June 10th. I will be checking my e-mails periodically and will get back with you as soon as possible. Thank you" .
I get an e-mail today from him "Mr. Beebe, sorry for the delay. I just reviewed your file with the processors and they are just updating your payoffs to get prepared for our clear to close from underwriting. The only issue I see is that your rate lock had expired last month. Rates unfortunately have gotten worse since then and I wanted to make you aware. I know we were looking at a 4.5 on a 15 year, but at this point it would cost more than it is worth to get to 4.5. I think the best rate/cost combination for you is going to be the 5.0% rate based on the 15 year mortgage. Since we are keeping you under 90% loan to value, you will not have any monthly mortgage insurance, which will definitely add on to the savings. Please let me know how you would like to proceed. Thank you.
I responded "Not interested, and it seems rather funny that the delay was the result of your company's incompetence. For the point of argument, when did the rate lock expire? Can I get a copy of my appraisal that I for all practical purposes paid for? Are there any governmental agencies that watch over mortgage companies that I could file a complaint with?"