Rate Lock Extension

[Anonymous]

I was scheduled to close on my home on 7.31 and due to some issues with getting repairs done by the seller I have had to move my closing date to 8.29. I am now being hit with a rate lock extension fee because my lock expired on 8.9. The seller is not willing to help cover any of these costs. My question is can I negotiate with my LO to get the extension fee lowered?

He originally told me it would only be .008/day because we thought we might close on 8.16 when he found out it may take longer he bumped it up to 0.020/day.

I feel like I’m being punished for someone else’s mistakes with this lock extension fee, any suggestions would be greatly appreciated!

[JVille]

This is what you have a Real Estate Agent for. Tell her/him it’s between the agents and this is the sellers fault and you will not pay one dime!
This is the sellers fault. Get your agent to do Their Job!

[homeloanexpert]

With the recent rate drop and possible upcoming rate drop in September, some times it may better to let the lock expire and re-lock. Most lenders have a 30 waiting period before you can request a new lock.

That aside, I can't even begin how many rate locks I have covered for my clients.  I consider this good business practices for myself as an LO's and for Realtors.

[Anonymous]

Is there anything in particular I could/should say to my LO to convince him to cover or lower the extension fee?

[JVille]

Do you have a Realtor? This frankly is not your lenders problem, it’s your sellers and the realtors problem. Your Realtor should be negotiating this that’s what they are paid for.