Posted by Cari on 2/21/08 10:22pm
Msg #236504

anyone worked with www.eloan.com? or e-loan, inc...

....I received e-loan docs at 6:30 pm cst, printed, copied and prepared them - ready for a 9am friday signing.

...get a call from BO at 9:30 pm cst, saying not to come because of an email she received at 5:43 pm cst from her LO at e-loan.com, indicating, "sorry, but your lock expired, however, we can still fund the loan but at a rate 1.5% more from the one previously quoted.....what gives??

just wondering if anyone had similar experience?? n/m welcomed

Reply by CF on 2/22/08 12:31pm
Msg #236605

UM- that sounds like "bait and switch" to me. That is crazy. Any lender or broker can extend the rate lock!!!! Yes, the lender may loose a couple of bucks for the extension....but E-Loan is a broker and they are paid nicely for those loans that they sling!!!!!!! $$$$ thousands per deal from the lender! Sounds like a bad deal!!!!