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Loan Officer Has Been Lying About Rates [ca, Usa]

Location: California

Purchasing a new build and have been working with the builders lendor for about a month. He sent me the loan disclosures on Aug 26th, about 45 days before scheduled closing. I was originally told this is when we lock in rates by both him and the sales agent.

I requested to lock in the rate that was printed on the disclosures. He refused and said "we need to wait, rates are going to come down." I have checked in 4 times since then and told him the news is making me nervous and I want to lock in a rate.

Every time he refused a lock and said "rates keep coming down." He also has said multiple times "I have extra incentive money to play with, just in case, don't worry." This is all in email.

He FINALLY will allow us to rate lock today.....at HALF A PERCENT HIGHER than what was quoted during the disclosures. He is refusing to do anything to fix it at this point, and we are less than a month from closing. This will cost me tens of thousands in interest.

I dont want to lose the house....what are my options here? Im going to talk to the builder and see if theyll honor the incentives if I get another lendor, but im doubting that. What recourse do I have? If I sign a loan agreement, can I sue them for the damages after the fact? This feels like blatant fraud to me.

Should I get an RE attourney immediately? Can I even do anything at all?

Thanks in advance.

submitted by /u/RockHardSalami
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Loan Officer Has Been Lying About Rates [ca, Usa]

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