So I’m in the middle of a loan with Chase, and the tl;dr is they aren’t honoring a mortgage rate the original loan officer promised me (in email and text). They’re also telling me due to fair lending laws they are unable to manually override the rate to what I want. I just want to check here because I have zero trust in them at this point – is this true, or are they feeding me a line to make me go away/swallow their terms?
The full story is, we’re purchasing a new construction to be completed end of this month. Three months ago in March, I applied through Chase after shopping around because the officer promised the most competitive rate after some relationship discounts. I asked him what we needed to do, and he told me in writing that all I needed was to maintain a certain balance until closing. After depositing that balance, I asked if that was sufficient, he confirmed yes, and promised that he would work on updating the rate. We continued to receive documents with the pre-discount rate. Each time I asked him about the status, and to send me new documents, and each time he would respond and promise they would be updated at closing.
Fast forward to a few days ago (20 days before close), our application was passed to another officer (he has mysteriously gone on leave) and they are now saying that I do not qualify for the discount without maintaining the amount AFTER closing as well, essentially requiring another massive transfer on top of what I’ve already done. This does make sense, but I feel the reasonable window to tell me this was three months ago or one of the five times I asked. For the last few days I’ve been blowing up the phones of anyone in the reporting chain I can get ahold of and getting stonewalled, before finally being told manual overrides weren’t possible due to fair lending laws. Is this true, or complete bullshit to make me go away? Do I have any recourse here? I could blow up the deal and walk (which I’ve threatened to do), but realistically the seller is extremely antsy and I don’t know how they’d respond to a new lender so late.