Mortgage lender delay causes big increase in rate offered in March

I applied with credit union to refinance and get $50k out of my $650k valued house on which I owe $190k. The offer in March was 3.1% and I immediately submitted anything they asked for because this happened before! After I get schedule to close on May 11, I get an email saying my credit report expired May 4 and they need to pull another one, triggering a hike to 4.35%. Loan officer admitted their processing lagged longer than they anticipated. Is there anything I can do to make them honor the 3.1% rate? Is their any discretion on their part? Last year, I had a 2.5% rate and the same exact thing happened, which is why I immediately responded to any requests. This feels like a damn scam!!

submitted by /u/YellowDogTX
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I applied with credit union to refinance and get $50k out of my $650k valued house on which I owe $190k. The offer in March was 3.1% and I immediately submitted anything they asked for because this happened before! After I get schedule to close on May 11, I get an email saying my credit report expired May 4 and they need to pull another one, triggering a hike to 4.35%. Loan officer admitted their processing lagged longer than they anticipated. Is there anything I can do to make them honor the 3.1% rate? Is their any discretion on their part? Last year, I had a 2.5% rate and the same exact thing happened, which is why I immediately responded to any requests. This feels like a damn scam!! submitted by /u/YellowDogTX [link] [comments]

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