Ugh! ONE DAY before closing (cashout refinance), and lender is suddenly finding underwriting concerns that need documentation and telling us to delay our closing. Is this because of spike in rates? What should I do!?

The skeptical part of me fears that our loans (two separate cashout refinances) have lost value due to the spike in rates and the lender wants to make them not happen.

What else might it be? We locked our rates on Nov 22. My partner and I have been very responsive, and the lender has had nearly 2 months to get things straight. They also have a good reputation. We’ve closed several loans with them before.

My partner and I are drafting a fairly scathing email to send to our loan officer and higherups at the company (found their email based on LinkedIn).

Is there anything else we can or should do?

The loan and lender are based in Virginia.

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The skeptical part of me fears that our loans (two separate cashout refinances) have lost value due to the spike in rates and the lender wants to make them not happen. What else might it be? We locked our rates on Nov 22. My partner and I have been very responsive, and the lender has had nearly 2 months to get things straight. They also have a good reputation. We’ve closed several loans with them before. My partner and I are drafting a fairly scathing email to send to our loan officer and higherups at the company (found their email based on LinkedIn). Is there anything else we can or should do? The loan and lender are based in Virginia. submitted by /u/ixikei [link] [comments]

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