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I entered into the process of taking out a mortgage with Co/LAB Lending from XXXX XXXX XXXX XXXX in order to purchase a home which we had an offer accepted on. Early on in the process, I was gold by the mortgage broker that my interest rate was locked in at 5.25 % ... About XXXX weeks before closing, I received a call from the broker stating she had made a mistake, and did not lock in my mortgage rate. She claimed it was too late to go back and lock in the rate I thought I was receiving, and she cautioned that rates were continuing to drastically rise ... She claimed she gave up all of her profits to get me close to the rate I anticipated, but my rate still went up to 5.75 %, which is a significant amount and was not in my budget. The company refused to take any other actions to get my mortgage back to the rate I was told was locked in, and that I had budgeted my entire home buying process around. This company has been very difficult to work with, as the loan processor often also didn't correctly handle details he was given. For example, he was told multiple times that I would not be escrowing my homeowners insurance and taxes with my mortgage, yet multiple forms of paperwork received by him did not indicate that. He also sent out via email a crucial document at XXXX p.m. on a Tuesday which needed to be signed that day or my closing would be delayed. He also never texted or called me to let me know that document had been sent. Because I was engaged in other things and not checking my email frequently that late in the day, and had no idea the document was coming or the time sensitivity associated with it, I almost missed receiving the document. I also had questions before signing it, but was able to get the broker via her cell phone about XXXX that evening to answer the questions. But the mistakes by this company are not acceptable, particularly when they're costing me thousands of dollars more when I was told the interest rate was locked in.
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