Elizabeth Sydnor
Phoenix, AZ
NMLS 2023239
President's Club Banker
Meredith Salazar Baker
I am extremely disappointed with my experience with Elizabeth during my refinance.
I sent over financials and agreed to have a hard credit pull. Ultimately she sent over the Loan Estimate, she was eager to have me sign the documents that evening, thankfully I did not.
I called her the next day ready to proceed and was surprised by her response. I was told the market had moved and interest rates had increased. I was never told that I needed to specifically request the rate lock and she glossed over the fact the rate was NOT locked. The result was a significant difference between the pricing I had been offered and what was ultimately available.
I was at first shocked, only to find that the Rate Lock option had been marked “No”. I had never been expected to request this as a consumer more-so in the market we are in. I was later told that lender credits had been added to the Loan Estimate at such a level that the loan allegedly could not be locked. None of this was disclosed or anywhere to be found in the Loan Estimate.
Elizabeth also verbally stated that my signature on the Loan Estimate would only indicate that I had received the Loan Estimate and did not mean that I was agreeing to its terms. I was told that my refinance rate would be locked after the loan documents were signed. None of this made sense.
To her disappointment, I read them. All of it was a gross misrepresentation and summary of what signing the documents truly implicates.
Market volatility is understandable and not something a loan officer controls. My concern is the communication and handling of the rate lock. I relied on specific verbal representations about what my signature meant and when the rate would be locked. I was not clearly informed that I needed to affirmatively request the lock or that the alleged lender credits would prevent the lock.
What is especially frustrating is that I have documentation showing that competing loan offers were locked in on their respective Loan Estimates. Had my rate been locked as represented, the pricing would have been comparable and I would have proceeded with Rocket.
Instead, I was left in a position where I would have had to pay additional money to buy the rate down simply to get back to pricing comparable to the offers I had already received. Time ultimately wasted; in an unpredictable market every hour counts.
My experience resulted in a substantial financial consequence that I believe could have been avoided with clear and accurate communication about the rate-lock process.
Ultimately, she lacked integrity in the process and I could not in good faith recommend her when it comes to any purchase, let alone one of the biggest purchases anyone will make in their lifetime.Read MoreRead Less
I sent over financials and agreed to have a hard credit pull. Ultimately she sent over the Loan Estimate, she was eager to have me sign the documents that evening, thankfully I did not.
I called her the next day ready to proceed and was surprised by her response. I was told the market had moved and interest rates had increased. I was never told that I needed to specifically request the rate lock and she glossed over the fact the rate was NOT locked. The result was a significant difference between the pricing I had been offered and what was ultimately available.
I was at first shocked, only to find that the Rate Lock option had been marked “No”. I had never been expected to request this as a consumer more-so in the market we are in. I was later told that lender credits had been added to the Loan Estimate at such a level that the loan allegedly could not be locked. None of this was disclosed or anywhere to be found in the Loan Estimate.
Elizabeth also verbally stated that my signature on the Loan Estimate would only indicate that I had received the Loan Estimate and did not mean that I was agreeing to its terms. I was told that my refinance rate would be locked after the loan documents were signed. None of this made sense.
To her disappointment, I read them. All of it was a gross misrepresentation and summary of what signing the documents truly implicates.
Market volatility is understandable and not something a loan officer controls. My concern is the communication and handling of the rate lock. I relied on specific verbal representations about what my signature meant and when the rate would be locked. I was not clearly informed that I needed to affirmatively request the lock or that the alleged lender credits would prevent the lock.
What is especially frustrating is that I have documentation showing that competing loan offers were locked in on their respective Loan Estimates. Had my rate been locked as represented, the pricing would have been comparable and I would have proceeded with Rocket.
Instead, I was left in a position where I would have had to pay additional money to buy the rate down simply to get back to pricing comparable to the offers I had already received. Time ultimately wasted; in an unpredictable market every hour counts.
My experience resulted in a substantial financial consequence that I believe could have been avoided with clear and accurate communication about the rate-lock process.
Ultimately, she lacked integrity in the process and I could not in good faith recommend her when it comes to any purchase, let alone one of the biggest purchases anyone will make in their lifetime.Read MoreRead Less
