Mtg. Broker vs. Title Company

[OU812]

What is the name of your state? Florida

I'll try to make a long story short.
12/12 - I contacted the broker to refi my 30 yr to a 15yr @ 4.5% - he ran the credit, and completed the documents.
Early January docs still not received - he "forgot" to send them
2 Appraisers supposedly bailed on the assignment so it took another 2 weeks to get that done.
He found the Title company to close the loan, and paid to extend my lock twice due to his negligence.

He says my lock was set to expire 3/8 (although I thought it was 2/28)

Anyway, the docs weren't ready until 3/1, and the title company had no problem with us coming in 3/2 and signing docs that were back dated to 2/28 (they said due to the broker's request). Thus, shortening our 3 day right of recision to 1. Apparently, the paperwork lacked our initials on 1 page that were in the initial instructions from the lender. That was initialed 3/7 and fedexed to the Mtg Co. @ 4:12pm on 3/8.

Now, the Mtg Co. is refusing to fund the loan because the docs were not received on time. The broker claims that it's "a given" in the industry that the final "sweep" is at 4pm and the Title Co. missed their deadline by 12 minutes . The title Co. claims that they got the docs there on time and the broker/Mtg Co is to blame.

The broker blames the Title Co.. The Title Co blames the Mtg. Co. and the Mtg. Co refuses to discuss any of this with me because they claim to be a "wholesaler" who will only deal with the broker & Title Co. My broker wants me to pay 2%, $2k to relock the loan and then sue the Title Co. in small claims court for it. I'm tempted to just walk away from the whole thing (if that's even possible) and eat $750 that I'm out already. However, I would obviously like to have the loan since that's the reason this all started.

Any input is appreciated.

 

[seniorjudge]

Anyway, the docs weren't ready until 3/1, and the title company had no problem with us coming in 3/2 and signing docs that were back dated to 2/28 (they said due to the broker's request). Thus, shortening our 3 day right of recision to 1. Apparently, the paperwork lacked our initials on 1 page that were in the initial instructions from the lender. That was initialed 3/7 and fedexed to the Mtg Co. @ 4:12pm on 3/8.

This is fraud.

 

[OU812]

Anyway, the docs weren't ready until 3/1, and the title company had no problem with us coming in 3/2 and signing docs that were back dated to 2/28 (they said due to the broker's request). Thus, shortening our 3 day right of recision to 1. Apparently, the paperwork lacked our initials on 1 page that were in the initial instructions from the lender. That was initialed 3/7 and fedexed to the Mtg Co. @ 4:12pm on 3/8.

This is fraud.

I think so too, and mentioned that to the Broker. His comeback was "the Title company is still responsible then." I told him that the Title company claims he told them to do it and he says "if I told them to jump in a lake would they do that too?". But, we signed the paperwork so I'm afraid that even though the Title company drew up the paperwork that I'm still responsible because I signed it so I'm still screwed.

 

[seniorjudge]

I think so too, and mentioned that to the Broker. His comeback was "the Title company is still responsible then." I told him that the Title company claims he told them to do it and he says "if I told them to jump in a lake would they do that too?". But, we signed the paperwork so I'm afraid that even though the Title company drew up the paperwork that I'm still responsible because I signed it so I'm still screwed.

This won't make you feel any better, but every successful con job needs a willing victim.

 

[John Se]

Response to Mortgage broker:

You are a completely incompetent, you are fired for incompetency. Go away and never call me again. there is no shortage of lenders or mortgage brokers. find someone who will really do the job, not just say they will do the job.