My lender didn’t rate lock on time and rates went up

[Evelina Khaimova]

Hi guys. Can any actions be taken against the mortgage broker for not locking in my rate when the rate was still low? We have been trying to refi since November. We are in March and we have submitted everything they asked for and have been doing everything they asked for. The broker sent us the loan commitment letter to sign but the language in there indicated it was "variable" - I of course questioned that but it took him (no joke) 3 weeks to answer the question of if it's in fact variable or fixed. When he confirmed, we asked him for a new loan commitment letter without any wording of variable and then we were waiting and waiting. Long story short, he apologized for dropping the ball and missing the time to lock our rate when it was still low. Now rates are higher and he is asking that we bring more money to the closing to lower LTV. We were already bringing more than we originally discussed. I'm disappointed and at this point financially drained becuase we have to maintain our crazy mortgage and we had to pay off some debt under his request. Is there anything I can do? He did say that he will try to close us at the lower rate and will loose our commission but then he said he will do that and we would have to bring more money to closing table. It's been almost 2 days and we still don't know how much money. Any advice would be greatly appreciated!! Thank you!!