Can a loan officer lock in a rate without client consent?

You are absolutely not bound by their rate lock.. However, the problem is different if you're dealing with a bank vs. a broker. If you're dealing with a bank, (big mistake by the way), then you can ask for the manager and question why a rate was locked without your approval, and if rates have improved, demand the lower rate. If they don't budge, then your only option is to cancel your loan and go to someone else.. If your with a mortgage broker, then definitely ask the same questions, but with a broker, it's easier to move the loan then with a bank.. Because the broker has access to numerous lenders, he can just resubmit somewhere else.. Assuming you wish to continue with the same lender/broker... but your situation is not uncommon.. although it's not illegal for the broker to lock in your rate without your approval, it's just bad business... a simple phone call could have saved you and them a lot of grief... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Go to a local mortgage broker...you are not being treated well very early in the process and that doesn't bode well for the future. Starting over with a new lender will not damage your credit or cause you any harm but it will give you the chance to work with someone who is going to treat you right and get a better rate.

When you take the loan application, you quote a rate. Then upon the loan process, we lock you in at the quoted rate. Just because the rate should drop more...you do not get that rate. What would you have done if the rate went up...you wouldbe thanking your loan rep for locking you in as quoted. The difference is problable very small.

Sounds to me like you need to talk to someone with a better knowledge for getting things done. Call Pacific One Lending @ 888-733-4224 and ask for Jean ext.199 or Eric ext.125. We will help you out and get you the service you deserve! We are in Southern California and would be happy to earn you business.

Normally the you should have say on when to lock your rate.Some brokers or bankers, once they lock cannot go back and give you a lower rate unless they have multiple investors to sale the loan to. I suggest going with a new lender. JustineAmerican Mortgage Group