Business ProfileforPCMA Inc

June 15, *0** H33373*39343333353436H intentionally delayed the rate lock. Due to internal H33373*39343333353436H processing delays the original rate of *****% with **** pts. for my loan should be honored. Here is why:Failed to disclose the rate on the loan was NOT LOCKED until AFTER the appraisal was reviewed. Loan ********************* NEVER DISCLOSED/PROVIDED RATE LOCK or informed me it wouldn't lock until after appraisal. I signed several "loan disclosure" packets that outlined ****% but it was NEVER disclosed rate wasn't "officially locked". Unbeknownst to me, approval of the appraisal is integral to rate lock. The appraisal was completed and submitted on Friday June 10, *0** early afternoon PST. I spoke directly with the appraiser ********************* just prior to submittal. My file was delayed over the weekend and WAS NOT PROCESSED UNTIL late Monday, June 13, *0**. My file sat for 3 days. The Sr. ********* ************************* signed off on the criteria on Monday June 13, *0**, including an explanation as to why the hazard insurance was $7,050, higher than typical for properties in this price range. It was then handed off to the rate lock department. On Tuesday, June 14, *0** the rate lock department delayed the file again for lock due to the "high cost of hazard insurance" - an issue which had already been explained to and verified by Sr. *********** The high insurance cost required an "exception" for the change in DSCR ratio and was finally approved late Wednesday, June 15, *0**. This delayed the file long enough that the rates had been raised by the *************** .75%, raising my loan fro ***** to *****%! The irony is the rate was NOT locked due to an exception for low DSCR due to high insurance costs but, DUE TO THE INTERNAL DELAY at H33373*39343333353436H the interest rates moved higher making the loan cost an extra $449/month or $5,388 annually, which for an investment property, is a HUGE amount! The **** is now even lower. Coincidentally, I got my "rate lock" call from Alexander * hours AFTER the Fed rate hikes.