🚀 go-pugleaf

In article <777@aplcomm.JHUAPL.EDU>, hersman@aplcomm.JHUAPL.EDU (Christopher Hersman JHU/APL (301)953-5000 x8098) writes:
> Looking for a Mortgage?  Planning to float?  I hope you can avoid
> an experience like this one I had at Columbia First Mortgage Co.
> 
> After applying at Columbia First and floating my loan for about 45 days
> while interest rates dropped, I found that I could no longer get the
> competitive rates that Columbia First was advertizing to new customers.
> For a full week before locking-in, my Columbia First loan officer
> quoted rates which were a 1/4 point (approx. $400) higher than rates
> quoted to me (posing as a new customer) by other loan officers at
> Columbia First.  With only 10 days till closing, I had no choice but to
> pay the extra 1/4 point.  
> 
> Hopefully, somebody else will benefit from my loss, and Columbia First
> will realize they stand to loose a lot more tomorrow than they will
> gain today from this practice.
> 
> 
> 

What reason did they offer for not allowing you to lock at the lower
rate?  Surely they had an explanation for their action.