Is a mortgage broker held responsible if they pre-qualify but never submit the application to a bank?

I got prequalified, then I got an offer accepted for a house, and last minute, the broker rejected my application after detailed review. The application was never rejected by a bank. Can the broker do this? It's very misleading and I have lost money due to their inadequate ';prequal'; letter.Is a mortgage broker held responsible if they pre-qualify but never submit the application to a bank?
IF the broker walked away from your prospective loan, there's a good chance there's something seriously wrong with your application. And you shouldn't be reliant on a single broker if you're truly qualified for a loan...





If you are indeed a qualified borrower, you can apply for a loan anywhere...I'd find out what the problem is instead of trying to go after a broker.Is a mortgage broker held responsible if they pre-qualify but never submit the application to a bank?
Read the details of their ';prequal'; letter. Did it state that an application had been approved by a bank? There is a different between broker ';prequal'; and lender ';preapproval.';