Bassman,
It sounds to me like the weight has broken loose inside the rod. Most likely the person who built it used Devcon 2 ton epoxy; which is bad news in rod building:( The Devcon epoxy has a tendency to become brittle once it fully cures, and when the rod flexes it fails.
What is on the butt of the rod; cork, eva foam cap, rubber cap?
If you bought the rod from a builder first hand, he should stand behind his work. If you bought it second hand, or the builder doesn't feel obligated to repair it for you then you will need to access the butt of the rod blank (remove cork, or butt caps)
Feel free to shoot me a PM/Email if the builder doesn't help out.
WayWickedRods@gmail.com