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Lending Compliance
Interest Rate Lock/Float Agreement required
Thread Options
#1622644
-
11/01/11
03:27 PM
Interest Rate Lock/Float Agreement required
2old2care
Platinum Poster
Joined:
Oct 2006
Posts: 712
PA
Is the Interest Rate Lock/Float Agreement required under any regulation?
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Lending Compliance
#1623649
-
11/02/11
07:16 PM
Re: Interest Rate Lock/Float Agreement required
2old2care
Truffle Royale
10K Club
Joined:
Jul 2003
Posts: 17,410
No
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#1623787
-
11/02/11
09:43 PM
Re: Interest Rate Lock/Float Agreement required
Truffle Royale
RulesFollower
100 Club
Joined:
Oct 2011
Posts: 185
FYI, most secondary market lenders require the form be signed to verify the accuracy of the Important Dates section of the GFE.
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#1623798
-
11/02/11
10:10 PM
Re: Interest Rate Lock/Float Agreement required
RulesFollower
Truffle Royale
10K Club
Joined:
Jul 2003
Posts: 17,410
None of mine do.
We just have a copy of the rate lock in the file.
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#1623864
-
11/03/11
12:53 PM
Re: Interest Rate Lock/Float Agreement required
Truffle Royale
Dan Persfull
10K Club
Joined:
Aug 2002
Posts: 47,642
Bloomington, IN
Originally Posted By: Truffle Royale
None of mine do.
We just have a copy of the rate lock in the file.
Same here.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.
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#1623901
-
11/03/11
02:08 PM
Re: Interest Rate Lock/Float Agreement required
Dan Persfull
#Just Jay
10K Club
Joined:
Oct 2006
Posts: 14,390
Cheeseheadland
Ditto.
_________________________
I don't repeat gossip, so listen closely...
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#1623926
-
11/03/11
02:43 PM
Re: Interest Rate Lock/Float Agreement required
#Just Jay
RulesFollower
100 Club
Joined:
Oct 2011
Posts: 185
....I do live in an "overkill" environment but seriously, the lock agreement with the customer is acually a required document on the Funding Checklist with most or our investors.
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