Use Application Date as a Lock Date?

Answered by:

Question:

For companies that do not use a lock date, would using the application date work for the lock date when it has been determined that HPML loans will not be made?

Answer:

Not necessarily, the lock date is the day the loan officer decided to make the loan at the rate. This could be the application date, but it most certainly might be a later date. It's not something you can set unconditionally. It varies for each loan.

First published on BankersOnline.com 3/22/10