Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#1806414 - 04/19/13 02:43 PM Rate Lock Expiration Notice
joe411 Offline
New Poster
Joined: Apr 2013
Posts: 7
NY
I just moved to a NY Bank and going through the state regs noticed that borrowers need to be mailed out a notice at least 12 days prior to their mortgage rate lock expiration. My question is can this be a generic form letter informing the borrower to contact the bank, or does it need more specific info? Does anyone care to share their notices?
Thanks in adavance for any responses!

Return to Top
#1809047 - 04/29/13 07:31 PM Re: Rate Lock Expiration Notice joe411
Soccer Offline
Diamond Poster
Joined: Jan 2010
Posts: 1,028
Utopia
Section 38.6 doesn't really get to specific about content, it states in (b)(4) "This notice may refer to both the expiration of the commitment period and the lock-in period provided that the notice is timely with regard to the expiration of each." We lock at application so I don't have a notice to share, but I think you could use a generic form letter with blanks for the specific information for each use.
_________________________
Everything happens for a reason

Return to Top