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#1806414 - 04/19/13 02:43 PM Rate Lock Expiration Notice
joe411 Offline
New Poster
Joined: Apr 2013
Posts: 7
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!

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#1809047 - 04/29/13 07:31 PM Re: Rate Lock Expiration Notice joe411
Soccer Offline
Diamond Poster
Joined: Jan 2010
Posts: 1,028
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

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