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#1900157 - 02/26/14 04:31 PM Rate Lock Dates
swthomeala Offline
Junior Member
Joined: Oct 2005
Posts: 39
Georgia
Scenario: I come in to apply for a loan. My rate lock date is set on 1/12/14. Before my loan closes - my rate lock has been extended twice [1/31/14 and 2/25/14] but my rate did not change. What date would I report on the HMDA LAR for my rate lock date? Would it be 2/15/14 the last date I extended it out or the 1/12/14 date that my rate was locked at and will be applied to my loan?
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swthomeala

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#1900173 - 02/26/14 05:01 PM Re: Rate Lock Dates swthomeala
Noplacelikehome Offline
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Joined: Mar 2011
Posts: 30
If the rate hasn't changed we use the original lock date.

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#1900231 - 02/26/14 06:50 PM Re: Rate Lock Dates Noplacelikehome
swthomeala Offline
Junior Member
Joined: Oct 2005
Posts: 39
Georgia
thanks for answering me. that is my thoughts too but we have a difference of opinion here - depending how you interpret what the reg states.
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#1901634 - 03/03/14 05:13 PM Re: Rate Lock Dates Noplacelikehome
Frank Ernest Offline
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Joined: Nov 2004
Posts: 138
Somewhere on a beach
Originally Posted By: Noplacelikehome
If the rate hasn't changed we use the original lock date.

We use the original lock date if the rate didn't change and the extensions were made before the original lock expired. However, if the original lock expired before the rate was extended, we use the date it was extended, even if the rate remained the same.
Last edited by Frank Ernest; 03/03/14 05:14 PM.
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