I have just been told that Iowa Law says that you don't need a written rate lock agreement in order to mark a loan locked under TRID.
Questioning the source and would appreciate any Iowa lenders chiming in, especially with a citation if such exists.

Thank you.

We do not exercise rate lock agreements. We never have. We consider the rate locked at the time of application. We always honor that rate.

I don't have a citation though.

"Iowa Law says that you don't need a written rate lock agreement in order to mark a loan locked under TRID."
This was previously IBA's stance but they have since shifted gears and are recommending written rate lock agreements similar to the discussions here in BOL's TRID forum.
In our shop we are shifting from not obtaining written lock agreements to always getting them.

Most of you that say we don't do written agreements but will honor the rates quoted were probably not around in the 80's when you could be upside down on the interest rate by 500 basis points in 45 days. Don't think for a minute that could not possibly happen again.

Plus, State law does not and would not override the CFPB rules.

It could happen a lot sooner than 45 days. We used to call commercial customers a few times a day to say prime changed! (This was before banks had websites.)

What CFPB rule are you referring too?

The rule that says in order to report a rate as locked on the LE you have to have a written rate lock agreement with the consumer.

That is the most recent guidance I received from IBMC. IBMC also says that the written rate lock agreement does not need to be signed. Now that you are doing rate locks, are you getting them signed?

We are getting them signed. We send them with the loan estimate. Our software has the signature line and not able to remove it.