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#2243114 - 09/25/20 01:19 PM Rate Locks
Lizz Offline
100 Club
Joined: Aug 2013
Posts: 128
Dunkirk NY
“ How do other banks handle a rate lock situation if something changes through the application process and its determined that it will have to go as non-conforming but the customer already signed a rate-lock.”

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Lending Compliance
#2243115 - 09/25/20 01:23 PM Re: Rate Locks Lizz
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
Your rate lock agreements should contemplate what constitutes an ability for the lender to break the rate lock. You need to sit down with your legal counsel to discuss the process and review your agreements.
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