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BankersOnline.com Forums State-Specific Compliance Issues Tennessee Extended rate lock fee
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#2269445 - 04/21/22 01:33 PM Extended rate lock fee
Compliance504 Offline
Platinum Poster
Joined: Dec 2008
Posts: 731
Tennessee
We have applicants requesting to lock in rates for 180 days, which our investor allows for an upfront, unrefundable fee
When testing in Encompass we are getting a FAIL due to TN Code 45-3-705(2)
Do any of you in TN charge a fee like this…required by investors??

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#2269451 - 04/21/22 02:06 PM Re: Extended rate lock fee Compliance504
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 84,332
Galveston, TX
You are an S&L and this is a mobile home transaction?
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#2269470 - 04/21/22 04:27 PM Re: Extended rate lock fee Compliance504
Compliance504 Offline
Platinum Poster
Joined: Dec 2008
Posts: 731
Tennessee
We are an S&L…this is for residential mortgage transactions….this citation appears to only apply to home improvement installment loans and mobile home transactions….we think we might have something set up in Encompass incorrectly that is causing the FAIL notice…

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