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#2270003 - 05/03/22 08:13 PM Extending a rate lock only for employees
Compliance504 Offline
Platinum Poster
Joined: Dec 2008
Posts: 694
Tennessee
I wasn't sure which forum was the best fit for this...please move if it needs to go somewhere else....

If we extend a rate lock for employees, is that a red flag of any kind? We would like to extend rate locks for our employees who have construction/perm loans that will not close within the rate lock period.

Are we allowed to do this for employee applicants when we will not do it for non-employee applicants?

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Fair Lending
#2270016 - 05/03/22 10:51 PM Re: Extending a rate lock only for employees Compliance504
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,396
Florida
IMHO, it should not be a problem if it is listed as an employee perk in the employee manual with the reasons and qualifications.
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#2270017 - 05/03/22 11:14 PM Re: Extending a rate lock only for employees Compliance504
Compliance504 Offline
Platinum Poster
Joined: Dec 2008
Posts: 694
Tennessee
Thanks, Rocky!

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