Applicant's rate lock agreement expires tomorrow. Last week, the applicant requested a rate lock extension due to the construction not being completed on time. Bank extends the rate lock with the investor for an additional 10 days; investor charges a fee. The bank is passing that fee to the borrower. Two questions:

1) Does the applicant need to sign a new rate lock agreement?
2) In what bucket would the rate lock extension fee be placed on the revised LE?

Thank you!

Your contract with an investor has absolutely nothing to do with the consumer.

At rate lock extension fee is payable to the creditor, so Section A.

and yes, my understanding is that you need a new rate lock agreement because the expiration date has changed. We also indicate the extension fee which the borrower agrees to by signing the new agreement.