Is anyone currently refundable rate lock fees? If so I have a couple of questions on how your disclosing such and some of the mechanics of collection.

Thank you.

At what point and under what conditions is it refundable? Never really heard of such a thing before.

If the loan closes, it is credited to the loan costs. Basically another form of an application fee, only not taken until the loan rate is locked rather than at application.

IMO, a sledgehammer to a pinhead reaction to a short term market timing problem.

Then it sounds like it would be added to Section A as a rate lock fee when the rate is locked and then a general lender credit would be added in Section J.

Kind of what I was thinking, thank you.

Now to figure out the mechanics of such a stunt when you do not have a centralized rate lock desk.

Thanks for the quick input.