HPML - APR Lock In Date

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Question:

What is the lock in date on an APR for the new HPML? Is it the date the loan is approved or is the date of the final TIL disclosures (closing documents)?

Answer:

It is the date on which the interest rate on the loan will not change. For example: if the rate can be changed by the bank up to closing, then the closing date would be the lock date. If the rate cannot change after the loan is approved, then the approval date would be the lock date.

First published on BankersOnline.com 2/08/10