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what proof we can request from LO that the rate lock was in fact done on requested date.

not when rates are low the next day. My LO blatantly lied in couple of scenarios and gets me to think that LO lied again. This is just not my experience but some past clients had similar experiences. I put a phone request to lock on WEDNESDAY morning (before fed announcement) but have n't gotten lock confirmation or  agreement for signing until Thursday evening 8pm. Usually my LO is fast to respond for email/calls but during these last 36 hours none of phone/emails were answered. just want to make sure I am not cheated with higher rate  where as actual lock tooking place today at lower rate on Thursday. .My question is will LO get some kind of system generated acknowledgement with date and time of when rate lock took place from lender/bank.. Usually what is the procedure once LO locks the rate. Does LO need to get the agreement signed.is it valid without signing?
  • September 19 2013 - Herndon
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Answers (9)

The GFE provided at (or shortly after) loan application by your LO will have the exact  dates (Page 1- #1) of your lock. If there are no dates there...you were truly floating. If he/she has locked you as requested- (and there were material changes to your lock), they must do what is called a change of circumstance (internally) and redisclose your GFE with the actual dates of your lock on Page 1 - #1.

I agree with the LO answer below. Call him out.

Good Luck

Tom
  • September 20 2013
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When I lock a loan I receive a email confirmation that my secondary dept. has received my request. Once the lock has been confirmed I receive the lock confirmation. Both of which I forward to my clients as a matter of transparency and good customer service.


  • September 20 2013
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Not every company follows the same procedures when locking someone's interest rate.  Some companies use an automated system in which they can click on the rate and the number of days they wish to lock for, and it's done for them.  Others need to contact a lock/pricing desk that handles the rate lock manually.  Some states, such as Florida, actually require that borrowers sign a lock-in agreement form once the rate is locked.  I'm sure there is something your LO can provide as proof the lock was made.  Rates are about .250% lower now, than they were on Wednesday morning.  So, if they did not lock your rate at that time, they should be able to offer you a lower rate now.  They days of giving a higher rate for higher compensation are over due to Dodd-Frank Act.  So, call your LO out on it.  In the future, if you catch your LO lying to you, they are probably not someone you want to do business with.  All the best!
  • September 20 2013
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If you agreed to lock at a certain rate with your LO, and you got that rate (or what sounds to me you got an even lower rate) I am not sure that it matters. Many times, esp when the Fed is making announcements, lenders actually close their lock desks for repricing. Some lock desks are only open 10 am til 4 or 5 pm. Some lenders allow overnight protection for purchases, but not refinances (meaning if your loan is a purchase, you are allowed to lock outside of normal business hours).
It is easy to check when your lock was made....even without the core lender's paperwork. If it is a 30 day lock, just look at your expiration date. It will be different for a loan locked Thursday than one locked Wednesday.
If you think there is any chance your LO is not telling you the truth, why are you continuing to work with them?
Best wishes, Jim
  • September 20 2013
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We as loan officers are not in the business to lie or be unethical. It is actually impossble to be that way the way loans and loan officers are regulated through the NMLS. I do not lock the rate until I get the initial disclosures and supporting documents back form the borrower because I then know that they wish to do business with me and are not shopping around still.
 
I never play the market and float a rate for a borrower but in the time frame you requested to lock the pricing got better so your rate should either not have changed or it should have gotten better and stated below from a fellow L/O.

And to answer your question, there shoud be a lock agreement form in your application package that will disclose the rate you are lock in at.

Good Luck I am sure everything will be fine!

  • September 20 2013
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Everyone's internal systems are different so it is hard to say how this guy gets confirmation of the rate lock being submitted. Did you get the rate/terms you agreed to lock in at?  Understand nowadays the LO can not make more money based on what rate he provides so their was no direct benefit if he sat on the lock for a couple of hours. If he did and the market went the other way, he would answering questions as to why he did not honor the offer. If he did wait this time, he would have come back to you looking like a hero b/c he was able to get better terms. I would not get hung up on a piece of paper that is just you acknowledging that the rate is locked.

  • September 20 2013
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Is there a standard format for the lock agreement. The rate lock agreement I got is from the mortgage company with their logo on it not the lender and it does not show the time stamp. does every rate lock has to be acknowledged by the lender/bank that they received the lock request and they are guaranteeing the loan amount at requested rate.
  • September 20 2013
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You should have received a lock confirmation.  That should tell you the time and date that it was locked.  If you locked prior to FED announcement your LO would have shot himself in the foot because rates the next day were slightly better.
  • September 20 2013
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I seem to be missing your point. You asked them to lock prior to rates going down, you don't believe your LO did this and instead locked AFTER they went down and you are upset about this? 

So how about they give you the rates as you originally requested them, would that make you happier?
  • September 19 2013
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