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Rate Locks are to be written and signed agreements by our borrowers from what I gather on this unclear rate lock topic.
My lenders feel that if they check the box on the LE that “YES” they have a rate lock, that is all they need, as that is their agreement. I disagree with this comment from my Residential Lenders.
My lenders then said, if we had the borrowers sign the LE then we would have that written agreement. Again, I disagree. My take on this Rate Lock debate is it should be a separate agreement stating the rate lock, signed by both the borrower and the lender, and provided at the time the LE is issued. (With the box marked yes if you are providing this separate agreement). Can anyone help give a clear definition as to this rate lock agreement and if the LE is considered as such agreement?
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