Florida Regulations 69V-40.155: Lock-in Agreement
Current as of: 2024 | Check for updates
|
Other versions
A lock-in agreement which includes applicable information as required by sections 494.0069(1)(a)-(e), F.S., and the following statement meets the requirement of section 494.0069(1)(f), F.S.
(1) The mortgage lender shall make a good faith effort to process the mortgage loan application and stand ready to fulfill the terms of its lock-in agreement before the expiration date of the lock-in agreement or any extension thereof.
(2) Any lock-in agreement received by the lender by mail or through a mortgage broker must be signed by the lender in order to become effective. The borrower may rescind any lock-in agreement until a written confirmation of the agreement has been signed by the lender and mailed to the borrower or to the mortgage broker pursuant to its contractual relationship with the borrower. If a borrower elects to so rescind, the lender shall promptly refund any lock-in fee paid.
(3) If the loan does not close before the expiration date of the lock-in agreement through no substantial fault of the borrower, the borrower may withdraw the application, whereupon the lender shall promptly refund to the borrower any lock-in fee paid by the borrower.
Rulemaking Authority Florida Statutes § 494.0069(6). Law Implemented 494.0069(1)(f) FS. History-New 12-3-91, Formerly 3D-40.155, Amended 10-1-10, 11-30-15.
Terms Used In Florida Regulations 69V-40.155
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
(2) Any lock-in agreement received by the lender by mail or through a mortgage broker must be signed by the lender in order to become effective. The borrower may rescind any lock-in agreement until a written confirmation of the agreement has been signed by the lender and mailed to the borrower or to the mortgage broker pursuant to its contractual relationship with the borrower. If a borrower elects to so rescind, the lender shall promptly refund any lock-in fee paid.
(3) If the loan does not close before the expiration date of the lock-in agreement through no substantial fault of the borrower, the borrower may withdraw the application, whereupon the lender shall promptly refund to the borrower any lock-in fee paid by the borrower.
Rulemaking Authority Florida Statutes § 494.0069(6). Law Implemented 494.0069(1)(f) FS. History-New 12-3-91, Formerly 3D-40.155, Amended 10-1-10, 11-30-15.