1,157,785
You should ask the specific lender regarding their policies.
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Hella Mitschke Rothwell
Honolulu, HI
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Carla Muss-Jacobs, RET...
Portland, OR
3,986,258
The buyer gets a copy of the contract and is responsible for geting it to the lender. I will send it just to keep things moving. Then I let my buyer know that they dropped the ball
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Carla Muss-Jacobs, RET...
Portland, OR
911,338
Could depend on the lender, but due to TRID, buyers should be trying to get 60 day locks.
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Pete Xavier
Pacific Palisades, CA
6,393,404
Everyone wants as much info as possible, I dont think this makes you liable though.
16,795
We don't need a contract to lock a loan rate, but we do need an address. If a loan officer locks in a rate repeatedly and doesn't produce a loan, most likely he/she will be fired. The money is set aside for that loan and investors don't like putting money aside that isn't used. I won't lock in the loan until I get all the documents back from the buyer. For this reason, I quote the rate a little higher to allow room for adjustments. If the rate ends up lower, then I'll adjust it back down.
4,434,127
I had the same thing happen. They have some regulations so they need it.
3,071,489
2,759,812
Good morning Carla. I think that it would depend upon your state as well as the lending institution.
634,482
Unusual that it would be needed to get a lock. For underwriting yes, but not for a lock.
687,136
140,768
I send the accepted contract to lender as soon as I fet all signatures. Locking is up to buyer and lender and sometimes the purchase agreement.
3,988,007
I think it has to do with the lender and the investor. They may be requiring proof to be assured the loan officer is not fudging or playing games.
617,935
Carla,
Each lender has their own internal policies but as a former lender I’ve never heard of any law or regulation that the lender had to have a copy of the contract in hand before they could lock a rate. You lock rates on refi’s all the time with no contract.
While we brokers often provide it, that is really between the buyer and lender. Lender should be asking the buyer for it.
1,844,301