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My broker locked in my rate less than a month ago and now, he said my Origination Point will be 1/4 a point higher because he had to file a Lock rate extension. All I want is a copy of the Original Lock paperwork with the lender because their website says lock are for minimum of 30 days. I feel like my broker is not honest. Please help. Thanks

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3 Thoughts on Regarding Mortgage Lock. Do I have legal right to get the Lock in agreement between my lender and broker?
  1. Reply
    golferwhoworks
    December 1, 2012 at 3:50 pm

    yes he can send you a copy of the lock but some are only 7 days some are 15 as well as 30 60 and 90 days

  2. Reply
    Real Estate Guy
    December 1, 2012 at 4:02 pm

    yes, you should have a copy

  3. Reply
    Jack
    December 1, 2012 at 4:37 pm

    Your broker should have provided you with a lock-in agreement disclosure indicating whether your rate was locked (at the terms) or remained floating. This agreement must be provided to you at the time of application and then when the lock-in status changes (i.e from floating to locked).

    If your broker claims that he/she locked you loan on a 30-day, they should provide you with a lock-in agreement from the brokerage office or directly from the lender with the date of such lock. If he/she can’t provide you with this agreement, then they are clearly playing a game on you.

    You have the right to demand an honest and fair dealing and if not, move to another broker or lender. If you know the lender your broker is dealing with in regards to your loan, you might be able to contact the lender directly and find out the true.

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