Section 0180-17-.04 - LOCK-IN AGREEMENT(1) A lock-in agreement shall include, but not necessarily be limited to, the following: (a) The interest rate and discount points to be paid by the applicant on the residential mortgage loan, and if the residential mortgage loan has an adjustable interest rate, the initial interest rate to be paid by the applicant on the residential mortgage loan;(b) The amount of any lock-in fee and the time within which the lock-in fee must be paid;(c) The length of the lock-in period;(d) A statement that if the residential mortgage loan is not closed within the lock-in period, the mortgage lender will no longer be obligated by the lock-in agreement and that any lock-in fee paid by the applicant may not be refundable except under certain conditions (the conditions do not have to be specified);(e) A statement that any terms not locked in by the lock-in agreement are subject to change until the residential mortgage loan is closed at settlement; and(f) Any other terms and conditions of the lock-in agreement required by the mortgage lender.Tenn. Comp. R. & Regs. 0180-17-.04
Original rule filed January 25, 1989; effective May 1, 1989. Repeal and new rule filed May 28, 2010; effective October 29, 2010.Authority: T.C.A. §§ 45-1-107(h), 45-13-103 and 45-13-206(a).