Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive)

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Rainmaker
1,157,329
FN LN
Toronto, ON

You should ask the specific lender regarding their policies.

Dec 23, 2015 07:24 AM
Rainmaker
3,985,575
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

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

Dec 23, 2015 08:34 AM
Rainmaker
785,446
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Could depend on the lender, but due to TRID, buyers should be trying to get 60 day locks.

Dec 23, 2015 08:00 AM
Ambassador
4,705,953
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Everyone wants as much info as possible, I dont think this makes you liable though.

 

Mar 04, 2019 10:07 PM
Rainer
16,795
Bill Polack
First Option Mortgage - Suwanee, GA
Bilingual Spanish Loan Officer in Southeast US.

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.

Jan 14, 2016 06:12 AM
Rainmaker
4,432,850
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I had the same thing happen. They have some regulations so they need it.

Dec 23, 2015 08:42 PM
Rainmaker
3,064,754
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

No.  The Buyer and their Lender need to get together...

Dec 23, 2015 08:11 PM
Ambassador
2,759,037
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 Good morning Carla. I think that it would depend upon your state as well as the lending institution.

Dec 23, 2015 05:18 PM
Rainmaker
634,116
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Unusual that it would be needed to get a lock. For underwriting yes, but not for a lock.

Dec 23, 2015 04:18 PM
Rainmaker
686,859
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

That is frought with liability. Never heard of that.

Dec 23, 2015 10:31 AM
Rainmaker
140,418
Joan Dickie
Keller Williams Premier Realty - La Crosse, WI
Keller Williams Premier Realty

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.

Dec 23, 2015 08:46 AM
Ambassador
3,985,140
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

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.

Dec 23, 2015 08:23 AM
Rainmaker
559,214
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

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.

Dec 23, 2015 07:59 AM
Rainmaker
1,611,442
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Never used to be, maybe new TRID rules.

Dec 23, 2015 07:24 AM