Fla. Admin. Code Ann. R. 69V-40.155 - Lock-in Agreement

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.

Notes

Fla. Admin. Code Ann. R. 69V-40.155

Rulemaking Authority 494.0069(6) FS. Law Implemented 494.0069(1)(f) FS.

New 12-3-91, Formerly 3D-40.155, Amended 10-1-10, Amended by Florida Register Volume 41, Number 223, November 17, 2015 effective 11/30/2015.

New 12-3-91, Formerly 3D-40.155, Amended 10-1-10, 11-30-15.