The Board of Directors, at its regular monthly meeting sets
the current rate of interest (posted rate) that is to be charged by the Agency.
The Board will compare the current Agency rate with the Secondary Mortgage
Market Rate charged by Lenders in the Agency's lending area. When a majority of
the Board members vote that an increase or decrease in the current approved
rate is appropriate, the new rate of interest will be in effect for any
application taken after the date of the meeting or exact date as specified by
the Board.
A. Proposed construction
loans will be subject to the posted rate once the veteran notifies the VHPB in
writing that they are ready to close and the loan has been approved by the loan
committee of the Board of Directors. This rate is locked for a period of 45
days or until the loan documents expire, whichever is less.
B. Loan requests in process, but not yet sent
to the attorney for closing, will be set at the new posted rate of interest or
the existing rate at the time of approval by the loan committee of the Board of
Directors, whichever is lower. The stated rate is locked for a period of 45
days or until the loan documents expire, whichever is less.
C. Loan requests that have been approved
without a property or a request for pre-approval will be set at the posted rate
once the sales contract is received by the agency. The stated rate is locked
for a period for 45 days or until the loan documents expire, whichever is
less.
D. Loan application requests
having Board approval and a change in the rate of interest after stated
approval, are not required to be once again presented to the loan committee of
the Board of Directors for re-approval. The exception to this is when the rate
of interest increase or decrease negatively affects the debt to income ratio
causing the loan request to no longer meet the underwriting guidelines or
causing a substantial change in the financial status of the customer.
Notes
25
Miss. Code. R. 202-3.3
Miss. Code Ann. ยง
35-7-7
Adopted - December 8,
2000; Revised - April 20, 2001, January 24, 2013
Amended
2/12/2015
