The New Jersey Interest Rate Lock-in Agreement has been modified to include a provision that, when a loan commitment has been issued without a rate lock-in agreement, the rate will float until five business days before closing, when it will be set, as permitted by N.J. Admin Code 3:1-16.6(a)(2).
In addition, text has been modified to use the terms “Borrower(s)” and “Lender” consistently throughout the Agreement.
The additional provision will begin printing on May 19, 2012. The consistency changes are already in place. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
May 18, 2012
DR 123887 and 124642