Pursuant to Miss. Code Ann. §81-18-28 and 5-2 Miss. Code R. §1.11, DocuTech will now be providing a generic lock-in agreement for loans secured by property located in Mississippi. This agreement is split into several sections.
The first section is a preamble with a general recital typical in most agreements. The second section sets forth the terms of the agreement, such as the interest rate being locked, as well as describing the statutory limits on the lock-in fee. The third section sets forth the conditions of the agreement, such as when, how, and under what conditions the lock-in fee will be refunded.
This agreement will print by default in Initial Disclosure packages when a lock-in fee is charged and a rate-lock is initiated. There is a broker and a lender version of the agreement, which will print under the appropriate circumstances.
These changes will take effect on November 1, 2012. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
October 24, 2012