Cx2792 is provided pursuant to the provisions of Wash. Rev. Code Ann. §§ 19.146.010(13) & 19.146.030(2)(c) and Wash. Admin. Code §§ 208-620-510(3) & (4), 208-660-006, and 208-660-430(3)(c). As published in Wash. State Register 13-24-023 & 13-24-024, several of these sections under the Washington Administrative Code were amended with effective dates of January 1, 2014.
Among these amendments were changes to the definition of a “Rate Lock Agreement” under Wash. Admin. Code § 208-660-006, which will be as follows:
“`Rate lock agreement’ means an agreement with a borrower made by a mortgage broker, loan originator, or lender in which the mortgage broker, loan originator, or lender agrees that, for a period of time, a specific interest rate or other financing terms will be the rate or terms at which it will make a loan available to that borrower.”
Previous to this amendment, “rate lock agreement” was defined as being an agreement extended only by a mortgage broker or loan originator (a lender was not included). We have, therefore, only been printing Cx2792 when “Lender is a Broker” equals “Yes.”
Due to these amendments, we will now be configuring Cx2792 to print when “Lender is a Broker” equals “Allow Any.” Other amendments of note include the deletion of the provision that the rate lock fee be marked as “P.O.C.” in lines 204-209 of the HUD-1, as well as making the language clearer that the rate lock agreement does not need to be entered into during the initial stages of the loan process.
Our configuration change will take effect immediately. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
January 8, 2014