This document is provided pursuant to the provisions of Cal. Fin. Code § 50203(a)(3)(A) & (B), which requires lock-in agreements entered into by licensees under the California Residential Mortgage Lending Act to contain (at a minimum) certain disclosures.
Cx7442 discloses a “Loan Fee,” the amount of which is pulled from Field 27605 (Total Fees Paid to Lender). This amount includes the amount of the lock-in fee, which is also separately disclosed in the agreement. Since the disclosure of a “loan fee” is not required under California law, and to prevent borrowers from mistakenly concluding that the lock-in fee is in addition to the loan fee, we will be removing the loan fee from the agreement.
This change will take effect on May 21, 2014. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
May 14, 2014