The VA Lock-in Agreement is provided pursuant to the provisions of 10 Va. Admin. Code §5-160-30(B). The Agreement discloses to borrowers whether private mortgage insurance (PMI) is or is not required to be paid by them in connection with their loan. In order to make the disclosure more comprehensible to the borrower, the segment that discloses the specifics of adjustable rate mortgages has been modified. Changes include the addition of percent signs to applicable values, the insertion of the supplemental word “months” after the “Adjustment Period” amount, the inclusion of support for more Index Descriptions, and various minor alterations.
These changes will be available March 19, 2015. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
March 18, 2015