The MS Lock-In Agreement (Cx16587) is provided pursuant to the provisions of Miss. Code Ann. §§ 81-18-28(2) & 81-18-33(1)(f) and Miss. Admin. Code 5-2:1.11. Because Supra § 81-18-28(2) only requires a lock-in fee agreement to be executed if a lock-in fee is collected, Cx16587 is configured to print under the following conditions:
- Document Package Type = Initial Disclosure
- Lock-In Fee Charged on Loan = Yes
- Rate Lock Initiated? = Yes
- State Code = Mississippi
According to Supra § 81-18-28(1)(a), no lock-in fee may be collected if a rate-lock is for 60 days or less. To ensure that clients are aware of this fact, the caption “(must be for at least 61 days)” appears in conjunction with the loan period disclosed on the document.
Even though, by default, Cx16587 prints only when a lock-in fee is charged, we are triggering the caption “(must be for at least 61 days)” to print under the same condition. This will help to ensure that this caption does not print if our clients custom configure the document to print regardless of whether a lock-in fee is charged or not (under Supra § 81-18-28[a], the rate can be locked for less than 60 days if no lock-in fee is assessed).
This change will be in effect on September 27, 2017. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.