Florida Statute 494.0069(1)(c) requires that each lock-in agreement must “contain the discount point locked in, if any”. Since the statute does not specify whether discount points are to be paid by the borrower or seller specifically, we are taking a more conservative approach and modifying our Generic Florida Interest Rate Lock Agreement (Cx13498) to disclose both borrower-paid and seller-paid discount points (if they exist). To accomplish this, we are replacing the current buyer-paid field that prints for “Discount Points” (“Fee 802 Buyer Amount” [FI 305]) with “Total Expense for Line: 802” (FI 21856).
This change will be in effect on October 8, 2019. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.