Document Updates: Oregon Interest Rate Lock/Float Agreement (Cx4297)

It has come to our attention that there is a section on Oregon’s Interest Rate Lock/Float Agreement (Cx4297) that is causing some confusion for borrowers. On the model form, there is a section with instructions “Please initial one, Float or Lock:” followed by two options, one for float and one for lock. Currently, borrowers are expected to choose one or the other and initial only one. Often, buyers are initialing both by accident.

To avoid this confusion, and to continue to adhere as closely as possible to the model form published by Oregon Division of Finance and Corporate Securities, we have added a checkbox next to each option. Borrowers are allowed to check only one checkbox, which will then allow them to initial the option they have chosen. The option they did not choose will not be able to be initialed.

This change will take effect on October 29, 2022. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.

DR-137091

The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.