Document Updates: VA Lock-in Agreement (Cx14674) and VA Mortgage Loan Commitment Agreement (Cx14686)
As previously announced, Virginia’s regulations governing lock-in agreements and loan commitments have been amended (see http://blog.docutechcorp.com/compliance-news-virginia-changes-requirements-lock-ins-commitments). These documents are required under 10 Va. Admin. Code §§ 5-160-10 & 5-160-30(A) & (B). Substantive amendments include the following:
- No longer stipulating that a lock-in agreement may be entered into before or after a mortgage loan approval;
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