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Florida Administrative Code (Last Updated: April 18, 2024) |
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69. Department of Financial Services |
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69V. Finance |
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69V-40. Mortgage Brokerage |
1A lock-in agreement which includes applicable information as required by Sections 12494.0069(1)(a)-13(e), F.S., and the following statement meets the requirement of Section 24494.0069(1)(f), F.S.
26(1) The mortgage lender shall make a good faith effort to process the mortgage loan application and stand ready to fulfill the terms of its lock-in agreement before the expiration date of the lock-in agreement or any extension thereof.
65(2) Any lock-in agreement received by the lender by mail or through a mortgage broker must be signed by the lender in order to become effective. The borrower may rescind any lock-in agreement until a written confirmation of the agreement has been signed by the lender and mailed to the borrower or to the mortgage broker pursuant to its contractual relationship with the borrower. If a borrower elects to so rescind, the lender shall promptly refund any lock-in fee paid.
145(3) If the loan does not close before the expiration date of the lock-in agreement through no substantial fault of the borrower, the borrower may withdraw the application, whereupon the lender shall promptly refund to the borrower any lock-in fee paid by the borrower.
189Rulemaking Authority 191494.0069(6) FS. 193Law Implemented 195494.0069(1)(f) FS. 197History–New 12-3-91, Formerly 3D-40.155, Amended 10-1-10, 11-30-15.
