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GFE with No Rate Lock Date Completed

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  • #3886
    Tower Bank
    Member

    We have a mortgage that is supposed to close Friday. Today is Wednesday. The mortgage staff just noticed that the GFE didn’t have a rate lock date input. There have been no changed circumstances or changes at all since the GFE was sent.

    Would we still be able to close on Friday? What are the ramifications if it were to close on Friday?

    Any advice and comments appreciated.

    #3911
    jholzknecht
    Keymaster

    The GFE contains an error, but that is unavoidable at this point. The safest course of action is to close on Friday using the rate disclosed on the GFE. If you intend to charge a higher rate then the burden to prove that you did not lock the rate is on you.

    #3912
    Tower Bank
    Member

    Thanks for your response. That is what we want to do because it is too late to correct. The rate didn’t change and everything in all other areas of the GFE are still the same.

    Would it be of any benefit to have a corrected GFE in file that was given to the customer? Would it help with examiner scrutiny if this loan was pulled in a sample?

    Thank you for any comments.

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