July 2: More chatter on mini-corr, shrinking margins, selling caps; new Freddie security; Citi settles with Fannie
The Mortgage Bankers Association of the Carolinas received this question: “Can we close a loan if we discover that the borrower did not sign his/her lock-in agreement?” First of all, this shows how “out of it” I am: I didn’t know borrowers signed lock-in agreements! My naivety aside, the MBAC writes, “Yes, lock-in agreements are…