Why is "lock" and "conditional" used in the same sentence?
Does the word "lock" have any meaning if the rate continues to adjust during that certain period? If so, why do some lenders use the word "lock", when it should be "conditional" that they need to use? As a newbie, this is very deceiving. I thought "locked" meant locked
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Hi Rodney! i agree, totally misleading. I've been in the biz a long time, and for the first time last year, ran into a lender who told me the rate is "locked"... but followed up with "but its not a forward-moving lock". "...so it's not locked then!" i spat back! Im finding that the terminology each lender uses can be very different across the board, and i agree, its confusing and misleading for EVERYONE in a transaction, newbies and seasoned vets alike.
I suggest moving forward asking for a "lock confirmation", or in a consumer loan setting, asking for a "locked LE".
it may not resolve your issue still, but having it in writing is better than nothing, and hopefully gives you a leg to stand on if you need to duke it out.
Best of luck!