What happens if my customers loan does not close before the rate lock expiration date?
When your customer locks their interest rate, they are guaranteed to receive that rate as long as they close and fund their loan by the specified expiration date. If their loan closes and funds after this date, the locked interest rate is no longer guaranteed. Instead, your customer will receive the higher of the current market rate or the locked rate. Please note that your customer cannot receive a lower rate by allowing the rate lock to expire.
