We lock our rate at application. The DocMagic form does not have that option. The DocMagic vendor is recommending that we use a Lock-In-Agreement instead, using the date of the application as the Lock In Date. My concern is that we are not advising the applicant when the rate will be locked (prior to locking). Maybe it is just semantics. Does anyone else in NY, lock the rate at agreement and have Doc Magic as their loan document vendor? Do you use the Lock In Agreement?
I look forward to hearing your thoughts.