TOPIC: Interest Rate

NEW YORK STATE - INTEREST RATE DISCLOSURE

Manager at a bank ($4.2BUSA)
In NY we are required to provide an Interest Rate Disclosure to the mortgage loan applicant to make them aware of when their interest rate for their loan will be set.  We are going to a new loan vendor and they use DocMagic to generate the loan documents.  

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.       

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