A Washington borrower locks a rate after the initial disclosures. Which document must the broker provide to confirm the lock?
Correct Answer
A) A written rate-lock agreement identifying the locked terms and required lock disclosures
RCW 19.146.030(3) requires written confirmation of the lock terms with the lock disclosure. WAC 208-660-430(3) describes the required rate-lock agreement. An oral assurance or fee receipt alone does not communicate the required terms. Source: RCW 19.146.030(3); WAC 208-660-430(3)(c)-(e)
Why This Is the Correct Answer
RCW 19.146.030(3) requires written confirmation of the lock terms with the lock disclosure. WAC 208-660-430(3) describes the required rate-lock agreement. An oral assurance or fee receipt alone does not communicate the required terms. Source: RCW 19.146.030(3); WAC 208-660-430(3)(c)-(e)
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