What date is the rate considered to be "set" when a lender issues a rate-lock commitment under a loan program, the consumer later changes to another program (subject to different pricing terms, and the lender changes the rate...?

Compliance > Regulation C - HMDA > FFIEC FAQs
Q:  What date is the rate considered to be "set" when a lender issues a rate-lock commitment under one loan program, the consumer subsequently changes to another program that is subject to different pricing terms, and the lender changes the rate promised to the consumer under the rate-lock commitment accordingly?
 
A:  Except as provided in the following sentence, the date of the program change is the date the rate is set. If the lender changes the promised rate to the rate that was available under the new program on the date of the original rate-lock commitment, that is the date the rate is set - provided the lender consistently follows this practice in all such cases or the original rate-lock agreement so provides.
 

This can be found in FFIEC’s FAQs on HMDA-related questions, which can be found at:  http://www.ffiec.gov/hmda/faq.htm

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