CALCULATION OF THE RATE SPREAD - LOCK-IN-DATE
Is the Lock-in-Date the one when the borrower signed the documents or is the one when the loan funded? HMDA experts please help!
The lock in date is the date that the interest rate was locked. You might want to check the HMDA Guide: Getting It Right for more info.
Rate spread is based off the interest rate lock-in-date.
what if the loan was never locked and floated until closing. Would than the lock date and the closing date be the same.
The interest rate would then be locked at closing, so the closing date would drive the calculation.
If no lock-in agreement is executed the relevant date (rate lock date ) is the date on which the institution sets the rate for the final time before closing.