Signed Mortgage Commitment and Rate Lock Agreement

Effective immediately, American Financial Resources, Inc (AFR). will require a signed Mortgage Commitment and Rate Lock Agreement on all broker transactions prior to or at closing. AFR will require a fully executed Mortgage Commitment and Rate Lock Agreement at least 3 business days prior to closing on the following states:

• Idaho Interest Lock/Float Agreement (within 3 days of receipt of loan application)
• District of Columbia
• Maryland
• Massachusetts – The mortgage commitment must
• New Jersey
• Oregon
• Vermont
• Washington
• Wyoming

The waiting period requirement under the MDIA will still apply if the APR at consummation is out of tolerance by more than the threshold (0.125%) and/or the finance charge is underdisclosed by more than $100 or $35 for a rescindable transaction. The loan cannot close until 3 business days after the re-disclosure TIL is received by the borrower.