2010 Mississippi Code
TITLE 81 - BANKS AND FINANCIAL INSTITUTIONS
Chapter 18 - Mississippi S.A.F.E. Mortgage Licensing Act of 2009.
81-18-28 - Maximum lock-in fee; contents of lock-in fee agreement [Repealed effective July 1, 2010].

§ 81-18-28. Maximum lock-in fee; contents of lock-in fee agreement [Repealed effective July 1, 2010].
 

(1)  A licensed mortgage broker or mortgage lender may enter into lock-in agreements and collect a lock-in fee from a borrower on the lender's behalf. The lock-in fee shall not exceed the following: 

(a) No fee may be collected to lock in for sixty (60) days or less; 

(b) One percent (1%) of the principal amount of the loan to lock in for more than sixty (60) days, but not to exceed one hundred eighty (180) days; 

(c) One and one-half percent (1-1/2%) of the principal amount of the loan to lock in for more than one hundred eighty (180) days, but not to exceed two hundred seventy (270) days; or 

(d) Two percent (2%) of the principal amount of the loan to lock in for more than two hundred seventy (270) days. 

(2)  Before the collection of a lock-in fee, the applicant must be provided a copy of the lock-in fee agreement. This agreement shall contain at least the following: 

(a) Identification of the property that is being purchased with the loan; 

(b) The principal amount and term of the loan; 

(c) The initial interest rate and/or points, whether the interest rate is fixed or variable, and if variable, the index and margin, or the method by which an interest rate change for the mortgage loan will be calculated; 

(d) The amount of the lock-in fee, whether the fee is refundable or nonrefundable, the time by which the lock-in fee must be paid to the lender, and if the fee is refundable, the terms and conditions necessary to obtain the refund; and 

(e) The length of the lock-in period that the agreement covers. 
 

Sources: Laws, 2006, ch. 451, § 2; reenacted and amended, Laws, 2007, ch. 581, § 16, eff from and after July 1, 2007.