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No, there is no requirement that the lender allow the borrower to lock a rate. But there are many state laws that require the lender to tell the loan applicant if the rate is floating or fixed, or may be fixed before closing. The purpose of these laws is to inform the applicant of the nature of the loan, not to guarantee a fixed rate.
The borrower was previously locked on a 80% R/T Refi with a 725 FICO and the appraisal came in low which increased the LTV to 84%. The Investor we locked with does not allow a 724 FICO above 80% LTV. Another investor does allow this and the client would like to lock with the other investor. I must redisclose for this change in circumstance but does RESPA require me to let the borrower lock at the time the new GFE is provided?
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