Lender Guidelines: 9.1 Cancellation and Commitment Expirations

Lender Guidelines: 9.1 Cancellation and Commitment Expirations

The Lender is responsible for cancelling all mortgage loans if the mortgage loan will not be delivered. Please note, should the Lender cancel a locked loan, the Lender will be prohibited from locking another loan for that borrower for a period of 30 days unless otherwise authorized by TSAHC.

In a case where the borrower cancels or withdraws his or her application, the locked loan must be cancelled by contacting the Lakeview Commitment Desk at 855-Lakeview Opt. 1.

  1. In a case where the Commitment or lock expires, the Lender must request an extension by contacting the Lakeview Commitment Desk at 855-Lakeview Opt. 1.

In all cases, the expiration of the commitment without a cancellation or extension by the Lender may result in the Lender being placed on “Inactive Status”, meaning the Lender may submit no new registered loans until the problem is resolved. Failure to comply with this provision may result in the Lender’s termination from the programs.

related articles