{"data":{"id":"us-va/13vac10-40-160","jurisdiction":"us-va","citation":"13VAC10-40-160","heading":"Loan lock-in and fees","body":"A.  Authority loans may be locked-in by originating lenders for specific borrowers and properties. The interest rate is locked-in after loan application and after the originating lender has determined that the borrower meets the eligibility requirements and guidelines for the loan program. No substitutions of borrower, property, or originating lender are permitted. A change in loan program may require the loan to be  relocked-in at different terms.\n\nB.  Loans may be locked-in at an interest rate for different periods of time. The loan must close by the lock-in expiration date.\n\nC.  The originating lender may request extensions to the rate  lock-in period, up to a maximum period of time.  Lock-in extension requests must be submitted on or before the  lock-in expiration date. Each extension may be subject to a fee. This cost will be deducted from the net price of the loan. Extensions will not be processed on expired  lock-ins.\n\nD.\n\nUnless otherwise stated in specific program guidelines, the originating lender may not earn compensation in excess of such amount set forth in the origination guide, including any points charged and the service release premium, on each loan. Any excess compensation must be applied as a lender credit to the borrower. In addition, the originating lender may collect fees for reimbursement of costs incurred, such as credit reports, appraisals, tax service fees, or flood certification fees, as applicable.\n\nE. Unless otherwise stated in specific program guidelines, a service release premium will be paid to the originating lender by the authority at the time of purchase in such amount set forth in the origination guide. The premium will be for both first and second mortgages if applicable. This will be included in the net price of the loan when purchased by the authority.\n\nF. For all loan programs, originating lenders are allowed to collect customary miscellaneous fees (i.e., underwriting, document review fees) that have been properly disclosed to the applicant at the time of loan application.","path":["Title 13. Housing","Agency 10. Virginia Housing Development Authority","Chapter 40. Rules and Regulations for Single Family Mortgage Loans to Persons and Families of Low and Moderate Income","Part II. Program Requirements"],"source_url":"https://law.lis.virginia.gov/admincode/title13/agency10/chapter40/section160/","current_through":"2026 Regular Session (effective July 1, 2026)","vintage":"","retrieved_at":"2026-09-14T04:51:45Z","sha256":"263e1ccc981b4e2322b1dd2f311c7f324e90ffa00a476c38a378edff1954e3ee","source_id":"us-va-vac","stale":false,"prev":"us-va/13vac10-40-150","next":"us-va/13vac10-40-170"},"notice":"GroundRules: Original legal text. Not legal advice."}