Guide to Mortgage Lock-ins

State Agencies
State consumer protection offices, banking authorities, and offices of the attorney general can be contacted regarding complaints against many lenders doing business in the state. (Some states have enacted legislation to specifically address complaints about mortgage lock-ins.)

Federal Agencies
In addition, some lenders are directly supervised by federal regulatory agencies, as shown in the list that follows:

Mortgage Companies
Division of Credit Practices
Bureau of Consumer Protection
Federal Trade Commission
601 Pennsylvania Avenue, N.W.
Washington, D.C. 20580
(202) 326-3224

Federally Insured Savings and Loan Institutions and Federally Chartered Savings Banks
Office of Thrift Supervision
1700 G Street, N.W.
Washington, D.C. 20552
(202) 906-6000

State Member Banks of the Federal Reserve System
Division of Consumer and Community Affairs
Board of Governors of the Federal Reserve System
20th and Constitution Avenue, N.W.
Washington, D.C. 20551
(202) 452-3946

National Banks
Compliance Management Division
Office of the Comptroller of the Currency
250 E Street
S.W. Washington, D.C. 20219
(202) 874-4810

Federally Insured Non-Member State-Chartered Banks and Savings Banks
Office of Consumer Programs
Federal Deposit Insurance Corporation
550 Seventeenth Street, N.W.
Washington, D.C. 20429
(800) 424-5488
(202) 898-3536

Federal Credit Unions
National Credit Union Administration
1776 G Street, N.W.
Washington, D.C. 20456
(202) 357-1065

The information presented in this guide is intended to help you ask the right questions when shopping for a loan. It is not a replacement for professional advice. Talk with mortgage lenders, real estate agents, attorneys, and other advisors, about lending practices, mortgage instruments, and your own interests before you commit to any specific loan.

Ask your lender or real estate agent for the following related pamphlets prepared by the U.S. government:

• A Consumer's Guide to Mortgage Refinancings
• A Consumer's Guide to Mortgage Settlement Costs
• Consumer Handbook on Adjustable Rate Mortgages
• A Consumer's Guide to Mortgage Lock-Ins

The text in this article was prepared by the Federal Reserve Board and the Office of Thrift Supervision in consultation with the following organizations:

American Bankers Association, Appraisal Institute, Comptroller of the Currency, Consumer Federation of America, Credit Union National Association, Inc., Federal Deposit Insurance Corporation, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Federal Reserve Board's Consumer Advisory Council, Federal Trade Commission, Independent Bankers Association of America, Mortgage Bankers Association of America, Mortgage Insurance Companies of America, National Association of Federal Credit Unions, National Association of Home Builders, National Association of Realtors, National Credit Union Administration, Office of Special Adviser to the President for Consumer Affairs, Savings and Community Bankers of America, The Consumer Bankers Association, U.S. Department of Housing and Urban Development, and Veterans Administration.

• Page 1 - Introduction?
  
• Page 2 - What Is a Lock-In?
  
• Page 3 - Will Your Lock-In Be in Writing? - Will You Be Charged for a Lock-In?
  
• Page 4 - What Options Are Available for Setting the Mortgage Terms?
  
• Page 5 - How Long Are Lock-Ins Valid? - What Happens if the Lock-In Period Expires?
  
• Page 6 - How Can You Speed Up the Approval of the Loan?
  
• Page 7 - Ask About Lock-Ins - Lock-Ins and Fees - Loan Processing Time - Expiration of Lock-Ins
  
• Page 8 - Complaints About Lock-Ins
  
• Page 9 - State Agencies - Federal Agencies