Mandatory 10-day wait before closing?

[mwv813]

We have been going through the mortgage process for some time now and have finally got all of our ducks in a row with the IRS transcripts, credit score etc. to resubmit our loan.  The problem is our rate lock expired and we didn't realize it so UW kicked everything back today.  When we pulled the new rate it jumped .5% on an FHA 30-year fixed term  and I was told we would have to wait a mandatory 10 days before closing for disclosure purposes. 

Is this right?  Is there anyway around that, like signing a waiver form of some sort?

[StartingOver10]

Is this a purchase or a refi?  Is your loan an adjustable rate or fixed rate mortgage?

This is the info I found relating to the delay:  https://www.fdic.gov/regulations/laws/rules/6500-2340.html

[mwv813]

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@StartingOver10 wrote:

Is this a purchase or a refi?  Is your loan an adjustable rate or fixed rate mortgage?

This is the info I found relating to the delay:  https://www.fdic.gov/regulations/laws/rules/6500-2340.html

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Its a 30-year fixed FHA purchase.

[mwv813]

Talked to my mortgage guy about this again, he says its related to the DCOA rules regarding rate locks and not related to disclosures.

Hmm.

[Anonymous]

Yes, I was told this would happen to us if we didn't extend our rate lock and it expired before the extention. We did have to extend and thankfully did it timely so we didn't have to wait...

[StartingOver10]

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@mwv813 wrote:

Talked to my mortgage guy about this again, he says its related to the DCOA rules regarding rate locks and not related to disclosures.

Hmm.

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Yes, if you read the link, scroll down to section 19 a (2) where they explain if there is a change in rate the waiting period kicks in. I know its long -