                                 CODE OF VIRGINIA

DISCLOSURE OF TERMS OF MORTGAGE APPLICATION (§ 6.2-406)

A. Any lender making, or broker arranging, loans secured by a first mortgage or
first deed of trust on owner occupied residential real estate consisting of one-
to four-family dwelling units shall provide, at the time an application for such
a loan is submitted by a loan applicant, to the loan applicant a written
statement that:

   1. Describes when the interest, points, and fees quoted will be locked in; and

   2. Provides a good faith estimate of the processing time required for the
   loan. The estimate shall take into account the time needed for the performance
   of any local government inspections or other functions necessary to close the
   loan.

B. The requirements of subsection A shall not apply to any lender making 10 or
fewer loans secured by a first mortgage or first deed of trust on such owner
occupied residential real estate in any 12-month period.

HISTORY: 1988, c. 311, § 6.1-2.9:5; 2010, c. 794; 2016, c. 328.