12-35.To promote competition between lenders,state legislation,case law,and the regulations of Federal agencies that insure loans (FHA,VA)have virtually eliminated this feature:

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Lock-in clauses were designed to protect lenders from the risks of interest rate fluctuations, but they also prevented borrowers from shopping for better rates or terms. To promote competition between lenders, state legislation, case law, and the regulations of Federal agencies that insure loans (FHA, VA) have virtually eliminated lock-in clauses. This allows borrowers to shop around and obtain the best possible loan terms.

12-35To Promote Competition Between Lenders,state Legislation,case Law,and the Regulations of Federal