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Lock and Lock Extension Policy

Pricing and Lock Desk Hours

  • 8:00 a.m. PST until 5:00 p.m. PST.

Lock Cancellations/Expirations

  • Lock expirations occur on business days only. If a lock expiration date falls on a non-business day (weekend or holiday), the lock expiration date will be considered as the next business day.
  • Locked loans identified as not closing, must be canceled. Please cancel your locks on inactive loans via email to your Account Manager.
  • Locks that have been canceled or have expired without closing or being extended must go through a 30 calendar day waiting period to be eligible for re-lock.
  • Any re-lock request under consideration during the 30 day waiting period will be subject to worst case pricing + 0.25 bps Relock Fee.
  • Locks not extended prior to expiration date will be subject to cancellation without advance notice, regardless of market conditions.

Lock Extensions

Brokers may submit requests to Change Wholesale for an extension of time to close a loan that has been locked.

  • A lock can be extended for any number of days needed to complete the loan closing but will not be extended more than twice or for more than a total of 60 days from the expiration date of the original rate lock commitment. High Balance, 2nd Homes, and Investment properties are subject to current market conditions.
    • For Non-QM products, a total of 15 days is allowed.
      • Any locks needing >15 Days, would be worse case pricing.
  • If the request is approved, the price for the extension will be adjusted as follows:
    • 1 bps per day for extension (2 bps per day for Non-QM Products)
    • Example: 5-day lock extension = .05 cost (Non-QM = .100 cost)
  • It is expected that the cost of any extension is incurred by the borrower, which may trigger re-disclosure due to change of circumstances.
  • Loans that have not yet reached the Underwriting queue will not be eligible for extension.

Lock Renegotiations

  • Lock renegotiations are possible for Conforming and Government products only
  • Requests for lock renegotiations related to non-conforming and specialty products should be referred to your Account Executive for options
  • To be eligible for such consideration, the loan must be submitted to underwriting, AND the appraisal must have been ordered.
  • The market price improvement must be equal to or greater than 100 bps (1%) to be eligible for a lock renegotiation.
  • If the improvement is between 100–175 bps at the initial locked rate, new pricing will be calculated by taking current market price at desired rate, same lock period, less a .35 bps renegotiation fee.
  • In the event market has improved more than 175 bps, please call lock desk for renegotiation options.
  • ALL benefit as a result of any renegotiation must be 100% to the benefit of the borrower (e.g. reduced rate or increased borrower credit).
  • Lock Renegotiations are available on a one-time basis only.
  • Concessions will not be allowed on Renegotiated locks.

Delivery Requirements

  • All loans (Conventional, FHA, VA, Jumbo, etc.) on which advance locks have been placed are expected to meet a 7 day file delivery to underwriting on 30 day locks, and a 15 day delivery on 40+ day locks.
  • File delivery time frames are mandatory.
  • All processors and loan officers should take the necessary steps to ensure loans are delivered within the allotted time frame.
  • Loans not delivered on time without prior arrangements are subject to cancellation without notice.
  • Avoid the need to re-disclose and consequently pass on costly extension fees to the borrowers by delivering files on time.

Program Changes

  • Pricing on locked loans that have undergone program changes will be handled on a case by case basis, which will involve the specifics of the program, investor, transaction and market.
  • Locks that are on loans which subsequently change programs from the initially locked program and/or investor, will be re-priced, generally, to a worst case price.

Please log-in to our broker portal for actual pricing and to lock a loan.

Questions? Email [email protected]