Upcoming Lock Policy Changes
Date: October 7, 2011
Subject: Upcoming Lock Policy Changes
Bulletin Number: W1106 UPCOMING LOCK POLICY CHANGES
Effective October 14th, there will be several changes to the CMS Wholesale Lending Lock Policy. The details of those changes will
be published next week, but until the revised Policy is available, we
want to give you advance notice of some of the more important changes in three specific areas so that you can plan accordingly:
- Lock Extension requests on Agency Fixed Rate loans (including FHA, VA and Conventional Conforming) will need to be made prior to lock expiration.
- Locks extension fees will be as follows:
- 1-2 Day Extension: No Charge (loan must be ready to fund)
- 3-5 Day Extension: Current Net Price minus .125
- 6-10 Day Extension: Current Net Price minus .250
- 11-15 Day Extension: Current Net Price minus .500
- Extension requests will be allowed within 10 days of lock expiration.
- The maximum number of days a lock can extended will be limited to 15
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days at a time.
- The total number of days a lock can be extended will be limited to 30 days.
- After 30 days total extended, loan locks will be priced at worst-case between current net price minus .250 and current market price minus .250. Loans will then be relocked for 10 days.
- All loans will be required to fund on or before the Lock Expiration Date. (Locks expiring on a Saturday, Sunday, or a holiday will be due the next business day. If the loan does not fund prior to the Lock Expiration Date, the lock is no longer valid).
- Rate Lock Extensions requests for all Government Streamline, ARM, Jumbo and Specialty programs will be considered on a case by case basis.
- Re-lock requests for Agency Fixed Rate loans (including FHA, VA and Conventional Conforming) will be allowed at any time after
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the original lock has expired at the higher cost (worse-case) of:
- The current net price (including all extensions costs already incurred) minus .250 OR
- The current rate sheet (market) price minus .250
- At the time of re-lock, pricing will be compared using the original lock term. The loan product and interest rate must still be available and the loan must conform to current product guidelines and all prior-to-doc conditions will need to be met.
- Loans will be re-locked for a total of 10 days.
- Locks will be required to been expired 60 days before being considered for a new lock at current market.
- Re-locks for all Government Streamline, ARM, Jumbo and Specialty programs will be considered on a case by case basis.
- Renegotiation requests for Agency Fixed Rate loans (including FHA, VA and Conventional Conforming) will be allowed a one-time float down to assist in managing loan fallout due to improved market conditions. All eligible loans in valid lock status will be eligible for renegotiation under the following terms:
- Current market must be at least 1.00 point better in price than original locked rate/price.
- Loan must be approved with
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all prior to document conditions signed off. Must be ready have documents drawn.
- Rate must be lowered by at least .125 (pricing will be compared at new lower rate). Broker/L.O. Compensation amount cannot change up or down.
- Loan must close within 10 days of new negotiated rate/price.
- The cost for a renegotiated rate is as follows:
- To lower the rate up to .250%, the charge will be the current net price minus .500%
- To lower the rate .375%, the charge will be the
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current net price minus .625%
- To lower the rate .500%, the charge
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will be the current net price minus .875%
- Extensions and/or re-lock requests for loans that have been renegotiated will be subject to the terms of the Relock Policy.
- Rate lock renegotiations for all Government Streamline, ARM, Jumbo and Specialty programs will be considered on a case-by-case basis.
If you have additional questions, please consult with your Account Executive.
Issues related to locks should be sent via e-mail to Secondary Marketing.