Updated Lock Policy
May 26, 2020
Overview
Effective May 27, 2020, the Wholesale lock policy will allow a 60-day lock as soon as the broker or seller have registered the loan in BrokerIQ or CorrIQ. Refer to the updated Minimum Lock Term table below.
Revised Lock Policy
Encompass and Optimal Blue will enforce these requirements.
| Conventional | Non-Agency | Government Streamline | Government Full Doc | |
| Milestone | Minimum Lock Term | Minimum Lock Term | Minimum Lock Term | Minimum Lock Term |
| Started | 60 | Not Available | 60 | 60 |
| Disclose Ready | 60 | Not Available | 60 | 60 |
| Processing | 60 | Not Available | 60 | 60 |
| Submittal | 60 | Not Available | 60 | 60 |
| Decision | 60 | Not Available | 60 | 60 |
| Approval | 60 | Not Available | 60 | 60 |
| Approval with Appraisal | 60 | Not Available | Not Applicable | 60 |
| Final Conds In | 15 | Not Available | 15 | 15 |
| Clear to Close | 15 | Not Available | 15 | 15 |
Lock Extension Policy
Extensions:
- Maximum of up to two extensions
- Maximum extension period of 15 days in the aggregate
- Current extension fee charges remain in place (see rate sheet)
- Free 3 day remains in place (existing policy applies)
- No additional concessions will be considered for extension fees charged
Resources
Refer to the CMS Wholesale Rate Lock Policy for additional information.
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