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Updated Lock Policy

May 26, 2020


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


  • 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


Refer to the CMS Wholesale Rate Lock Policy for additional information.


Equal Housing Opportunity An Equal Housing Opportunity Lender. Copyright 2007 - 2024 . Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines.  Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site:

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Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

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