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.
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|
|Disclose Ready||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|
Refer to the CMS Wholesale Rate Lock Policy for additional information.
Contact your Account Executive with questions.
The content of this website is intended for licensed third party originators or brokers only and may not be duplicated or disseminated to the public. Carrington Mortgage Services is one of the leading wholesale mortgage lenders.
Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00