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 |
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 |
Extensions:
Refer to the CMS Wholesale Rate Lock Policy for additional information.
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Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00