Updated Lock Policy

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.

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.