Updated Lock Policy

May 26, 2020rashtonBulletin

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.