Rate Sheet

Rate Sheets are distributed every day (a.m.) via fax and/or email to all offices [brokers, loan offices, email, web]. Rate sheet changes may occur during the business day. Rate sheets will again be distributed. Rate Sheets are subject to change without notice based on market fluctuation and loan scenario changes.

Lock Hours

Loans may be locked Monday through Friday at the following times: 9:00 a.m. to 5:00 p.m. PST (please see page 5 for program specific lock cut-offs)

Lock Periods

MCFI will offer lock-in protection for its customers for the following time periods:

• 15 Day Lock (limited only to “clear to close” status on
Agency/FHA/VA/USDA & MVP2 only)
• 30 Day Lock
• 45 Day Lock
• 60 Day Lock- Not available on all programs. Please see rate sheet for details.

Lock Procedure

MCFI’s Submission Policy prohibits Loan Officers/Processors from committing to a rate and point guarantee and not completing the submission package for that particular application. An incomplete submission increases MCFI’s exposure to interest rate risk and may result in extensive losses to MCFI. A Loan Officer/processor’s failure to complete their submission package does not excuse him/her from honoring a commitment if rates increase, nor delivering at the original rate and points if rates decrease.
Lock requests must be requested on-line (by authorized broker personnel) through the pricing engine. The broker office is responsible for managing new & existing lock registrations. MCFI (operations & sales) personnel are not responsible for managing a broker company’s pipeline. Complete loan application package must be received at MCFI no later than seven (7) business days from registration.
  • If a complete loan application package is not received by the 7th day ofregistration, the loan may/will be subject to cancellation
  • Loans with locks cancelled due to late delivery must be re-locked.Price will be set as described below.