Pre-lock Procedure
Generally, MCFI requires a complete submission prior to securing a locked rate.
However, select programs are allowed the opportunity to PRE-LOCK for 30, 45,
or 60 days upon successful registration
Successful registration requires a FNMA3.2 upload for program eligibility.
Registered pre-locked loans are allowed up to 7 business days (w/ a 12pm cutoff on the 7
th day) to complete their submission package. Failure to meet the
submission deadline will result in either the lock cancellation or worst-case
pricing as determined by current market after the 7
th day.
Note that ALL locks are secured by borrower’s (&/or co-borrower’s) information
(SS#) & NOT by the property address (i.e. In the event that a new application for
the same borrower is registered in the system, the original lock will be applied &
compared to current market for worst-case determination). The new lock will be
dated upon time of registration
Lock Expirations
If a customer has a rate lock that has passed its lock expiration date or the lock
was cancelled because the loan was not delivered by the required date and the
customer wishes to initiate a new lock, the price is calculated as follows:
AGENCY FIXED (FNMA/FHLMC) & FHA/VA PROGRAMS:
• Price will be set by comparing the immediate price on the day the loanwas originally locked-in to the current day’s price and taking the worst price for the same lock period, i.e. original lock = 30 days, re-lock = 30 days. The lock period may be upgraded [from 45 day to 30 day, or 30 day to 15 day (if “clear to close”)] once the lock has been expired for aminimum of 30 days.
• If the lock has been expired for at least 30 days, the loan will be re-locked at the current market.
Please contact the lock desk for Jumbo and Non-QM/Portfolio programs.
Re-Lock Process
Locked loans that have passed their lock expiration dates or loans with
locks cancelled because the loan application package was not delivered by
the required date, may be re-locked by e-mailing lock@mcfunding.com
