Lock Extensions

It is MCFI’s policy to close loans prior to their lock expiration dates, with the understanding that for a variety of reasons, loans will not always close during the original lock in period. Lock in extensions, or re-locks on loans that have expired, are granted to curb the cost associated with fallout. Extensions and re-locks cost MCFI money and every step should be taken to limit their use. When requesting an extension or re-lock, proper procedures must be followed.
Standard Extension Fees
  • 0.125- 5 business days
  • 0.250- 10 business days
Updated Non-QM Extension Policy:
  • Maximum extension allowed is one week. Extension fee is 0.500 cost. Additional extension will trigger a relock at worst case pricing.
  • Please see page 5 for more detail
Extension requests must be received before the lock cut off on the day of expiration. All lock extension requests must be submitted via e-mail to Lock extensions are not available when the lock has expired
Maximum Extension Periods:
  • Once the lock has been extended for the maximum allowed extension days, the lock becomes subject to relock at worst case pricing
  • Please see page 5 for details on maximum extension periods.

Lock Renegotiations

Lock renegotiations must meet the following criteria:
  1. Broker’s commission may not increase from original locked in price.
  2. Loan must be approved and/or READY for DOCS. Any others would be on a case by case with a certainty of closing based on credit.
  3. Rate renegotiations are not automatically applied & must be requested via e-mail to
  4. Similar to lock requests, only brokers & their authorized personnel are permitted to send rate-renegotiation requests.
  5. Renegotiations are subject to a 0.500 relock fee. An additional redraw fee may apply if docs have already gone out.
  6. Renegotiations are not accepted on files that already have docs back.
  7. Renegotiations are limited only to AGENCY FIXED (FNMA/FHLMC) and FHA products.
  8. A renegotiation does not change the existing lock expiration date. Additional extension(s) may be subject to standard extension fees.
If a lock renegotiation request qualifies by meeting above described requirements and is approved by the lock desk, MCFI will allow the Borrower to execute a new lock at current market at the original lock period.