Midday Price Change

Volatility in the mortgage backed securities market may require Secondary Marketing/Capital Markets to issue revised pricing (up or down) during the day. Lock Desk will notify its brokers of a midday price change by email.
  • Price change is effective immediately upon pricing engine update.
  • On-line lock requests will be suspended until rate & premiums are updated.
  • It is incumbent upon the Loan Officers/Account Executives to stay up to date with current market conditions and posted rates and prices, especially prior to any consultation with a potential borrower.

Program Changes

When a customer wishes to change loan programs after the loan has been lockedin, the following applies:
  • All loan program changes must be re-locked with Secondary Marketing.
  • DU & LP program changes w/ the same type & term will retain pricing from the original lock date.
  • Program changes from AGENCY FIXED/ARM to FHA (or vice-versa) will be subject to current market pricing. Resubmission may be required.
  • Program changes to, from, or between Jumbo or Non-QM programs may be subject to worst case or current market pricing. Resubmission may be required.
  • Changes from Fixed to ARM or vice-versa will be subject to worst-case pricing (regardless of lock expiration)

Lock Cancellation

Locked-in loans where MCFI has not received a complete loan application package within seven (7) business days after the lock request, are subject to worstcase and/or cancellation.


Exposure to interest rate risk is unacceptable on cancelled loans. The integrity of MCFI’s pipeline is extremely important in controlling MCFI’s interest rate risk and as a tool for pricing competitively. Proper management of MCFI’s position can only be done if our pricing desk has accurate information about the amount of loans with guaranteed rate and points. Each Account manager is responsible for the regular review of loans in process, the canceling of loans that have been declined, or withdrawn. The pipeline should be reviewed daily and inactive loans purged from the system immediately