| LOAN PROGRAM | PRE-LOCKS? | PRE-LOCKS? | LOCK CUT- OFF (PST) | LOCK CUT- OFF (PST) |
|---|---|---|---|---|
|
AGENCY FIXED & ARM
(AGN, HB, AGNP, HBP, CONF, HR,
HRHB, HP, SCHP, MAX, MAXHB, H1,
MAXRN, AGNRN, AGNRP, MAXRP,
21BD, 21HBD) |
30, 45, or 60
days @
“Registered” |
15 day lock @ “CTC” |
5 PM |
0.125- 5 business days
0.250-10 business days
(max 2 extensions not to
exceed 28 days total) |
|
GOVERNMENT
(FHA, VA, USDA) |
30, 45, or 60
days @
“Registered” |
15 day lock @ “CTC” |
5 PM |
0.125- 5 business days
0.250-10 business days
(max 2 extensions not to
exceed 28 days total) |
|
PLATINUM JUMBO1
(PJ, PJE)
|
Purchase45 days @
“Registered”
|
Refi- 45 day lock @ “In
Underwriting”
30 day lock @
“Approved”
|
2 PM |
0.125- 5 business days
(60 days max extension) |
|
ELITE NON-QM & DSCR
(EZ, EZB, EZP, EZ99, EZA, EZU, EZD)
|
x |
30 or 45 day lock @
“In Underwriting” |
5 PM |
0.500- 7 calendar days
(7 days max extension) |
|
MEGA VOE AND P&L
(MVP, MBP)
|
x |
30 day lock @
“Approved |
5 PM |
0.250-5 business days
(5 days max extension
when current market is
worse) |
|
GOLD JUMBO
(GJ)
|
Purchase45 days @
“Registered”
|
Refi- 45 day lock @
“In Underwriting”
30 day lock @ “CTC”
|
2 PM |
0.125-5 business days
(30 days max extension) |
|
MEGA FOREIGN NATIONAL
(FN)
|
x |
30 day lock @ “In
Underwriting” |
5 PM |
0.500- 7 calendar days
(7 days max extension) |
|
DIAMOND JUMBO (DJ)
|
45 or 60 days
@
“Registered”
|
30 day lock @
“Approved” |
4 PM |
0.125- 7 calendar days
(60 days max extension)
|
|
SILVER JUMBO (SJ)
|
45 or 60 days
@
“Registered”
|
30 day lock @
“Approved” |
4 PM |
0.150- 7 calendar days
(90 day max lock periodincluding original loc
|
|
HELOC
|
x |
Locked by MCF @ time
of docs |
x |
x |
|
DSCR+ 1
|
Purchase45 days @
“Registered” |
Refi- 45 day lock @ “In
Underwriting”
30 day lock @
“Approved”
|
2 PM
|
0.125- 5 business days
(60 days max extension)
|
|
MVP2
|
x |
15 day lock @ “CTC” |
5 PM |
x |
1 PLATINUM JUMBO/PLATINUM JUMBO EXPRESS/DSCR+ WORST-CASE PRICING POLICY:
• Worst-case pricing applies when:
o The rate lock has expired
o The loan has been cancelled/denied for sixty (60) days or less
o The loan product has changed
• NOTE: Worst-case pricing does not reset the lock period and standard extension fees will be assessed (from the lock expiration date) for the length of the extension needed to close.
• Worst-case pricing applies when:
o The rate lock has expired
o The loan has been cancelled/denied for sixty (60) days or less
o The loan product has changed
• NOTE: Worst-case pricing does not reset the lock period and standard extension fees will be assessed (from the lock expiration date) for the length of the extension needed to close.
