Rates

Please utilize the Lock Desk email for all questions, etc.: [email protected]

Change Lending, LLC and/or Investors may adjust interest rates and prices at any time throughout the day, without advance notice. In the event of a midday price change, pricing will temporarily expire followed by new rates/prices which become effective immediately.

Pricing for lock requests received prior to an intra-day re-price event (but not yet confirmed by the Lock Desk) may be honored on a case-by-case basis. Lock requests that are not received properly by the Lock Desk prior to the re-price event will be subject to the revised rate sheet pricing.

It is expected that the cost of any extension is incurred by the borrower, which may trigger re-disclosure due to a change of circumstances.

Mandatory/BE commitments are extended in accordance with the cost structure below:

1. Non-QM extension cost (must be in increments below) =
   1. 5 days = -0.075
   2. 10 days = -0.150
   3. 15 days = -0.225
   4. 20 days = -0.300
   5. 30 days = -0.450
2. Conv/Gov extension cost = 1 bps per day

It is the loan officer’s/brokers/AE’s responsibility to manage rate lock commitments and extend them when necessary.

• Lock expirations occur on business days only. If a lock expiration date falls on a non-business day (weekend or holiday), the lock expiration date will be considered as the next business day.
• Locked loans identified as not closing, must be cancelled.
• Locks that have been cancelled or have expired without closing or being extended must go through a 30-calendar day waiting period to be eligible for re-lock.
• Any re-lock request under consideration during the 30-day waiting period will be subject to worst case pricing + 0.25 bps Relock Fee.
• Locks not extended prior to expiration date will be subject to cancellation without advance notice, regardless of market conditions.

Re-Lock / Worst Case pricing is determined as follows (Mandatory Loans only, see notes below for Best Effort):

• When Current Market Price is Worse than Original Locked Price (using the same lock term/number of days): Re-lock at current market pricing, minus a re-lock fee equal to an extension cost for the number of days on the new lock.
• When Current Market Price is Better than Locked Price (using the same lock
  term/number of days): Re-lock at the original lock date market pricing, minus a re-lock fee equal to an extension cost for the number of days on the new lock.