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Lock Policy

Lock Desk Hours

  • 8:00 a.m. PST until 5:00 p.m. PST
  • Any initial lock request submitted by 5:00 PST will be processed the same day
  • Lock Extensions and/or Rush Change Requests submitted by 4:30 PST will be processed the same day
  • If for any reason the Lock Desk will not be available during the above hours the field will be notified

Lock Desk Contact

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

Intra-Day Price Changes

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.

Lock Extensions

A lock can be extended for any number of days needed to complete the loan closing but will not be extended more than 30 days and a maximum of 2 extensions for Non-QM products and a total of 60 days for Mandatory Locks, from the expiration date of the original rate lock commitment. If more time is needed, the loan will be relocked at Worse Case 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

      Expirations and Worst-Case Pricing

      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.

      Please log-in to our broker portal for actual pricing and to lock a loan.

      Have questions?
      Email us at [email protected]

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