Lock Extension Policy

(1^st and 2nd Liens- All Programs)

 

01-07 Days                       .25%

 

08-15 Days                     .375%

 

16-30 Days                      .625%

 

31+ Days              Market Price

 

·          One (1) Extension may be purchased on a best efforts basis per loan

 

·          One additional extension may be purchased on a mandatory basis per loan.  If the loan does not fund within the extended lock period, a pair-off fee will be assessed.  The required pair-off fee will be the greater of the actual market movement or .125%

 

·          Further extensions are on a market price basis