Wholesale Mortgage Express Rate Locks
Are you ready to rise above the competition and close more loans?
When a rate lock expires and you want to relock, it’s subject to worse case pricing, plus an additional relock adjustment of the following:
- Relocked within 30 days of expiration/cancellation: .375 fee
- Relocked within 31 - 60 days of expiration/cancellation: .125 fee
After 60 days, you can lock at current market rates.
Rate lock extensions cost the following:
- 15-day extension cost: .25 bps
- 30-day extension cost: .50 bps
Example: A 30-day rate lock with a 30-day rate lock extension would cost .50 bps.
A lock cannot be extended for a period greater than the initial lock period.
Example: A 15- or 30-day extension can be used for a loan originally locked for 30-days. A 60-day extension can’t be used.
WME does not have a cap on BPC, other than the points and fees test.
- LPC allows a rebate to cover non-recurring closing costs.
- BPC allows a rebate to cover non-recurring closing costs not including origination.
Example: A broker who has selected a 1.75% LPC can go to a 2.50% BPC.