Rate Lock Policy. Contents

Transcription

1 Rate Lck Plicy Cntents Rate Lcks... 2 Rate Lck Cnfirmatin... 2 Lck Term... 2 Pre-Lck... 2 Maximum Qualified Rate... 3 Extensins... 3 Cst t Extend... 3 Relcks... 4 Re-Negtiatin r Flat Dwn Plicy... 4 Prgram Change... 5 Brker Respnsibilities... 5 Jumb & Nn-QM Prgrams... 5 Page

2 Rate Lck Plicy Rate Lcks All rate lck requests must be submitted nline befre 4:00pm PST. Rate lcks will be priced based n the Rate Sheets in effect at the time the rate lck request is received by the Lck Desk. Rate Lcks are requested by first pricing a registered lan, and by selecting request lck frm the available ptins. After 4:00pm PST, the ptin t register yur lan will still be available, but the ptin t lck will nt be available until rates are released the fllwing business day. If yu are having truble lcking, please cntacting Client Supprt at r clientsupprt@jmaclending.cm. Yu can als cntact the Lck Desk at r lckdesk@jmaclending.cm. Please nte: Suspended lans cannt be lcked. Rate Lck Cnfirmatin A rate lck cnfirmatin shuld be ed within an hur f the nline request. If there are any issues, the Lck Desk will re-cnfirm pricing prir t cmmitting the lck. The cnfirmatin is a guarantee f rate and price nly. The cnfirmatin des nt guarantee that the lan meets published prgram guidelines. Lck Term A lan may be lcked fr 15, 21, 30, 35 r 45-Day depending n its status. 15-Day Lck will nly be available fr an Apprved lan when: The appraisal is cmpleted OR The lan has mst f the PTD cnditins signed ff AND the appraisal rder date has been cnfirmed in the system 21-Day Lck will nly be available fr an Apprved lan when: N PTD cnditins signed ff, but the appraisal rder date has been cnfirmed OR Mst f the PTD cnditins signed ff, but the appraisal has nt been rdered 30, 35, and 45-Day Lck will be lcked fr a pre-lck r Apprved lan when: N PTD cnditins have been cleared AND N appraisal rder date has been cnfirmed in the system Pre-Lck A lck is cnsidered a pre-lck when it is lcked prir t apprval. All Pre-lcks must be lcked fr a minimum f 30 days and additinal fees may apply. Pre-lcking is restricted t select prducts. Fr mre infrmatin n pre-lck prduct, cntact the Lck Desk. Page

3 Rate Lck Plicy The lan package must be submitted within 5 business days after pre-lcking, r the lck will be cancelled. Once cancelled, the lan will be priced wrse case if the lan needs t be relcked within 60 days frm the lck cancellatin date. Once the file has been underwritten, all prices fr pre-lcks are subject t change if details f the lan change frm when the lck request was riginally submitted. If a pre-lcked lan must be sld t a specific investr, the riginal lck may nt be valid. Cntact the Lck Desk immediately t crrect pricing. Brkers will be subject t internal perfrmance review r Pull-Thru Rati reprt. JMAC reserves the rights t nt pre-lck any lans if the Pull-Thru Rati desn t meet ur standard requirement. Pre-lcks are allwed with the fllwing prvisins: Fees: Clients with a pull-thrugh belw 50%will have the ability t lck their files at a cst f 0.25% Clients with a pull-thrugh f 50.01% thrugh 69.99% can pre-lck at a cst f 0.125% Clients with a pull-thrugh f 70% and abve can pre-lck with n additinal cst ratis 70% r Greater N Charge t Pre-Lck 50.01% thrugh 60.99% 0.125% Belw 50% 0.25% Pull-thrugh ratis are calculated mnthly. Please cntact yur Accunt Executive as they can prvide yu with yur mnthly pull-thrugh ratis. JMAC Lending is unable t re-calculate pull-thugh ratis mid-mnth. Custmers will have t wait fr the mnth-end reprt t be released. Maximum Qualified Rate Lck Requests are subject t maximum rates determined by the underwriter. If the requested rate exceeds the maximum rate allwed by the underwriter, lck-in is nt guaranteed. Request t increase maximum rates shuld be made t underwriters prir t rate lck request, in rder t avid delays. Extensins A rate lck extensin may be requested by the brker n r befre the riginal rate lck expiratin date. All rate lcks extensins must be requested by befre 4:00 pm PST. A lan can be extended nly 2 times with the maximum 15 days ttal fr 2 times extensin. Any extensin request fr mre than 15 days will be subject t wrse case pricing based n the current market. Cst t Extend Extensins are nly available if the rate lck has nt expired. The cst t extend will be Page

4 Rate Lck Plicy calculated based n the day that the file is ready fr dcs. Fr example, if the lan was riginally lcked fr 30 r 45-Day, then the market mvement will als be calculated based n current market price fr 30 r 45-Day respectively. The cst f extensin will be calculated as fllws: Cnfrming Fixed If the market mvement, is Same r better pricing: JMAC will grant a ne-time lck extensin at n cst. The new expiratin day will be exactly 7 days frm the day that the extensin was requested. Any additinal extensin after the ne-time free extensin will be at a cst f 0.025% per day. Wrse pricing: There is a cst f extensin f 0.025% fr every day. Cnfrming ARMs Regardless f any market mvements, all extensins fr cnfrming ARM prducts will be at a cst f 0.025% per day. Nn-Cnfrming Fixed & ARMs (Jumb Prducts) Regardless f any market mvements, all extensins fr nn-cnfrming fixed & ARM (Jumb) prducts will be at a cst f 0.025% per day. In the event that the file is nt ready fr dcs, a cst t extend will at 0.025% per day. Relcks A lck is cnsidered a relck if it ccurs within 60 days f the expiratin f the riginal lck. Relcks are nly available if the rate lck has expired and the file is ready fr dcs. All relcks must be requested by befre 4:00 pm PST. JMAC nly allws a 7 day relck regardless f what the riginal lck term was. The cst t relck will be calculated based n the day that the file is ready fr dcs. Fr example, if the file was riginally lcked fr 30 r 45-Day, then the market mvement will als be calculated based n current market price fr 30 r 45-Day respectively. The cst t relck will be calculated as fllws: Cnfrming Fixed: Wrst case market Cnfrming ARMs: Wrst case market t fee Nn-Cnfrming Fixed & ARMs (Jumb Prducts): Wrst case market t fee Re-Negtiatin r Flat Dwn Plicy When the market has imprved drastically (in general, the market needs t mve at least full pint in price r in rate), the Lck Desk will allw brkers t renegtiate a lck r ne-time flat dwn. The methd t flat dwn is t use current market pricing and reduce it by in price. If the riginal lck has expired fr ver 60 days, the lan is eligible fr current market pricing. Page

5 Rate Lck Plicy T renegtiate the terms n an existing lck, a cmpleted Flat Dwn Request Frm t the Lck Desk. Missing, inaccurate, r illegible infrmatin n this request culd jepardize yur price prtectin. Flat dwns must meet the fllwing criteria: The riginal lck expiratin has nt expired yet Extended r Relcked lans are nt eligible fr flat dwn Lan must be ready fr dcs within 24 hurs after negtiatin Lans that have Dcs Out are n lnger eligible fr flat dwn Lan must fund within 7 days frm the renegtiated r flat-dwn date The cst t flat dwn will be current pricing minus t price minus riginal addns Negtiated rate must be lwer than riginal lcked rate by at least 0.125, and the new rebate cannt exceed riginal rebate ARM and Jumb lans are nt eligible fr flat dwn Prgram Change Frm Fixed t ARMs Current pricing Frm Fixed t Fixed Original lcked date s pricing Frm ARMs t Fixed Current pricing Frm ARMs t ARMs Subject t investr s prgram change plicy. Brker must check with secndary marketing team fr ptins. Frm Jumb t Jumb Subject t investr s prgram change plicy. Brker must check with secndary marketing team fr ptins. Brker Respnsibilities Within an hur f submitting an nline lck request, a lck cnfirmatin will be sent via . The Brker is respnsible fr checking the infrmatin and immediately ntifying JMAC s Lck Desk f any discrepancies r nn-receipt f the cnfirmatin within the same day befre 5:00pm PST. Jumb and Nn-QM prgrams: The fllwing steps must be dne by the Client befre requesting a lck n-line: Client needs t register and uplad the initial 1003/1008 and credit reprt prir t 3:00pm (PST) t insure same day lck and pricing. JMAC will nt be respnsible fr any pricing mvement during this reviewing prcess. Client t the Accunt Manager t request fr pre-lck prir t 3:00pm (PST). The Accunt Manager will review and decide whether r nt t permit a pre-lck. If permitted by the Accunt Manager, the brker needs t request the lck nline. Page

6 Restrictins n Jumb Pre-lcked Rate Lck Plicy Manhattan and Laguna prgrams Pre-lcked Allwed Manhattan prgram pre-lcked requires a minimum lck term f 30 days r mre. Laguna prgram Pre-lcked requires a minimum lck term f 45 days r mre. Only allwed n delegated lan parameters excludes: 2-4 units Cnds Investment prperties Cash-Out transactins n secnd hme Business use f funds DTI > 40% Lan amunt > $1.5Millin Restricted Stck incme Malibu, Venice, and Belmnt prgrams Nt allwed All lans must be underwritten and apprved prir t requesting a lck n-line. Belmnt max lck term is 15 days. Lck requests are subject t maximum nte rate as determined by the underwriter. If the requested rate exceeds the maximum rate allwed by the underwriter, the lck is nt guaranteed. Request t increase maximum rates shuld be made t underwriter prir t rate lck request, in rder t avid delays Page