The rate lock period
is 60 days and the assumed credit score is 740.
The transaction may be completed at any time before the lock expires, or customers may choose an auto-ticketing feature which tickets at the end of the lock period
Using a highly sophisticated algorithm, myLender performs a best execution complete with loan-level adjusters for every possible note rate and lock period
combination across all possible products and investors, and concisely displays the results in one of the six views.
The identity of the brokers and wholesalers are not disclosed until a bid is submitted and accepted, A bid includes program requirements, rate, points, foes, lock period
and delivery instructions.
RateSheet Generator automatically creates rate sheets using best execution for each product, rate and lock period
We then spread locked once W&D had completed all its due diligence with an early rate lock period
that allowed the borrower to close at the end of October.
In each case the task was completed within the lock period
, allowing us to enjoy the benefit of a 3.
Historically, in ARMs, one rate and one lock period
have a specific price.
Among other things, HUD's proposed RESPA reform rule would require a new, standard GFE that would disclose loan details--including loan amount, term, interest rate, initial payment, rate lock period
, whether payments can increase, prepayment penalty and whether or not there is an escrow for taxes and insurance.
None showed the lock period
to which the quotations applied.
Ratesheet Generator enables lenders to easily construct rate sheets, sorting investors according to best execution for each product, rate and lock period
FIGURE 2 Dispersion of Lock Pricing Conventions by 19 Lenders on a 30-Year A-Quality Conventional FRM, April 24, 1996 Range of Price Increments Between Lock Periods Lock Period
Increase Price Range Lenders(1) 15 to 30 days .