Rate lock

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Rate lock

An agreement between the mortgage banker and the loan applicant guaranteeing a specified interest rate for a designated period, usually 60 days.

Rate Lock

An agreement between a mortgage bank and a potential borrower promising that that the bank will not change the proposed interest rate on a loan that has not been concluded for a certain period of time. The rate lock usually lasts for 60 days.
References in periodicals archive ?
Early rate locks or forward commitments are lender agreements that allow cooperatives to secure a desirable interest rate, yet delay closing until the pre-payment window has opened.
Corresponding Interest Rate Locks Enable Borrower to Avoid Fluctuations and Refinance At A Lower Rate
Very simply, you must have very clear policies for rate locks, and you must insist that 100 percent of all data having to do with the pipeline is accurate.
16 Reconciliation of cash earnings excluding gain (loss) on treasury rate locks: Cash earnings $2,569 $1,667 $5,911 $3,933 (Gain) loss on treasury rate locks, net of tax (504) -- 376 -- Adjusted cash earnings $2,065 $1,667 $6,287 $3,933 Reconciliation of cash earnings excluding loss on treasury rate locks per diluted share: Cash earnings per diluted share $0.
Lockpoint Xtra[R] is an electronic rate-lock system for secondary market application that provides real-time, feature-adjusted loan-by-loan price quotes and enables conduits to take direct electronic rate locks from correspondent lenders.
According to Alison Bettisworth, Mid America's first vice president of systems and voice communications, the auto-tasking capabilities of UniFi PRO efficiently distribute files to work queues and also prioritize associates' work in relation to timelines, rate locks and closing dates.
com now features dynamic questioning to speed the loan application process, immediate access to credit data, instant loan approvals and rate locks as well as value-added information for consumers researching home loan options.
Warren Bank's new wholesale broker Web site enables their brokers to view interest rates, request rate locks, monitor loan status and view underwriting conditions online.
has announced that 66 percent of the company's rate locks and 67 percent of funding orders were done on the Internet-based wholesale mortgage lending Service MOAI [SM] (Mortgages Online At InterFirst).
Given IndyMac's performance in the first quarter, our current strong pipeline and our expectations for the remainder of this year, we now project that earnings per share, before the effect of the change in accounting for rate locks discussed below, will range from $3.
The main obstacle in doing so is confusion as to how to integrate rate locks on the exposure side and options on the coverage side, due to uncertainties, respectively, about their closing or being in-the-money on the option expiration date.
The CBO platform offers instant online loan registrations and rate locks, instant automated underwriting results, electronic file delivery, as well as online closing document preparation and printing.