Mortgage Lending · Secondary Marketing & Investor Relations
Lock desk policies
An internal rulebook for how a lender handles interest rate locks, from initial lock through delivery to the investor.
What it usually contains
- Lock periods offered and pricing adjustments for each term
- Cutoff times, lock hours, and rules for pricing during volatile markets
- Extension, relock, and renegotiation fees and eligibility rules
- Change-of-program, borrower, or property procedures after a lock
- Expired lock handling, fallout tracking, and exception approval levels
What the assistant uses it for
Answer questions about what it costs to extend or relock a rate, who must approve an exception, and what happens when a lock expires or loan terms change before closing.
How it is versioned
A document of this type has exactly one current version at a time. Upload a revision and it becomes the version that counts — the one before it is kept and dated, but is no longer what your assistant answers from. Nothing is ever deleted, so you can always show what this document said on a given date.
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