Mortgage Lending · Secondary Marketing & Investor Relations
Lock extension and relock procedures
An internal procedure explaining how to extend an expiring rate lock or relock a loan after a lock expires, and what it costs.
What it usually contains
- Allowed extension lengths and the fee charged per day or per extension
- Rules for how many extensions a single loan may receive
- Relock pricing rules after expiration, such as worse-case pricing or a set penalty
- Cutoff times and the request and approval steps, including who can waive fees
- Handling for expired locks, cancelled loans, and product or program changes
What the assistant uses it for
Answer questions about what it costs to push a closing date past the lock expiration, how long a lock can be extended, and what pricing applies when a loan must be relocked after the lock expires.
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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