Submission timeframe requirements and Switch Fee’s
Starting Monday December 29, 2008 Guaranteed Rate will be revising our locking policies to ensure our pipeline of locked loans is properly maintained with our Investors. Loans that are not submitted to our Underwriting department that have been locked before submission will now be required to be submitted to our Underwriting department or the lock will be cancelled. The timeline from locking to submitting the loan will be as such;
· 10 day locks and all relocks - 2 business days
· 25 days or greater – 10 business days
Guaranteed Rate’s current policy on switching loans from various product rate sheets is Worse Case Pricing minus .125 based on the yield spread you are currently making versus the new lock request. This fee being charged is now being increased to .250 on all switches and is cumulative for each loan. This new increased fee will be put in place for all loans switched on or after Monday December 29, 2008.
Please feel free to contact your VP of Wholesale Lending or the Commitment Desk for further clarification if needed.
Thank you for your continued business!!
Equal Housing Lender | Illinois Residential Mortgage Licensee