Common Contracts
1 similar Rate Lock Agreement contracts
Rate Lock AgreementRate Lock Agreement • June 8th, 2020
A lock is an agreement between the Broker and Newfi Wholesale. It specifies the number of days for which a loan's interest rate is guaranteed. If interest rates rise during that period, Newfi Wholesale is obligated to honor the committed rate. Likewise, if interest rates fall during that period, the Broker must also honor the lock. Locking in a rate and price does not guarantee eligibility or approval of the subject loan. Locks are also not transferable. Locks are tied to the property, not the borrower. Brokers should make every effort to close with Newfi Wholesale all loans locked at Newfi Wholesale. It is also requested that Brokers actively manage their locked pipelines and cancel any locked loan that has been withdrawn by the customer.
