Lock Request and Lock Extension Policy
THIS POLICY APPLIES TO ALL LOAN PROGRAMS. SECONDARY MARKETING AND THE LOCK DESK
RESERVE THE RIGHT TO CHANGE THIS POLICY AT ANY TIME. A LOCK REQUEST IS NOT A COMMITMENT
TO FUND A LOAN. LOCKS ARE SUBJECT TO UNDERWRITING. LOCKED LOAN PRICING IS SUBJECT TO
CHANGE AT IAPPROVE LENDING’S DISCRETION TO ENSURE PROPER PRICE EXECUTION (E.G., LOAN
DETAILS CHANGE FROM LOCK DATE) AND LOAN PROGRAM ELIGIBILITY (UNDERWRITER FINDINGS).
RATE SHEET IS SUBJECT TO CHANGE (INCLUDING THROUGHOUT THE DAY) WITHOUT NOTICE.
A Lock Request and Lock Extension Form (form available on our website) will only be processed if it is
submitted directly to the Lock Desk by email (locks@iapprovelending.com) or fax (877-472-1158). NO
VERBAL REQUESTS WILL BE ACCEPTED. iApprove Lending is not responsible for a Lock Request and Lock
Extension Form that is not sent directly to the Lock Desk. Account Managers, Underwriters or any other
iApprove Lending staff (other than the Lock Desk staff) are not responsible for forwarding Lock Request
and Lock Extension Forms to the Lock Desk for processing.
Lock Requests:
Deadline for lock requests: 4 pm PT. Unless approved in advance with the Lock Desk, lock requests
received after 4 pm PT will be processed based on the next day’s rate sheet.
Lock request delivery:
o IAPPROVE LENDING IS NOT RESPONSIBLE FOR LOST, MISDIRECTED, ILLEGIBLE LOCK
REQUEST AND LOCK EXTENSION FORMS. As such, if you do not receive a lock confirmation
on the day you submit a Lock Request and Lock Extension Form, it is your responsibility to
confirm that the Lock Desk received your form and will process it for that day’s pricing.
o Lock pricing is based on the current day’s rate sheet and may change throughout that day.
LOCK REQUEST AND LOCK EXTENSION FORMS must be received 30 minutes prior to
notification of rate change (email or iApprove’s web site when trying to access the current
day’s rate sheet) in order to be eligible for the current day’s rate sheet. LOCK REQUEST
AND LOCK EXTENSION FORMS received within 30 minutes of notification of rate change will
be subject to the new updated rate sheet.
o New lock requests will only be accepted if a rate sheet has been distributed for that day.
For example, if a lock request is received prior to the distribution of a rate sheet for that
day, pricing will be based on the rate sheet when it is distributed for that day.
Lock information:
o All information provided on the Lock Request and Lock Extension Form must be accurate,
complete, legible, and meet eligibility requirements to be valid. If a lock confirmation is
provided based on the information provided in the Lock Request and Lock Extension Form
and the provided information is later determined to be inaccurate or read incorrectly due to
legibility, iApprove Lending is not responsible or bound by the lock.
o If the Lock Desk has comments or questions about the information provided in a Lock
Request and Lock Extension Forms and notifies the sender but does not receive a timely
response from the sender, iApprove Lending is not obligated to fulfill the lock request.
Lock confirmations:
o THE LOCK DESK WILL GENERALLY SEND (BY EMAIL OR FAX) LOCK CONFIRMATIONS ON
THE DAY THE LOCK REQUEST AND LOCK EXTENSION FORM WAS RECEIVED BUT NO LATER
THAN 10 AM PT THE FOLLOWING DAY. IT IS THE RESPONSIBILITY OF THE SENDER OF THE
LOCK REQUEST AND LOCK EXTENSION FORM TO CONFIRM THAT THE FORM WAS RECEIVED
BY THE LOCK DESK AND THE LOCK PROCESSED FOR THE DAY SUBMITTED. IF A LOCK
CONFIRMATION IS NOT RECEIVED BY THE SENDER (BY EMAIL OR FAX) ON THE DAY THE
LOCK REQUEST AND LOCK EXTENSION FORM WAS SUBMITTED, IT IS THE SENDER’S
RESPONSIBILITY TO CONFIRM THAT THE LOCK WAS PROCESSED THAT DAY. THE LOCK
DESK MUST BE NOTIFIED OF ANY DISCREPANCY ON THE LOCK CONFIRMATION
WITHIN 1 BUSINESS DAY OF LOCK DATE.
o A lock confirmation is not a commitment to fund the loan, a notification that the loan is
eligible for the price provided, or that the loan meets all loan eligibility requirements. Loans
that don’t meet industry and/or underwriting guidelines are subject to price change and/or
lock cancellation.
Lock changes: Changes to a valid lock are subject to the rate sheet for the day the lock was
processed.
Lock Extensions:
Deadline for lock extensions: 2:30 pm PT
All requests for lock extensions must be submitted to the Lock Desk by email
(locks@iapprovelending.com) or fax (877-472-1158). NO VERBAL REQUESTS WILL BE ACCEPTED.
iApprove Lending is not responsible for lock extension requests that are not directly submitted to the Lock
Desk.
Extension confirmation: If an extension is granted, a confirmation will be sent within 24 hours.
Please take note of the following fee structure (subject to change) for all first extensions of loan locks:
If Market BETTER than when If Market WORSE than when
originally locked originally locked
If you contact us within 2 No fee for the first extension. Free Minimum extension fee of
business days of expiration extensions limited to 5-calendar 0.15 for the first 5-calendar
(but no later than 2 pm PT days. (Updated) day extension.
on the expiration date)
If you don't contact us by 2 Minimum extension fee of 0.15 for the first 5-calendar day extension.
pm PT on the expiration
date
Please review rate sheets for updates policies are subject to change without notice. Even with the above
policy, it is the responsibility of the broker / loan officer to monitor lock expiration dates. As you know,
iApprove Lending is not responsible for locks that expire if a broker / loan officer / salesperson does not
effectively request an extension. As such, only direct contact with the Lock Desk can process locks and
extensions. Also, expired locks that need to be re-locked are subject to a different fee structure.
So, to avoid or minimize extension fees and to avoid locks from expiring, please monitor your loans' lock
expiration dates carefully and contact us before your locks expire.
LOCK DESK