Correspondent Partner Guide - Wintrustmortgage.net

PARTNER GUIDE
All changes, extension requests, and relocks must be requested through
our Secondary Marketing Department. Email Secondary @
CorrSecondary@wintrustmortgage.com with the information that needs
to be changed or with the number of days needed for the extension /
relock by 3:30 p.m. CST.
Secondary Marketing must be contacted on all extension and relock
requests. Correspondents may increase the expiration date for any best
effort commitment via a rate lock extension or a relock. We strongly
encourage you to lock your loans in on the appropriate lock period, so as
to avoid incurring an extension fee. The 15 day lock period should only
be chosen for loans that have been issued a clear‐to‐close.
A Best Effort Commitment may be extended for a maximum of 30 days
from the original lock expiration date. The available extension periods
with the corresponding costs are as follows:
Extension Period
Extension Cost
7 Days .140%
15 Days .300%
30 Days .600%
It is highly recommended that an extension be requested prior to the
expiration of the original lock period to preserve your pull through ratio.
If an application is not closed and disbursed by the lock expiration date
and an extension is not requested on or before the lock expiration date,
the Best Effort Commitment will only be eligible for relock.
WM USDA extensions are at a cost of .094 in 7 day increments. USDA
locks can only be extended twice for a maximum of 60 days total.
Relocks – Loans may be relocked within 3 business days on or after the
commitment expiration date. The relock starts a new commitment period
on the date the relock is requested and approved. Correspondents may
not relock the loan for a period greater than the original lock. Relocks
carry a .125% relock fee in addition to the worse case pricing calculation.
If an additional relock is needed, it will carry a .30% relock fee in
addition to worse case pricing.
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