Due to these unprecedented times, the 11 Mortgage Lock policy has been updated effective immediately for any loans that are not already locked, this includes loans that are already approved in the pipeline. This message has been sent to 11 Mortgage employee’s only. This message is now posted on the TPO connect web portal as well under the company announcement section.
Purchase loans may be locked upfront with the following conditions met prior to lock request:
- Loan disclosed within 2 days of application
- Appraisal ordered within 3 days of application and confirmed, or you have a valid PIW (property inspection) waiver in the DU
- Upload a copy of the appraisal order confirmation in the eFolder
- 60 day minimum lock
Refinance loans may only be locked after the following conditions are met:
- Loan must be APPROVED in Underwriting
- The Appraisal must be Received, or you have a valid PIW (property inspection) waiver in the DU
- 45 day minimum lock
Additional disclosure requirements for Wholesale:
- All new loans: Initial disclosures must be requested within 24 hours of registration of a full application (address is not TBD) or the loan will be cancelled at the end of day 2 (including locked loans).
- Any existing locked loans that are not disclosure requested by 3 PM CT on day 2 will be cancelled and the lock will be cancelled. The lock will not be reactivated on a new registration of the same loan.