Now Offering Long Term Locks
GMFS now offers Long Term Locks! You can now use this feature to protect your borrower from possible future rate increases. The Borrower, Seller or Correspondent Client can pay a flat fee (collected upfront) at the time of the lock request to lock in their rate.
Long Term Lock Details:
- Lock periods – from 4 to 9 months
- Rate will be the Fannie / Freddie 90 day rate offered in OB
- Flat fee will be charged and collect upfront at a rate of .375% per month of the loan amount requested at the time of the lock request
- Due prior to lock acceptance
- Non-refundable
- May be collected from Borrower. Seller* or Correspondent Client
- Conventional only
- Construction loans only
- Brokers must use GMFS Disclosure Desk and compensation must be Borrower Paid