Long Term Locks – Lock periods from 4 to 9 months
- Rate will be the Fannie / Freddie 90 day rate offered in OB
- Conventional loans only & Construction loans only
- Brokers must use GMFS Disclosure Desk and compensation must be Borrower Paid
- 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
- May be collected from Borrower, Seller* or Correspondent Client.