Lock Policy Current as of 04/23/2020

1. When can I lock?

For purchase, you may lock once application is e-signed.

For refinance, you may lock once application is e-signed and appraisal is ordered.

Rate lock is only available from 11:00 a.m. to 6:00 p.m. Eastern Time, Monday through Friday.

2. When shall I lock and how many days to lock?

Short term interest rate is influenced by many factors and is very hard to predict. Most of our clients choose to lock for 30 days. For purchase, please lock at least 7 business days before settlement to ensure close on time. 15-day lock option is only available after loan file has been conditionally approved and appraisal has been ordered.

3. Do I need to pay any fee when locking the rate?

We do not charge any lock-in fees. For refinance, appraisal needs to be ordered before you can lock.

4. How do I monitor rate to lock?

You may login to your account to view current rate with one click or fill in loan information on www.ivydirect.com to see current rate without login.

5. Can I switch to other loan program or rate after I have locked?

If you switch loan program after rate is locked, the new rate and term will be worst case of when the loan is locked and when change is requested. If you switch rate, new rate and term will be recalculated based on when the loan is locked. Please request at least 7 business days before closing to ensure close on time.

6. Does Ivy Direct offer float down option?

Yes. Please use calculation method below to see if your lock is qualified when market rate drops. Run rate quote and find the option with interest rate that is at least 0.250% lower than your locked rate. If the lender credit from that option is the same or higher or the lender fee is the same or lower, please call the credit analyst and we might be able to adjust and lower your rate to 0.125% above that option. Float down is not available if loan is closing within 7 business days. Once a float-down is granted, no subsequent float-down option is available. Float down option is not available if free extension has been executed. Due to extreme market conditions, float down option will be reviewed on a case by case basis and is not guaranteed.

7. What if I need to extend the lock?

Lock extensions can only be requested on or before lock expiration date. The minimum request is 5 calendar days and extension fees are 0.02%*loan amount per day. Lock extensions that expire on Saturday, Sunday or legal holiday must be extended to the next business day. One 10-day free extension is available if current market pricing is at least 0.25%*loan amount better than original locked pricing. Free extension is not available if float down option has been executed or if the subject loan file is locked with Jumbo Product.

8. What if my lock has expired?

You may relock the loan at worst case pricing plus an additional cost of 0.25%*loan amount for 15 calendar days relock and 0.375%*loan amount for 30 calendar days relock. Loan is limited to two re-locks, no subsequent re-locks permitted.

9. What if my loan was previously withdrawn?

If the loan that is withdrawn is locked, and you start a new application for the same subject property, you will be subject to the policy described in item 8 within 30 days after the lock expiration date of the withdrawn loan. Market pricing will be available starting from the 31st day after the lock expiration date of the withdrawn loan.