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Lock Desk Hours of Operation
· Monday – Friday
· 10:00am ET – 6:00pm ET
· The lock desk will be closed during legal and pre announced holidays
All AFR client codes begin with a two or three letter prefix. That prefix identifies the way the account is set up. It also identifies how the loans submitted under that particular client code will flow through our pipeline and eventually close and fund.
TPO, WS, TF, C and CDE refer to the prefix of your AFR client code.
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General Wholesale Locking Guidelines for TPO, WS and TF client codes:
· Rates are posted daily at approximately 10:00 am EST.
· AFR's rates and pricing are subject to change without notice during the business day.
· American Financial Resources requires that all loans be in the "Submitted", "UW-Received" or "UW-Approved" status before a loan's rate can be locked. Loans in "Registered" status are not eligible to be locked.
· AFR currently offers two methods of locking.
· DataTrac® Web Live Pricing (Preferred Locking Method)
· All Conventional loans must be locked using DataTrac® Web. Manual locks will not be accepted.
· AFR Manual Lock Request Form
· Lock requests must be received by AFR prior to 6:00 pm ET to be processed that day. Any lock request received after 6:00 pm ET will be denied and will need to be re-submitted once the rates are posted during the next business day.
· All locks must be valid through the note date(closing date).
· Three (3) initial lock periods are available
§ 30 days - The pricing shown on the rate sheet
§ 45 days - The pricing shown on the rate sheet reduced by 0.25
§ 60 days - The pricing shown on the rate sheet reduced by 0.50
· If a loan does not close by the expiration date, the loan would need to be extended subject to the rules as set forth in the AFR Extension Policy.
· All communications with the lock desk including extension requests or re-locks must be executed by the approved AFR client.
· Should a lock expire prior to closing without being extended, the loan would be required to be re-locked subject to the rules set forth below per the AFR Re-Lock Policy.
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AFR Wholesale Extension Policy for TPO, WS and TF client codes
Extension Overview
· Extension requests must be submitted to the Lock Desk in writing or through the DataTrac® Web pricing system by the approved AFR client.
· Extension requests sent solely to an AFR Account Executive or Account Manager will not be accepted.
· Extension requests must be received by the AFR lock desk prior to 6:00pm ET on or before the expiration date of the lock. Any extension requests received after 6:00pm ET will be denied and will require re-submission the next business day to be processed.
· To extend a lock, please submit an e-mail to
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
containing the borrower's First Name, Last Name, AFR Loan # and the days you need the locked to be extended for 7 days or 15 days"
· The initial expiration date of the lock will be disclosed on the lock confirmation.
· No lock may be extended past 60 days from the initial lock date.
· Once the full 60 day lock period has expired the lock will require a Re-lock. Please review the AFR Re-Lock Policy for more information.
Extension options and pricing
· AFR currently offers a 7 day and 15 day lock extension, added to the current expiration date of your lock.
· The 7 day lock extension would be processed at a cost of 0.125
· The 15 day lock extension would be processed at a cost of 0.250
· If the first extension request is received within two (2) business days of the original expiration date, the rate would be determined as follows:
§ If the base rate price the day of the extension is lower (worse) than when the rate was initially locked, the extension cost remains.
§ If the base rate price the day of the extension is equal to or better than when the rate was initially locked, the extension will be processed at no cost
· Each lock can receive only one (1) no cost extension.
· In order to ensure a smooth closing process, all lock and extension requests must be submitted at least 24 hours prior to closing.
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AFR Wholesale Re-Lock Policy for TPO, WS and TF client codes
When is a re-lock required?
· A re-lock will be required on files in any of the following scenarios:
· A lock has expired prior to an extension request.
· A lock has been in effect for 60 days and will require additional time to close.
· The Loan Product changes after the file has been locked
· The loan information has changed or was improperly registered. This would entail changing between a fixed term to an ARM, or changing from a specified fixed term to another after locking.
For example:
§ The loan is locked as a 30yr fixed term and is changed to a 5/1 ARM after locking.
§ The loan is locked as a 15yr fixed term, and is changed to a 30yr fixed term after locking.
§ The loan is locked as a SFR and is determined to be a manufactured property.
How to re-lock a loan.
· The following methods can be used in re-locking a file.
· An e-mail with the borrowers first and last name, loan number and note rate should be sent to
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
.
· Upon re-locking, the new lock will be processed at the worse-case pricing. The lesser of the original lock(minus ext costs) or the current price.
· All re-locks will be valid for a new thirty (30) day period from the date the request is made.
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General Correspondent Locking Guidelines for C and CDE client codes
· Loans can be locked at registration for C & CDE client codes only.
· Locking period options are "30 days, 45 days and 60 days"
§ 30 days - The pricing shown on the rate sheet
§ 45 days - The pricing shown on the rate sheet reduced by 0.25
§ 60 days - The pricing shown on the rate sheet reduced by 0.50
· All loans from C & CDE clients must be locked using DataTrac® Web. Manual locks will not be accepted.
· The initial closed package delivery date and AFR Purchase by date will be disclosed on the lock confirmation.
· AFR must receive the closing package prior to the delivery expiration date of your lock.
· A free 10 day funding period will be added to the expiration date of the lock once AFR receives the closing package.
· Should you need an extension past the free 10 day period, the AFR approved client must request one in writing.
· If your lock will expire prior to AFR receiving the closing package, the loan would need to be extended subject to the AFR Extension Policy.
· If a lock expires prior to AFR receiving the closing package, and no extension has been requested, the loan would require to be re-locked subject to the AFR Re-lock Policy.
· Should an expired lock not be extended prior to the day AFR purchases the loan, AFR will calculate the pricing based off of the lesser of the pricing from the initial lock or the published pricing at the moment the purchase advice is prepared.
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AFR Correspondent Extension Policy for C and CDE client codes
Extension overview
· Extension requests must be submitted to the Lock Desk in writing by the approved AFR client prior to the lock expiration.
· Extension requests sent solely to an AFR Account Executive or Account Manager will not be accepted.
· Extension requests must be received by the AFR lock desk prior to 6:00 pm ET to be processed that day. Any extension requests received after 6:00pm ET will be denied and will require re-submission the next business day to be processed.
· To extend a lock, please submit an e-mail to
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
This e-mail address is being protected from spambots. You need JavaScript enabled to view it containing the borrower's First Name, Last Name, AFR Loan # and the days you need the locked to be extended for. "7 days or 15 days"
· No lock may be extended past 60 days from the initial lock date.
· If a lock is needed past 60 days, the loan will need to be re-locked in accordance with the AFR Re-Lock Policy.
Extension options and pricing
· AFR currently offers a 7 day and 15 day lock extension, added to the current expiration date of the lock.
· The 7 day lock extension would be processed at a cost of 0.125
· The 15 day lock extension would be processed at a cost of 0.250.
· In order to ensure a smooth closing process, all lock and extension requests must be submitted at least 24 hours prior to funding.
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AFR Correspondent Re-Lock Policy for C and CDE client codes
When is a re-lock required?
· A re-lock will be required on files in any of the following scenarios:
· A lock has expired prior to an extension request.
· A lock has been in effect for 60 days and will require additional time to close.
· The Loan Product changes after the file has been locked
· The loan information has changed or was improperly registered. This would entail changing between a fixed term to an ARM, or changing from a specified fixed term to another after locking.
For example:
§ The loan is locked as a 30yr fixed term and is changed to a 5/1 ARM after locking.
§ The loan is locked as a 15yr fixed term, and is changed to a 30yr fixed term after locking.
§ The loan is registered/submitted to AFR as a SFR and is determined to be a manufactured property.
How to re-lock a loan.
· The following methods can be used in re-locking a file.
· An e-mail with the borrowers first and last name, loan number and note rate should be sent to
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
.
· Upon re-locking, the new lock pricing will be set at the lesser of the pricing for that program from the original locked in date or the date the re-lock is requested whichever is worse.
· All re-locks will be valid for a new thirty (30) day period from the date the request is made.
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Contacting the Lock Desk
The AFR Lock desk is available by phone, e-mail and chat during daily business hours.
Lock Desk Phone Number: 1-877-588-2706
Lock Desk E-mail Address:
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This e-mail address is being protected from spambots. You need JavaScript enabled to view it This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Lock Desk Chat Option
Please use the online chat link at the top of AFR Home Page. When selecting your department, please use the Pricing/Lock Questions option to reach a Lock Desk Operator.
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Forms and Resources
Manual Wholesale Request Form: CLICK HERE TO DOWNLOAD LOCK FORM (PDF)
AFR Wholesale Daily Rate Sheet: CLICK HERE TO ACCESS THE LATEST RATE SHEET
AFR Wholesale Rate Sheet Archive: CLICK HERE FOR ACCESS TO OUR RATE SHEET ARCHIVE
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