Lock & Subordination Policy


Lock & Subordination Policy

Our Borrowers apply with us because they require professional service, loan program advice, a fast and smooth loan approval process and competitively priced loans.

Advanced Locks
Pursuant to your instructions we will lock in the interest rate upon acceptance of your loan registration with the Wholesale Lender. Once we have locked your loan you will receive a lock confirmation from the Wholesale Lender.

High Volume and/or Volatile Markets
In fluctuating volatile markets interest rates often change either for better or worse and without notice. It is important to understand that unless and until we are able to register your loan file onto a Wholesale Lender's platform and subsequently lock in your loan interest rate (pursuant to your instructions) the rate & terms are not guaranteed.

Appraisal Restrictions
Current mortgage industry practices may prohibit the use of appraisal reports derived from a different lender or third party. Therefore, if you want us to resubmit to a different lender in order to obtain a lower rate, this can result in an additional new appraisal report fee if the appraisal report transfer is not allowed.

Subordination of a Junior Lien
Please be advised that any loan application that involves a subordination of a junior lien requires that the Borrower pays for the cost of the Subordination in advance.

No Obligation In The Application or Disclosures
By receiving a Loan Estimate, signing and dating the Loan Application and/or the other Disclosure forms, does not obligate you to close any loan.

By positioning your file into underwriting we are best able to serve your needs and deliver your loan without delay. Please deliver your loan application and supporting documentation to position the loan program and rate lock terms.

Steven M. Hershman, President & Broker

Loan Inquiry Form