Rate Lock Hours:
You must be eligible to request a lock per our written policy stated here in our website. Lock requests will be accepted from the time we post rates on our website until 4:00 PM PST Monday through Friday, excluding holidays. No locks will be accepted on holidays. Please call 888-551-0880 or email us with specific requests. Please use email communications during non-working hours.
What We Require:
In order to be eligible to lock a loan, we must: (1.) acknowledge and be in receipt of a complete application sent from our secure website, (2.) a rate lock request e-mail from the borrower, and (3.) all of the initial required documents itemized in the Required Documents section of our website. Also, need to (4.) confirm with Appraisal Management company that appraisal fee has been paid through their website. (5.) For "Short Sale" purchases : We will need all lien holder(s) approval for the Short Sale before we can lock the loan. Unlike most companies, we do not require that you be approved in order to lock in an interest rate; however, we do need you to submit all the required documents to enable you to lock. On a purchase transaction, we do require that you show proof that you have a home under contract. We do require that borrower send in all documents we require within 3 calendar days from the day we send out the document check list. If we did not receive necessary documents after 3 calendar days, we will cancel the lock and you will need to Relock based on worse market condition. Also, for Relock, we require a fee deposit equal to or greater of $500.00 or 0.5% of the loan amount (which shall be applicable to borrowers closing costs at closing).
Float Down Policy:
Brighten Lending will consider requests by borrowers to "Float Down" certain locked loans prior to the expiration of the lock or the funding of the loan, whichever is earlier, subject to the terms in this policy. The term "Float Down" means and refers to a borrower's desire to take advantage of improvements in the market and renegotiate better loan terms than those to which the borrower previously committed at the time he or she executed a rate lock agreement. A "Float Down" is available only on a one-time basis per loan and only for fully approved loans with all conditions satisfied. "Float Downs" are not available for adjustable rate mortgages, and Brighten Lending reserves the right to decline to agree to a "Float Down" at its discretion. Any borrower desiring to negotiate a "Float Down" on an eligible mortgage loan shall be subject to the following, an additional fee: $500.00 or 0.5% of the loan amount, whichever is greater. A borrower with a 28-day lock may only "Float Down" to current 28-day pricing, and a borrower with a 43-day lock may only "Float Down" to current 43-day pricing. A "Float Down" shall not extend the original expiration date of the initial lock period. All extension costs associated with a "Float Down" shall be paid by the borrower.
Losing Your Lock/Failure To Comply
Brighten Lending reserves the right to cancel or modify the duration of a rate lock for the following reasons:
1. If at any time the borrower has not provided any documents we have requested within 3 calendar of our request.
2. If at any time the borrower has delayed the process by failing to comply with appointments.
Confirmation of Lock:
Lock requests are executed immediately upon receipt. The borrower should consider his lock confirmed only upon receipt of an e-mail from an authorized representative of Brighten Lending. If the pricing you requested is no longer available, a Brighten Lending Expert will contact you immediately.
Volatile Market Conditions
Brighten Lending reserves the right to suspend lock requests on any business day that market conditions prohibit our ability to execute a lock.
Brighten Lending informs each customer of the minimum lock period, in days, in which Brighten Lending needs to complete the customer's unique loan request. In the event we are unable to close your loan within the rate lock period and your rate lock expires, you will be notified and given the choice to extend your lock period or cancel your loan request.
The cost of extending your rate lock period varies with current market conditions and different investing banks. Depending on the circumstances you may be able to extend your rate lock for free or a fee may be required. If your rate lock expires as a direct result of an action taken or not taken by Brighten Lending, Brighten Lending will absorb any cost associated with extending your rate lock.