Compliance – Lock Policy: As a correspondent lender, do we need to have a consistent pricing policy for lock extensions, or can this be flexible based on the investors we use?
Answer: This is an issue that most lenders must deal with as they progress from broker to correspondent. As a correspondent, you are technically the lender, whereas as a broker, your investor was technically the lender. The lender must demonstrate fair pricing policy to reduce the risk of disparate treatment. This is why some adjustments [...]