Rocket Pro

Rocket Mortgage LLC P.O. Box 7729 Springfield, OH 45501

Rocket Mortgage, LLC. ISAOA 1050 Woodward Avenue Detroit, MI 48226-1906

Lock Extension Guidelines

Free Extensions:
15-Day Padlock Extension (FREE):
-Available at no cost by using your company's Padlock Vault.
-A maximum of two Padlock extension requests may be used on a loan.
-The combined total of all Padlock extensions may not exceed 15 days.

Padlock Vault
-Your company earns 3 free Padlock extension days for every loan that closes.
-Your Padlock Vault can hold a maximum of 750 extension days at any time.
-Loan Factory consistently maintains the maximum balance because new loans close faster than extension days are typically used.

Paid Extensions
-A loan may receive a maximum of two paid extensions.
-If the 5-Day Pinnacle Extension is used, it counts as one of the two allowable extensions, leaving only one paid extension available.
-If the 5-Day Pinnacle Extension is not used, both paid extensions remain available.

Rate Lock Requirement - Wholesale & Correspondent

The rate lock must remain valid through the scheduled signing date. It does NOT need to extend through the funding date.

Available Lock Terms
15-day lock
30-day lock
45-day lock
60-day lock
90-day lock
180-day lock

1st 15 days= 0.25 point or worst of market, whichever is greater
2nd 15 day = 0.25 point or worst of market, whichever is greater
3rd extention= 0.25 point or worst of market, whichever is greater

Orbit Benefit:
Padlock Exchange

* More pricing power to protect the deal. Partners can convert available Padlock days into pricing credits to solve eligible issues on existing loans. 

* Orbit partners continue to earn three Padlock days for every closed loan. In addition to using those days for eligible lock extensions, Orbit partners may exchange them for an
LLPA credit on a live wholesale loan. 

Program Details
*Exchange rate: 3 Padlock days = 1 basis point

*Maximum credit: Up to 50 basis points per loan, rounded up to the next whole basis point

*Minimum credit: 1 basis point. Credits are issued in whole basis points only, and the Padlock Day vault is charged the full number of Padlock Days for each whole basis point. Fractional basis points will not be credited.

*Eligible channel: (Wholesale only). Correspondent loans are not eligible.  Hybrid approved partners may use Padlock Exchange on eligible wholesale loans. 

*Eligible products: All products excluding jumbo products.

Please see Jason Le, Jesica Endos, or Thuan to leverage Padlock Exchange.