DO 7.1 requirements and Updated Pinehurst extension fee's
DO 7.1 Underwriting Requirements
All loans processed thru DO locked on or after December 18th must be run thru DO version 7.1. Loans locked prior to December 18th processed with DO version 7.0 must be closed/funded by January 12th, 2009.
Pinehurst Extension and Relock Fee’s
Effective for all locks extensions and relocks the fee’s have been adjusted to the below effective immediately.
| Extension Policy | |
| 15 | -0.375 |
| 30 | -0.500 |
| 45 | -0.625 |
| 60 | -1.000 |
| CAN ONLY EXTEND TWICE FOR A TOTAL OF 120 DAYS | |
| ** 2 Extensions and/or Relocks Total | |
| No Free Extensions Available | |
| Relock Policy | |
| 10 | -0.375 |
| 25 | -0.500 |
| 40 | -0.625 |
| 55 | -1.000 |
| 70 | -1.250 |
| NOTE:Worse case pricing plus the relock fee | |
| May relock at current market after 30 days | |
| ** 2 Extensions and/or Relocks Total |
Please feel free to contact your VP of Wholesale Lending or the Underwriting Department for further clarification if needed.
Thank you for your continued business!!