Various Topics

Loan Size Changes

 

Effective immediately Rate will be requiring a minimum loan size of $100,000 on all loan submitted to Rate.Loans between $100,000 and $200,000 will now be assessed a (.200) hit to their price.Loans currently in the pipeline that are not locked must be locked by July 3rd, 2008 or they will be subject to the additional .200 hit as well.Lock extensions and re-lock requests will not be allowed for all loans less then $100,000.

 

Administrative Fee Reduction

 

Rate will be lowering the loans fee charged from $795 per First Lien loan to $695.This newly reduced fee will be used on all loan packages that have not yet been sent to the Title Company.

 

Independence Day Holiday

 

In observance of Independence Day, Rate will be closing at 3:00 pm on July 3^rd, 2008.Rate will be closed on July 4^th and will re-open at normal times on Monday July 7^th, 2008.

 

 

Please feel free to contact your VP of Wholesale Lending or the Commitment Desk for further clarification if needed.

 

Thank you for your continued business!!