What is a lock desk mortgage?

What is a lock desk mortgage?

A lock-in or rate lock on a mortgage loan means that your interest rate won’t change between the offer and closing, as long as you close within the specified time frame and there are no changes to your application. And, a rate lock may lock you out of a lower interest rate if rates fall after you get your loan offer.

What does a lock desk analyst do?

As a Lock Desk Analyst, you will be responsible for processing rate lock, change, and extension requests while adhering to and enforcing rate lock policies.

What is lock desk secondary marketing?

The Mortgage Secondary Marketing Rate Lock Desk will primarily be responsible for overseeing the daily loan pricing functions, which include Rate Sheet distribution, pricing updates and locking.

What do lock desk analysts make?

How much does a Lock Desk Analyst in United States make? The highest salary for a Lock Desk Analyst in United States is $116,831 per year. The lowest salary for a Lock Desk Analyst in United States is $35,638 per year.

What is the lock desk?

The Lock Desk Specialist will be responsible for completing the following job duties: Performing loan lock functions, hedging support, and reporting. Partnering with Secondary Manager/hedge firm and Loan Originations to lock interest rates on mortgages and appropriately hedge interest rate exposure.

Can I change my mind after locking in a mortgage rate?

Yes, you can change lenders after locking a rate. But you’ll have to start the application process over with your new lender. That means getting pre-approved, submitting all your documents, and waiting for underwriting — twice. All in all, closing a mortgage or refinance usually takes more than a month.

Can I back out after rate lock?

You can back out of a mortgage rate lock, but there are consequences. Backing out of a rate lock means giving up the application you’ve put time and money into. You’ll have to start your mortgage application over from the start, and you’ll likely have to re-pay fees like the credit check and home appraisal.