RATE LOCKS POLICY Lock Desk: 213-788-3530 Ext. 209, email: [email protected] Lock Cut Off Time: 4:00 PM (PST) Rate sheets are published daily and distributed via email by 9:30 a.m. PST. Rates can also be accessed via the NMSI Wholesale website at: www.nmsigroup.com. Intra-Day price changes may occur at any time based on market fluctuation without prior notice. General Lock Policy: Broker can request a lock thru NMSI EXPRESS on loans that have been approved and ordered the appraisal. 1. To be eligible for 15 DAY LOCK, Loan must be U/W Approved (PTD's NOT required sign-off) and Appraisal condition must be cleared. 2. To be eligible for 30 DAY LOCK, Loan must be U/W Approved and Appraisal payment to be processed. 3. A lock confirmation is available to print immediately. 4. Lock extensions and changes to locked loans must be emailed to the lock desk at [email protected]. 5. Locks expiring on a weekend or Holiday will roll to the next business day automatically if there have been no lock extensions. Lock Extension Policy: 1. In the event a loan cannot be delivered within the original lock term and a full relock is not required, extensions of the original lock term will be allowed only before or on the lock expiration date. 2. Loans may be extended for either 2 days with 0.125% fee or 7 days with 0.250% Fee. 3. Locks that have been extended are not eligible for rollover from the weekend or Holiday and need to be extended to the next business day. Full Relock Policy: 1. If a full term relock is required, the loan will be relocked at the worse of current market or original price plus 0.25% in fees. Expired locks will be considered a relock at worse case pricing plus 0.25% in fees. 2. Only 1 time Re-Lock allowed, No Extension allowed after Re-Lock. 3. May charge $500 penalty for Undelivered or Cancelled Loan after Lock 1 of 1