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

5-Day Pinnacle Extension (FREE):
-Available at no cost.
-Using this extension counts toward the maximum number of extensions allowed on the loan.

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