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I knew it was going to be a rough morning today when my alarm went off and I found my cat Myrtle staring at the computer screen watching Social D’s “Don’t Drag Me Down.” (Excuse the language.) There was this email: “Rob, I’m thinking about leaving my company because it doesn’t offer 180- or 270-day rate locks. What do you think? We have trouble competing even with shorter term pricing. My current employer is allowing me to lock in a 60-day rate at 1 percent higher than the 10-day lock price, but my competition has stronger pricing than ours, and a few of the banks trounce everyone’s pricing.” 270-day rate locks? The longer the lock, the greater the risk. I am going to simplify this a little, but they’re light a light switch: figure either 0 percent will fund at that price, or 100 percent. Think of the lenders that offered that program at the beginning of 2020: none of those loans closed at those rates. Think of the lenders that offered that program at the beginning of 2022: every one of those loans will close at those rates. (More on long-term locks in the capital markets section.) (Today’s audio version of the commentary is available here and this week’s is sponsored by SimpleNexus, an nCino company and award-winning developer of mobile-first technology for the modern mortgage lender. Interview with Jon Irvine, Chief Product Officer at Change Home Mortgage, on how relationships go a long way when it comes to treating brokers & borrowers the right way.) Lender and Broker Products and Services
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