Locking Rates with Bay Equity

1
Locking Rates with Bay Equity

• A few tips to ensure smooth sailing!

2
Ideally, this is how your loan will flow through
our office

• Pre-submission Compile the full loan package
  everything except the appraisal and submit
  through your account executive.
• Day 1-3 Receive a conditional loan approval from
  an underwriter within 24 to 72 hours, depending
  on volume.
• Day 2-3 Begin preparing your loan to be eligible
  to lock!

3
To be eligible for Rate Lock, your loan must meet
the following requirements

• Have a conditional loan approval that has been
  issued by an underwriter
• The approval must be clear of STR (Subject to
  Re-qualification) conditions
• HVCC appraisal report of the subject property has
  been completed AND reviewed by the underwriter

4
Make sure your approval is correct!

• Please be sure that the conditional approval is
  for the correct product and loan amount. The
  lock desk does not have the authority to make any
  changes to the approved loan terms.
• Loan amount/product changes, STR condition
  review, and initial appraisal review may take up
  to 24 hours please plan accordingly!

5
Order your appraisal with confidence!

• So now that you have reviewed the conditions and
  confirmed with the borrower that all conditions
  can be met, its time to get the appraisal
  ordered!
• Appraisals have been taking 2 to 5 days which
  should be enough time to get most PTD conditions
  together. Start with the STR conditions,
  emailing or faxing them directly to the
  underwriter once you have all STR conditions
  together.

6
Youre ready for a 12 day lock!

• Now that you have all STR conditions signed off
  and the completed appraisal report has been
  reviewed by an underwriter, you are ready to take
  advantage of our industry leading 12 day pricing!
• Review all Conventional Adjustments to Fee and
  apply total adjustments to the price of the
  desired rate Final Price

7
On-Line Lock Request

• Go to www.bayeq.com and click Lock Request tab
• Fill in all required information, desired rate,
  and Final Price (looking for net price taking
  into account all applicable adjusters)
• You will receive a email Lock Confirmation or
  an email outlining corrected pricing within 60
  minutes
• Review Lock Confirmation for accuracy

8
Time for Docs!

• Send in any remaining PTD conditions and
  completed Doc Request (available on Forms
  section of www.bayeq.com)
• Fees will be verified by Account Manager and Docs
  will be sent out within 24 hours!