аЯрЁБс>ўџ .0ўџџџ-џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџьЅС'` №ПчbjbjLULU 4.?.?ч џџџџџџЄќ ќ ќ ќ  Сh0 0 0 0 0 .9 M @BBBBBB$)h‘~fY Y Y f0 0 л{###Y 0 0 @#Y @##:(,А0 $ -8@б Ьќ o T @‘0С^R… ˆААY Y #Y Y Y Y Y ff Y Y Y СY Y Y Y Фи$иџџџџ  SOVEREIGN BANK CORRESPONDENT LOCK POLICY (last updated May 2011) Sovereign Bank must receive a complete, closed loan file within 5 calendar days of the Lock Expiration Date as defined on Sovereign Bank’s daily rate sheet and Lock Confirmation. If the 5th day falls on a weekend or Federal holiday, this delivery date is extended to the following business day. If the closed loan file is deficient in either underwriting, closing or delivery documentation, the loan will be placed in a suspense status. Sovereign Bank will issue a Suspense Notification to the Correspondent outlining all deficiencies which will need to be corrected. The Suspense Notification will include a Cure Date, which will be the latter of 5 calendar days after the Suspense Notification Date or 5 calendar days after the original Lock Expiration Date. If the deficiencies are not cured by the Cure Date outlined in the Suspense Notification, the loan will be processed as a re-lock, which is defined below. RATE LOCK EXTENSIONS If a closed loan is unable to be delivered by the delivery expiration date, the Correspondent can contact Sovereign within 15 days prior to or on the delivery expiration date to request an extension. If borrower originally locked for 15 or 30 days, a 15 day extension will be granted for .25pt, and a 30 day extension will be granted for .375pt. If the original lock period was for 60 (or 90) days, then the original pricing will be compared to the current 60 (or 90) day pricing. If current pricing is worse than the pricing at which the borrower originally locked, a 30 day extension from the rate lock expiration date will be granted and the cost will be the difference between the original pricing and current pricing, but never greater than .375 in price. If current pricing is better than or equal to the pricing at which borrower originally locked, a 30 day extension will be granted for no fee. If the 30 day extension is not sufficient and additional time is needed, another 30 days can be granted based on the above pricing scenarios, but at no time will a rate be extended for more than 60 days past the original lock expiration date. RE-LOCKS A closed loan that is not delivered on or before the delivery expiration date may re-lock within the first thirty days after the delivery expiration date for a total re-lock period of 30 days, including the delivery period. The new pricing will be the WORSE of the following: Original pricing minus .375 pr; OR Current pricing minus .375 pr PRODUCT CHANGE For loans that have been locked, Sovereign must be notified when a product change occurs. Pricing will be determined by Sovereign and will be subject to Market conditions. The product change should be communicated to Sovereign as soon as possible and prior to the expiration date. CANCELLATIONS AND/OR CHANGES Correspondent is required to notify Sovereign of any changes to loan amount, LTV, or any other change of significance. 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