Interest Rate Tolerances
There is a 30-year mandatory DC for a $350,000.00 loan at a note rate of 3.125 that will not be closing due to appraisal issues. Review your pipeline to see if you have loans to substitute for the loan that will not close. You can use multiple loans to fill this Delivery Commitment, such as:
$200,000 loan at 3.125% and a $145,000 loan at 3.00% = total $345,000, which is within the dollar amount tolerance.
The price for these note rates will be the price in effect at the time the $350,000 loan was originally locked. See the DC Confirmation for interest rate tolerance and the pricing in place at the time the DC was issued.