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LendingRisk.com Mortage Industry Dictionary

Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.

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Lock (Loan Lock)

1. The act of committing a loan to an investor to ensure a loan interest rate for the borrower over a specified period of time.

2. The act of committing to deliver, in a specified period of time, a loan to an investor on the mortgage secondary market to ensure the payment of a premium to the seller.

See Best Efforts Delivery Commitment
See Mandatory Delivery Commitment
See Mortgage Correspondent Lending and Loan Production
See Mortgage Industry Seller Pull-through Overview

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Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.