Arc Home is excited to announce the following update to the Delegated Correspondent lock policy, effective for loans locked on or after April 26, 2024. The SPARC portal will reflect this enhancement.
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Delegated Correspondent |
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Previous Policy |
New Policy |
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Lock Policy |
Access NQM, Edge NQM, Elite QM, Elite Jumbo Prime, and Conventional Investment Property Loans may float up until “Submitted for Purchase Review”. The closing package is required to be uploaded and “Submitted for Purchase Review” on or before the lock expiration date.
The lock does not need to be extended after “Submitted for Purchase Review” and will be subject to the Suspense Policy.
Locks </= 15 days – Loan must be in “Submitted for Purchase Review” status
Locks >/= 30 days – Loan can lock at “Registration” |
Access NQM, Edge NQM, Elite QM, Elite Jumbo Prime, and Conventional Investment Property Loans may float up until “Submitted for Purchase Review”. The closing package is required to be uploaded and “Submitted for Purchase Review” on or before the lock expiration date.
The lock does not need to be extended after “Submitted for Purchase Review” and will be subject to the Suspense Policy.
Locks </= 15 days – Loan can lock at “Registration” |
The revised Arc Home Delegated Correspondent Product & Pricing Job Aid will be available on the website soon.