IHDA's lock policy remains unchanged. For reference, it is,
When the commitment/reservation is made, the interest rate is locked for 60 days regardless of future rate changes. IHDA/U.S. Bank HFA Division must purchase loans by the 60th day. If a loan has not been purchased by the 60th day, a 25 bps reduction in Service Release Premium (SRP) will be made for every 30 days past the initial 60-day lock period. If a loan has not been purchased by the 90th day, IHDA is under no obligation to purchase the loan(s).
On any loan in which the lender expects to deliver at 90 days or later, the lender must contact IHDA (mortgage@ihda.org) to inform that the file is still active and request postponement of the cancellation. IHDA must provide an approval/acknowledgment, and IHDA staff must note the system accordingly.
After cancellation, IHDA will not allow a re-registration by the same borrower(s) for 60 days unless the borrower has obtained a contract on a different property. It is suggested that a lender reserve/commit the loan upon receipt of the appraisal and when the loan file is fully complete. Once a loan is reserved/committed, the lender will perform a review of the loan file for tax code compliance and for credit underwriting - each of which is a separate and unique review.
