Lock Policy and Procedure

Delivery Method

Important Lock Information

Lock Desk Hours

Changes And Modification To Existing Locks

Delivery Of Committed Loans

Commitment Expiration

How To Re-Lock/Change/Modify A Loan

Rate Lock   



 Weststar Mortgage offers approved Correspondents the ability to sell loans using the Best Efforts Delivery option. Loans are price protected (committed) on a single loan flow basis. Correspondents receive a Commitment Confirmation for each loan locked.

Delivery of the loan is mandatory only if the loan closes (disburses). If the loan closes/disburses, delivery to WMC is mandatory. If the loan does not disburse, there is no marketing obligation to WMC.

All loan pricing and locking functions are available via WMC’s Product and Pricing Engine available at www.weststarconnect.com.


NOTICE: Loans must be imported to WeststarConnect and be available in your Pipeline Status area before a rate lock can occur.



Pricing is available from 7:00 am to 6:00 pm Central Time. Rate lock requests are not instantaneous. Our lock desk will review your rate lock request and either accept or reject your request. Upon acceptance you will be able to retrieve your rate lock confirmation via the Pipeline Status function within WeststarConnect. Lock confirmations will be available via WeststarConnect within 24 hours of lock request. Email: lockdesk@westloan.com.



All final loan documents must be received by WMC prior to the expiration of the rate lock.  If final documents are not received by the expiration date, an extension or re-lock must occur.

Rate extensions must be requested prior to the expiration of the rate lock. Upon expiration of the rate lock, the loan must be re-locked and shall be priced at the lesser of the current market rate or the original rate lock price less applicable extension fees. Previously locked loans must have been cancelled or expired for a period of 30 days in order to receive current market pricing.

Rate lock extension fees shall be 2 basis points per calendar day.

The rate and program cannot be changed on a rate lock extension.

“Off-Sheet” Pricing is not available.

Maximum 4 extensions

Maximum 60 days extension

Rate lock extensions and re-locks can be requested at lockdesk@westloan.com.

Login information and the User’s Guide will be provided to you by your Account Executive on the day of your training session. Instructions on how to price and lock loans are available in the product and pricing engine user guide. Technical support is available to you by contacting our Systems Administrator.



To request changes via email to lockdesk@westloan.com

Change Type After Initial Commitment

Change to Pricing

Loan Program

Pricing from the original date of lock is used.

Loan Amortization Term

Pricing from the original date of lock is used.

Loan Amount

Pricing adjustment applicable on the original date of lock.


Pricing adjustment applicable on the original date of lock.

Change in Borrower(s)

Removing a borrower – all price adjustments based on the remaining borrower are applicable and are from the original date of lock. 

Adding a borrower – No change unless the new borrower affects price.  Adjustments are from the original date of lock. 

Interest Rate

Pricing from the original date of lock is used.

Lock Period

Not Permitted - The lock period can only be changed if the request is made to the lockdesk on the date of the initial lock. NOTE: Once pricing has changed (daily or immediate) the lock period cannot be changed.


Loan shall be priced at the greater of the current market rate or the original rate lock price less applicable extension fees.

Escrow Waiver

Pricing from the original date of lock is used. 

Property Type

Pricing from the original date of lock is used.


Pricing from the original date of lock is used.



Correspondent Delivery:

WMC Will

After Commitment Expiration

Re-lock at worse case pricing.

By Commitment Expiration

Review the loan within 48 hours.

If file is not reviewed within 48 hours, locks will be extended 1:1 (one day, for every one day beyond 48 hours for review).

If there are outstanding conditions at the time of commitment expiration, and WMC has reviewed and provided conditions, a 5-working day grace period for submitting conditions will be in effect for the commitment expiration.

If all conditions are met by the time of lock expiration, the commitment remains in place.

WMC requires 15 days from delivery of committed loans to the purchase of the committed loans.



Commitment expiration is established at the time of commitment. If the commitment expiration date falls on a non-business day (Saturday, Sunday, or Holiday) where WMC is closed for business, the commitment expires on the following business day.

Certain changes to a committed (locked) loan may result in a change in price. It is the Correspondent’s responsibility to notify the WMC pricing department of any changes to the original lock confirmation.

At time of delivery, if changes to the locked loan are discovered, WMC will revise the pricing.

Additionally, if WMC subsequently discovers that changes to the original commitment occurred in the purchased loan, WMC will invoice the Correspondent for the pricing differential.



Submit your Re-Lock/Change/Modification to lockdesk@westloan.com. It is not necessary for you to make the changes in WeststarConnect. Our lock desk will make the appropriate changes and update your lock confirmation in the web portal.

Include the following information:
Loan Number, Borrower Name, and the request to re-lock/change/modify with the details of the



Contact Information
Toll Free: (800) 640-0635
Log in

Turn Times

Initial Submission
3 business days

2 business days

Weststar Mortgage Corporation
2155 Louisiana Blvd NE Ste 8000, Albuquerque, NM  87110
Toll Free:  (800) 640-0635
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