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Our Borrowers apply with us because they are going to obtain the loan they applied for at the best possible deliverable rate and/or points. We encourage and offer from the outset, over the telephone, a no obligation rate lock, provided we get your social security number and date of birth. We do not run credit reports unless and until we receive your signed authorization.
In fluctuating volatile markets interest rates can improve. At Loans4Less.com we deal with an array of wholesale lending institutions and we may be able to re-lock your loan with a different lender in order to obtain the better terms. In some instances we may not be able to re-lock with a different lender for a lower rate, especially if the lender where we originally locked you is 'front running' or 'buying' the market and no other lender is offering better terms.
In times of high volume and high volatility we may advise you not to adjust your original rate lock and pursue a 'float down' since we may deem it more responsible to deliver your original rate rather than risking non-delivery of a marginally lower rate.
Due to bond market volatility we have a general guideline that the lower rate as posted on Loans4Less.com must be posted for three consecutive days in order for us to 'float down' your rate.
We believe our Lock and Float Down Policy provides our Borrowers with assurance against rising rates and an opportunity to obtain a lower rate without any obligation on your part.
Please send back your loan application and supporting documentation via overnight delivery to protect your locked terms. Applying or signing the Disclosures does not obligate you to take the loan. By positioning your file into underwriting we are then best able to serve your needs and deliver your loan.
Sincerely,
Steven M. Hershman
President/CEO
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Union Discount Mortgage, Inc. is licensed by the California Dept. of Real Estate, Real Estate Broker License Number 01166995. Union Discount Mortgage, Inc., a California Corporation dba Loans4Less is a wholly owned subsidiary of Loans4Less.com, Inc. a Delaware Corporation and is hereby advertised as Loans4Less.com/California.
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