Residential for Rent Rate Lock Program

Rate Lock Details:

1. All loan types in the Residential for Rent Program are applicable.
2. 30-day rate lock for a set-fee based on your loan amount.
3. Lock anytime from Upload Files- Purchasing (no lock options prior to Upload Files)
4. Lock commences as of 8 p.m. PT the day of receipt of fee unless fee is received prior to 10 a.m., in which case rates lock at the rate sheet prevailing at the time of receipt. 
5. If the fee is not received on a business day, the Lock will commence at the rate sheet prevailing as of 10 a.m. PT on the first business day following receipt
6. Locked into that day's pricing grids not a specific rate, if the loan scenario changes the correlating rate from the date of lock will be used. 
7. Loan must fund before lock expires 
8. Must provide payment receipt as conformation 
9. Non refundable. Refunds will only be given if PeerStreet denies the loan. 
10. No rate lock extensions are available.
11. Rate locks can not be transferred. 
12. No rushes will be granted to meet rate lock expiration.
13. You will receive a final rate lock confirmation in this task when the lock is complete. 

Rate Lock Process: 

Draft, Evaluating, Qualified:

Rate Lock not available through qualified status. The task to lock your rate will not appear until Upload Files. 

Upload files, In Diligence, Diligenced, and Purchasing:

If at any time during these stages you\your borrower would like to rate lock. Follow the process identified in your Lender Platform Rate Lock task if you do not have a Rate Lock task please email [e-mail].

Steps to Lock Your Rate:

1. Email [e-mail] to notify the team you would like to lock your rate. 
2. Pay the associated fee via Stripe. Your payment link will be provided when you email [e-mail]
3. Upload your payment receipt to the “Rate Lock (optional)” task in the lender platform. 
4. You will receive a confirmation receipt in the “Rate Lock (optional)” task in the lender platform.  

Once your rate lock is placed your rate clock is ticking, please be cognizant of the time it will take you file to be reviewed, processed, signed and wired.   

30-day Rate Lock fee is non-refundable.  Rate valid only if loan closes/funds in 30-day period.  Lock commences as of 8 p.m. PT the day of receipt of fee unless fee is received prior to 10 a.m., in which case rates lock at the rate sheet prevailing at the time of receipt. If the fee is not received on a business day, the Lock will commence at the rate sheet prevailing as of 10 a.m. PT on the first business day following receipt.  This is not a commitment to lend.