Allows mortgage originator to price a mortgage for a home loan applicant where the originator must make his or her best efforts to close the loan according to that pricing but is not contractually bound to do so.
Related information about best efforts mortgage lock:
- Best Efforts Mortgage Lock Definition | Investopedia
When the sale of a mortgage in the secondary mortgage market requires that the seller, usually a mortgage originator, make a "best efforts" attempt to deliver the ...
- Mandatory Mortgage Lock Definition | Investopedia
The requirement to make delivery of the mortgage or pair-out of the trade makes a mandatory mortgage lock different from a best-efforts mortgage lock.
- What is best efforts mortgage lock? definition and meaning
Definition of best efforts mortgage lock: Allows mortgage originator to price a mortgage for a home loan applicant where the originator must make his or her best ...
- Best Efforts Mortgage Lock: Definition from Answers.com
Best Efforts Mortgage Lock When the sale of a mortgage in the secondary mortgage market requires that the seller, usually a mortgage originator, make.
- Best Efforts Mortgage Lock Law & Legal Definition
Best efforts mortgage lock is made when the sale of a mortgage in the secondary mortgage market requires that the seller, usually a mortgage originator, make a ...
- www.mortgageloan.com
- * Best efforts - (Business): Definition
Best efforts mortgage lock. A best efforts mortgage lock allows a mortgage originator to obtain a preliminary commitment on selling a mortgage loan into the ...
- First Time Home Buyers
Feb 2, 2012 ... First Time Home Buyers: A collection of first time home buyer info--programs, loans, mortgages, tips, and more.