Lender-Based Loan Fees and Lock Loan Volume
Lender-Based Loan Fees and Lock Loan Volume
We in the mortgage world like to throw around cryptic terms. Actually, they're really not all that mysterious to those of us who use them day in and day out, but why would an outsider have any interest in the meanings of, say, lock loan volume, lender-based loan fees and volume analytics? They probably wouldn't. But the Internet is a crazy place, and we figure there may be a thirst out there for some fun mortgage definitions. So we'll aim to start rolling them out for you here. Look for a glossary page soon. Today's definitions:
Lender-Based Loan Fees
Fees collected by banks and lending institutions to cover lender's costs associated with originating the loan for the borrower. Unlike some loan fees over which a lender has no control, banks can set this fee at whatever they please, and thus compete to offer the best deal for potential borrowers.
Lock Loan Volume
Bank and mortgage lender data which tracks the overall volume of loans originated by that bank or lending institution. Lock data is explicitly captured and recorded once a borrower decides to lock a rate with the lender.
Heitman Analytics has been a mortgage reporting resource for more than 25 years. The company provides financial professionals with the most accurate retail, wholesale, and correspondent mortgage rates, volume, fees, competitive intelligence analysis and reporting. From industry-wide data aggregation to specific topical and regional analysis of mortgage pricing, Heitman Analytics helps professionals make informed real-time lending and pricing decisions with a high degree of certainty.