Rates & Reservations for Lenders and Realtors

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Loan Reservation Process

All CalHFA approved lenders have access to reserve loans thru the CalHFA Mortgage Access System (MAS). Each lender has assigned an MAS Administrator within their own company to manage their employees’ access to MAS. Lenders may have different processes for assigning CalHFA log-ins, passwords, and the reserving of CalHFA loans.

Reservations with a floating rate will be accepted from 6:00 a.m. to 11:59 p.m. Pacific Time, seven days a week. Lenders must reserve loans, including all CalHFA subordinate loans, using CalHFA Mortgage Access System (MAS) prior to loan submission.

Reservations may be made after a sales contract has been executed between the buyer and seller. Approved CalHFA Lenders may reserve funds on behalf of their correspondent lenders or mortgage brokers. All loans must be reserved thru MAS by the approved lender.

For more detailed information, please review the FAQs below, or you may contact CalHFA's Secondary Marketing Unit at:

phone: 916.326.8000
Email: RateLocks@CalHFA.ca.gov

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Rate Lock Process

First mortgage rate locks will only be accepted between the hours of 8:00 a.m. and 3:00 p.m. PT Monday through Friday, excluding state-recognized holidays, and days that the U.S. financial markets are closed for business.

At the time of reservation the lender will have the option to lock or float the interest rate. Only lenders with full MAS access may lock the interest rate at any time. If loan is reserved with the float option, the reservation period is 90 days on existing/resale properties, or 120 days on new construction properties.

• At the time of rate lock, the lender will have the option of locking the loan(s) for either sixty (60) days or ninety (90) days for both existing/resale properties and new construction properties.
• For float option only:
  • Lenders may lock the rate at any time during the reservation period if they choose the float option.
  • To lock the rate when the float option is chosen, lenders must complete the Rate Lock in MAS. To help you with the rate lock process please see Guide: Locking a Rate
    • Rate Locks will only be available for loans at a status 120 (New Reservation) through 440 (Conditional Approval)
  • Rate lock expiration date will supersede the reservation expiration date.
• All loans must be funded, delivered and purchased by CalHFA’s master servicer, prior to rate lock expiration.
• • Files should be received by the master servicer by the 45th day for sixty (60) day rate locks or the 75th day for ninety (90) day rate locks, or earlier, to ensure time to clear conditions and purchase prior to rate lock expiration.
• If the rate lock has expired or is cancelled – lender may not re-lock until sixty (60) days after the previous expiration date.

CalHFA subordinate loans reserved with a CalHFA first mortgage

• All subordinate loan(s) will receive the same reservation, lock and purchase periods as the CalHFA first mortgage. All subordinate loans must be delivered and purchased by CalHFA prior to the rate lock expiration. 

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Rate Extension Process

Lenders must request a rate lock extension via email from CalHFA’s Secondary Marketing Unit prior to the rate lock expiration date.

• CalHFA offers extensions in 15 day increments up to a maximum of 120 days total from the original expiration date.
• The fees for all first mortgage loans will be net funded at the time of purchase by our master servicer.
  • This fee may be charged to the borrower(s) or seller(s). Lenders must follow TRID fee requirements, refer to your compliance department for how to disclose this fee
• Rate locks for subordinate loans reserved with a CalHFA first mortgage are automatically extended when the first mortgage is extended.
• The fees for all subordinate loans will be net funded at the time of purchase by CalHFA.
• All subordinate loan extensions are subject to the following:
  • New Preliminary Title Report/Property Profile showing no additional recorded loans since loan closing
  • Lender, not the borrower, shall pay for all costs associated with the Subordinate loan extension fee, including the extension fee and new Preliminary Title Report
  • The first mortgage payment history showing the loan as current with no past delinquencies
• If a rate locked loan has cancelled, lender may not re-lock until sixty (60) days after previous expiration date
• Under no circumstances will CalHFA extend a rate lock period longer than 120 days for both existing/resale properties and new construction properties from the original expiration date
  • CalHFA loans will not be purchased for any reason after the 120-day extension period expires

All expired CalHFA first mortgage loans and their associated subordinate loans, which have been submitted to CalHFA, will receive an automatic 30-day extension at a cost.

Rate extension fees

Extension	First Mortgage	ZIP	MyHome or ECTP
15 days	0.1875%	$0	$0
30 days	0.3750%	$0	$0
45 days	0.5625%	$0	$0
60 days	0.7500%	$0	$0
75 days	0.9375%	$250	$250
90 days	1.1250%	$250	$250
105 days	1.3125%	$1,000	$1,000
120 days	1.5000%	$1,000	$1,000

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Loan Reservation FAQs

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Rate Lock FAQs

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Rate Extension FAQs

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