MANDATORY MORTGAGE LOCK
The condition or term, which appears in the sale of a mortgage in the secondary mortgage market, whereby the seller is required to deliver the mortgage at a certain time or pair-out of the trade. The mandatory mortgage lock is different from best-efforts mortgage lock because of the former’s requirement to deliver the mortgage or pair-out the trade. This bears more risk on the seller and commands higher price in the secondary mortgage market than best-efforts locks because of the fewer hedge costs associated with it.
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