Every month the coupon "rolls over". In this case, this month's coupon is closed out and all new loans are placed into next month's coupon.
Think of it as the time they mature. The recently closed issue, loans that are satisfied 30 years from now, are packaged and sold. Because the seller or wholesale lender now has an additional 30-days, it is like having a 30-day extension on their rate lock.
John Franco
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