oPOS: Locking & Adjustments

The “Locking & Adjustments” page contains an overview of the borrower’s selected loan product. From here, the user can begin searching for a different loan product or send a request to lock the current selection.  

Table of Contents 

• Locking & Adjustments – Overview
• Product Information
• Privilege Features
• Shop for Rates
• Submit Lock Request
• Summary

Locking & Adjustments – Overview

The “Locking & Adjustments” page allows the user to

• review information about the currently-selected loan product
• begin shopping for an alternative loan product (Shop for Rates)
• request to lock the terms of the currently-selected loan product (Submit Lock Request)

Product Information

The “Locking & Adjustments” page contains the following pieces of information about the selected loan product:

1. Product Name – name of the selected loan product  
2. Product Details – interest rate and other financial details about the selected loan product
   • Product Code
   • Note Rate
   • APR
   •  Monthly Payment
   • Total Loan Amount
3. Lock Status (6.0.1000) – indicates whether the terms of the selected loan product have been locked. Depending on the lock status, this field displays the following values:  
   • ‘Not Locked’ (Default)
   • ‘Lock Cancelled’

• ‘Lock Closed’

• ‘Lock Denied’  

4. Rate & Pricing Information – contains information about the cost of the selected loan product, including the interest rate and pricing totals.
   • Base Rate | Final Rate
   • Base Price | Final Price
   • Margin | Index | Sum
   • Floor
   • Par Rate | Par Price

5. Loan Officer Table of Adjustments – list of adjustments made the to the selected loan product
   • Adjustment
   • Description
   • Paid by – values in this field no longer function as hyperlinks and do not respond when the user hovers over them (Added in 6.0.1000)
   • Price
   • Rate
   • Margin

6. Locking Information – details about the history of the loan’s lock status (Added in 6.0.1000)
   • PPE (Proprietary Price Engine) Loan ID #  
   • Product Search – date of product search  
   • Rate sheet ID        
   • Lock Requested – date of lock request  
   • Lock Fulfilled – date of “Locked” status update. This field appears blank if the lock status is changed to ‘Denied’ or ‘Cancelled’  
   • Lock Period
   • Days Extended
   • Lock Expiration
   • Lock Denied
   • Lock Cancelled
   • Reason Given
7. Final Loan Officer Price/Rate/Margin – financial information about the loan officer’s price and rate. Under certain circumstances, the user can also view the subtotals paid by various parties. This is a privilege setting that must be enabled by a system administrator – see below for more details

Privilege Features

Final Loan Officer Price/Rate/Margin – Added in 6.0.1000 

1. The following fields appear in the Final Loan Officer Price/Rate/Margin section if the user has been given the correct privileges by a system administrator:
   • 'Total Paid by Loan Officer’
   • ‘Total Paid by Company’
   • ‘Total Paid by Division’
   • ‘Total Paid by Channel’
   • ‘Total Paid by Branch’
2. A system administrator can grant the user access to these fields by selecting either one or both of the following privileges:  
   • Request Price Concessions
   • Request Rate Concessions

3. If the user does not have these privileges, the following features will not appear on the “Locking & Adjustments” page:  
   • Loan Officer Table of Adjustments: + Add Item 
   • Final Loan Officer Price/Rate/Margin: Subtotal Information

+ Add Item 

1. The system administrator can give the oPOS user the ability to add price or rate concessions by selecting one or both of the following privileges:
   • Request Price Concessions
   • Request Rate Concessions

2. If the user has been granted these privileges, the + Add Item button will appear below the Loan Officer Table of Adjustments section. Clicking this button allows them to add price or rate concessions to the table.

Shop for Rates

The Shop for Rates button allows the user to search for a new loan product. Clicking this button opens a drop-down menu with the following options:

• Update Fees
• Update Pricing
• Update Price & Fees
• Shop for Rates 

Update Price & Fees 

Once disclosures have been sent to the borrower, the Shop for Rates button is replaced by the Update Price & Fees button

Submit Lock Request

The Submit Lock Request button allows the user to generate a lock request for the borrower’s selected loan product.  

When Submit Lock Request has been selected, a modal window appears that contains a record of any changes that have occurred to the price of the selected loan product. To confirm these changes, select Apply Changes. To select a different loan product, select Shop for Rates.

Once any changes have been applied, the next modal window asks the user to confirm the lock request for the borrower. To confirm the request, select the Confirm Lock Details checkbox and click the Confirm Lock Request button.  

After the user clicks the Confirm Lock Request button, a message appears to confirm that the request was approved. Click OK to return to the “Locking & Adjustments” page.  

Back on the “Locking & Adjustments” page, the Lock Status section displays the ‘Locked’ status

Lock Actions 

After the loan has been locked, the Submit Lock Request button is replaced by the Lock Actions button.  

The Lock Actions button displays a modal window that contains information about any changes made to the lock.  

Summary

The “Locking & Adjustments” page has been modified to include additional information in order to make it easier to review the loan product and provide quicker feedback to the borrower.