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. This article provides instructions for requesting a lock on a selected loan product and for managing a lock once it has been placed.
Table of Contents
- Submit Lock Request - Locking & Adjustments
- Forward Lock/Submit Lock - Pricing Results
- Update or Extend a Lock
Locking a loan allows you to lock in a desired rate for a specified period of time. There are several methods for doing placing a lock on a loan. You can request a standard lock on the "Locking & Adjustments" page after a loan product has been selected and applied to a borrower's loan, or you can place a forward or standard lock directly while browsing eligible loan products on the "Pricing Results" page.
When selecting a loan product, the default lock period appears in the Days column. However, you can also explore and choose alternative lock periods with different terms by expanding the rate sheet with the icon.
Submit Lock Request - Locking & Adjustments
The "Locking and Adjustments" page can be accessed from the "Loan Details" page or from the Loan Menu
After a loan product has been selected and applied, this page contains a detailed overview of the selected loan product, including the current lock status and the lock period.
If necessary, the Shop for Rates button at the bottom of this page can be used to return to the "Shop for Rates" page to begin searching for a new loan product.
Once you have reviewed the terms of the selected loan product, use the following steps to submit a lock request:
1. Select Submit Lock Request
2. After selecting this button, the the system may prompt you to complete any prerequisites for locking that have not been satisfied, such as providing a subject property address or running credit. Complete any of these required steps before submitting the lock request.
|Lenders can configure these lock request pre-requisites. To learn more about configuring locking requirements, refer to this article.|
3. Once all lock request prerequisites have been completed, the system will run a price and fee update to ensure that the selected product is still eligible. If the product remains eligible, select Apply Changes to proceed with the lock request. If it is ineligible, this window will describe the reason that it was deemed ineligible, and you will either need to make changes to the loan application to fix the eligibility problem or select a new loan product before you can request a lock.
|Product Ineligible - fix the disqualified reason or Shop for Rates|
|Product is still eligible - select Apply Changes to proceed|
4. After completing the pricing update, review the terms of the lock. If the displayed information is correct, select the Confirm Lock Details checkbox. You will also need to enter the borrower's name and SSN if they have not already been provided. Select Confirm Lock Request to submit the request to the lock desk.
5. While waiting for the lock to be approved or denied, you can continue to work on the loan. Once a response has been received, the following window will appear - select View Changes to navigate to the "Locking & Adjustments" page to view the new lock status. If the lock request was approved, the Lock Status will be updated to 'Locked.' If it was denied, the status will be updated to 'Lock Denied.'
Once the loan has been locked, details about the lock - such as the status and expiration date - will then appear in the Locking Information section on the "Locking & Adjustments" page.
Forward Lock/Submit Lock - Pricing Results
In addition to the standard locking process described above, you can also place a lock on a desired rate or desired price directly on the “Pricing Results” page by using the Submit Lock or Forward Lock buttons.
The Submit Lock button can be used to submit a standard lock request as described above.
The Forward Lock button is a streamlined version of the standard lock that allows users to take advantage of a particular loan product before completing standard locking pre-validation checks such as running AUS/Credit or requiring a street address for the subject property. If this option is selected, you will still need to perform these steps later for the lock to remain in place.
Individual users must be granted the following privileges to access these locking options on the "Pricing Results" page.
Submit Lock: "Pricing - Enable button Submit Lock on Pricing Results"
Forward Lock: "Pricing - Enable button Forward Lock on Pricing Results"
Update and Extend a Lock
After a loan has been locked, the Lock Actions button appears at the bottom of the "Locking & Adjustments" page and can be used to update and then extend the existing lock.
Note: all locks must be updated before they can be extended
|The system must be configured to enable the Update and Extend Lock options. Refer to this article for configuration instructions.|
Select Lock Actions to open the Update Lock window, which contains a side-by-side comparison of the current loan record and the loan record at the time the lock was initially fulfilled. By default, this window only displays those fields that have since changed from the initial loan information. To see all fields in the loan record, toggle the View all Fields switch. Field values that have been changed appear in red. The appearance of changed fields indicates that the lock needs to be updated to reflect the most up-to-date loan data.
After reviewing this information, select Update Lock to update the lock with the current loan data
The following window contains a summary of the loan product and displays whether it is eligible for a lock update
|Eligible for Updates||No Longer Eligible to Update Lock|
If this window indicates that the lock is eligible to be updated, select Submit Lock Update. If the update is successful, a confirmation message and summary of the updated lock terms will appear.
After the lock has been updated, users can request to extend the lock by selecting the Lock Actions button on the "Locking & Adjustments" page. The following window contains a summary of the updated loan record. Click Extend Lock to proceed.
The following window allows users to indicate desired lock extension periods by selecting the various checkboxes on this screen. The pricing engine will generate projected extension costs for each of the selected periods.
Users with the 'Enable Manual Lock Extension Option' privilege can also enter a custom extension period up to a default maximum of 45 days.
|The lock extension period options that appear in this window are configurable by Lenders, including the maximum number of days that can be entered manually. Refer to this article for more information on how to configure these menu options.|
When the extension period is selected, click Get Extension Costs to proceed.
The pricing engine will then display the available terms for each of the selected lock extension periods, including the extension cost, price, and new expiration date. If a selected period is not eligible for extension, a 'Service Failed' message will appear on the corresponding line.
After reviewing the eligible lock terms, select the radio button next to the desired extension period and click Submit Lock Extension
If the request is successful, a confirmation message and summary of the new lock terms will appear
Information about the extended lock can then be found in the Locking Information section on the "Locking & Adjustments" page.