Enhancements to Locking - Update and Extend Lock*

Overview

Release 6.1.1000 includes the following changes to locking services in oPOS:

• A new button called Lock Actions has been added to the "Locking & Adjustments" page after a lock has been placed on a loan. This button can be used to update and extend an existing lock.

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Configurations

An Admin user must enable access to the Update Lock and Extend Lock options before users can access them in the Lock Actions button. Admins have the option to configure access to these options for both Pre-Line of Demarcation and Post-Line of Demarcation scenarios. 

The following configurations can be used to enable these options:

"Locking - Access to a) Extend Lock button for Pre Line of Demarcation"

• when this configuration is set to "True," users will be able to access the Extend Lock button before initial disclosures are created

"Locking - Access to b) Extend Lock button for Post Line of Demarcation"

•  when this configuration is set to "True," users will be able to access the Extend Lock button after initial disclosures are created

"Locking - Access to c) Update Lock button for Pre Line of Demarcation"

• when this configuration is set to "True," users will be able to access the Update Lock button before initial disclosures are created

"Locking - Access to d) Update Lock button for Post Line of Demarcation"

•  when this configuration is set to "True," users will be able to access the Update Lock button after initial disclosures are created

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Update Lock or Extend Lock

When a loan is locked, the Lock Actions button appears at the bottom of the "Locking & Adjustments" page. This button can be used to update and then extend the existing lock.

Note: all locks must be updated before they can be extended

If a user attempts to request disclosures with an outdated lock, they will be prompted to return to the "Locking & Adjustments" page to update the lock.

Update Lock

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.

Extend Lock

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.

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.

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Acceptance Criteria

Corresponding Feature(s): 367982, 414856