Loan Workbench: How to Lock a Loan

Loan Workbench: How to Lock a Loan




Lock loan rates in Command Center to easily view the best pricing and discount options for borrowers.

 The Pricing tab applies to loans that have:
  • Ran a soft or hard credit pull (Credit Score is required)
  • Fixed loans
  • Loan Types: Conforming, FHA and USDA
  • Product Type: Standard, Affordable, HARP and Student Loan

Pricing and Locking does not apply to loans with:
  1. Purpose: VA Loan Rate Reduction (IRRRL) and FHA Streamline
  2. Jumbo Loans
  3. Loan Type: Nonconforming
  4. Property Type: Manufactured Homes
Note: If you are not the named loan officer on the loan, you will not be able to price and lock the loan. An error will appear. 
(No referral loans). 


How to Lock a Loan

      1. Navigate to Pipeline from the left-hand menu. 
      2. Double-click on a Loan Number, and select the Pricing tab. 



      3. Enter the required Search Criteria to view the borrower's pricing options. If the required loan data to run pricing through Optimal Blue is missing, the fields will be listed on the left-hand side for the Loan Officer to fill.  

Note: You must run credit before you price and lock a loan. If you do not run credit beforehand, an error will appear. 

      4. Enter the required Search Criteria to view the borrower's pricing options. If the required loan data to run pricing through Optimal Blue is missing, the fields will be listed on the left-hand side for the Loan Officer to fill.  



      5. Click .
      6. Any saved changes to the loan record from Command Center will update the loan record in Encompass.  Click  to proceed with the pricing results from Optimal Blue. 
      7.  Command Center will display three options: Best Eligible, Unavailable Products and Ineligible Products. Click the Best Eligible arrow  to view the rate stack available for the borrower. 

          You can select  to view all eligible products the borrower is qualified for. 




      8.  View the Best Eligible - Price: Rate, P&i, 12 Day Lock, 25 Day Lock, 40 Day Lock and 55 Day Lock. 



      9. Click  to display the Best Eligible - Discount options available for the borrower.



      10. Select Price and click to Lock the rate. 



      11. View the selected rate, price and loan details. Click Lock when ready. 



      12. The lock request has been submitted and has been sent to Secondary for approval. The user submitting the lock request will receive an email confirmation. Click Got it.



      13. AFN Team members can view the Lock Summary Confirmation page under the Pricing tab in Loan Workbench.



Note: If the lock has been approved, the Pricing tab will reflect the Lock Information and other Action Items such as: View Locked Parameters, Request Lock Extensions, Lender Credit Requests and view the Lender Credit History. If the lock was declined by Secondary, the Pricing tab will display the Pricing Builder where you can view pricing and lock the loan again.

      14. An email will be sent to the user on the decision of the lock request from Secondary. The approved lock rate will appear in Encompass and in Command Center. 



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