Loan Workbench: How to Lock a VA IRRL or an FHA Streamline Loan
Lock loan rates for VA IRRL or FHA Streamline loans 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
- Product Type: Standard, Affordable, HARP and Student Loan
Pricing and Locking does not apply to loans with:
- Jumbo Loans
- Loan Type: Nonconforming
- 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.
4. Select VA or FHA and a dropdown will appear. Select the Type of Veteran and if this is the borrower's first time using a VA Loan Program. 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.
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 two options: Best Eligible and Ineligible Products.
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 to the Optimal Blue Pricing engine. You will be receiving an email to confirm if the lock was processed successfully. 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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