Forms and Docs > Lock/Registration
The lock and registration screens allow the user to submit borrower data for the purpose of obtaining a rate and price for the loan based on a lock period. In the case of the registration the data can be submitted as an outline of how the user would like the loan to be underwritten.
The lock or registration screens are available by selecting a loan, selecting lock or register in the left-side navigation. The lock and registration screens are similar except for the header, the submit buttons at the bottom, register is intended for floating rates and locking assumes that the loan is being locked at a specific rate/product with either the secondary market and/or institution.
The Registration screen also allows the ability to register a loan so that the loan information is available for underwriting. The Lock screen enables the ability to lock a loan and have a lock confirmation available for the originator.
In the registration and lock screens when the label of an entry field is in red that indicates a field that is required before the loan can be locked or registered.
See below for important sections to note while working in the lock or register screens:
Contact Information: This data comes from Admin > Originator Admin > Originators
Product Name: The user will select a product from the dropdown list available in the site. The dropdown list options are products defined by the setup in admin > p&p > prod admin
Borrower Credit Score field will populate with the median score if in the event credit has been pulled on the file. Borrower No Credit Score Field acts as a double negative and will default to NO essentially disagreeing with the above statement. Borrower No Credit Score can be changed to Yes if in the event the user has not pulled credit on the file and is locking without that qualifier.
After a state is selected the county can be selected from a list by clicking the Choose County blue hyperlink.
Validate Duplicate SSN Yes/No. The system will stop the user from locking a loan if there is another lock in the system with the same SSN. By selecting No the user can override the system to enter another loan with the same SSN.
Validate Lock Eligibility Yes/No. The system will stop the user from locking a loan if it does not meet the eligibility for the product, the user can choose to override that by selecting No and still lock the loan.
When all of the required fields have been completed the user can select Register in the registration screen and the data will be saved. A print version of the registration is available by selecting the print icon in the left-side navigation. This is where the user can view any price adjustments or LO Compensation adjustments that may be tied to the loan.
In the lock screen the user will select the price button to obtain pricing for the product that has been selected based on the loan data entered in the Lock Screen. Two fly-out's will be displayed on this page. Pricing Fly-Out will display a pricing fly-out that calculates gain loss based on the pricing and the loan amount. Base is the calculation from the base price and net is the price calculated after pricing adjustments have been applied. These calculations correspond to the pricing underneath your mouse as you scroll from one square to the next. Payment Fly-Out will calculate the principal and interest payment based on the loan amount and the rate as you scroll your mouse over each rate. The can select a rate, lock period and pricing by selecting a square which will then display the chosen rate and pricing in the lower section along with any pricing adjustments.
The user now has the option to lock the loan by selecting the Lock button.
Tip: To make manual adjustments to the lock at this time the user can go to Adjustments (Edit) > select the blue edit hyperlink > In the top right corner, select the white hyperlink “add” > Enter description, rate, price and margin > select the “continue” button > select the “return” button > scroll to the bottom of the screen > select the “continue” button.
Import Events from Loan History: this notice is to let a user know that another user may be in the lock screen and prevent conflicting changes from being made.
In the lock confirmation screen, the following options are available:
Unconfirm/confirm lock – The user can choose to confirm the lock which makes it available for the originator to view and print the lock confirmation. If the lock has been confirmed and there is a reason to pull it back from the originator the lock can be unconfirmed.
Cancel Lock - Cancel lock deletes the lock record.
Edit Confirm - This opens a manual lock edit screen so adjustments can be made to the lock data.
Edit Lock -This opens the lock screen so that data can be changes and ran back through the product and pricing engine.
Print - Allows the user to print the lock confirmation.
Close - Close the confirmation screen and returns the user to the loan dashboard.