Lock Request Form
This feature is not available in Encompass Broker Edition.
View the "Managing Lock Requests" Quick Reference Guide
Use the Lock Request Form to submit a request for a rate lock, re-lock, ONRP pricing, rate lock extension, or rate lock cancellation to the lock desk. You can adjust values on the Lock Request Form and submit requests without affecting the associated fields in the main loan file. Changes to the Lock Request Form are not incorporated into the loan file until the lock request is confirmed.
How the Lock Request Form Works
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When you first open the Lock Request Form, the fields in the Request Information section at the top of the form (Borrower Information, Subject Property Information, Transaction Details, and Current Loan Information) are populated from information in the main loan file.
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The lock plan code associated with the loan program is copied to the Lock Plan Code field if pricing was imported using the Get Pricing button. Or you can type the code into the field.
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If you change values in the fields in the Request Information section, the corresponding fields in the main loan file are not changed.
However, you can click the Manage Borrowers button to change borrower and co-borrower name, SSN, and credit score information on the Manage Borrowers window. Changes made on this window are reflected in the main loan file.
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Click the Reset icon to reset the fields in the Request Information section to match the values in the main loan file.
Subject Property Information Section
The new URLA (URLA 2020) introduces new subject property information fields to the application. To ensure Encompass captures the data needed to complete the new URLA and remain consistent with its new format, these new fields have been added to the Lock Request Form.
When the URLA 2020 form version is selected, the following fields are displayed.
To select which version of the URLA to display, go to Forms > URLA Form Version > URLA 2020.
- Address (field ID 2942) – The address of the subject property. This field is a concatenation of the Street Address (field ID 4516), Unit Type (field ID 4517), and Unit # (field ID 4518).
- This field is read-only
- If the Street Address, Unit Type, or Unit # is updated, this field will also be updated.
- If Address (field ID 11) is updated, this field is populated with the updated data.
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Street Address (field ID 4516) – Enter the street number and street name only. For example, 123 Elm Street.
- If Address (field ID 11) is updated, this field is populated with the updated data.
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Unit Type (field ID 4517) – Select the type of unit. For example, if you have Suite 1500, select “Suite”.
- If Address (field ID 11) is updated, this field is cleared.
- Unit # (field ID 4518) – Enter the number for a suite, apartment, condo etc. For example, if you have Suite 1500, enter “1500”.
- If Address (field ID 11) is updated, this field is cleared.
- Project Type - Enables product and pricing engines to use the project type when identifying the correct pricing and eligibility for the loan.
- Condominium (field ID 4711)
- Cooperative (field ID 4712)
- Planned Unit Development (PUD) (field ID 4713)
- Property is not located in a project (field ID 4714)
Encompass automatically selects or clears the checkboxes based on the Property Type selection made on the 1003 URLA - Lender input form (field IDs URLA.X205–URLA.X208):
The mapping described above is one-way. Changes to the checkboxes on the Lock Request Form do not copy back to the checkboxes on the 1003 URLA – Lender input form. However, the checkboxes on the 1003 URLA – Lender input form will be updated when a lock request snapshot has been locked (auto lock or manual) and confirmed using different values from the new checkboxes on the Lock Request Form.
- If the Project Type fields on the lock request snapshot are blank, no further action will be taken.
- If the values are the same on the lock request snapshot and the URLA 2020, no further action will be taken.
- If the values are different on the lock request snapshot and the URLA 2020:
- The Project Type fields will be added to the Compare with Current Loan Data pop up window.
- The Project Type field values on the lock request snapshot will be posted to the corresponding URLA 2020 fields when the lock is confirmed.
- The Project Type fields will be added to the No Sync field list. If enabled, these new fields will not update the loan fields.
- FHA Secondary Residence (field ID 4515) – Indicates whether the subject property qualifies as an FHA secondary residence.
- This field is displayed (but disabled) only when Loan Type (field ID 2952) is “FHA”.
- If this field is displayed, and Loan Type is changed to a value other than “FHA”, the field will be cleared and hidden.
- To enable this field, Property Will Be (field ID 2950) must be “Secondary”.
- If this field is displayed and enabled, and Property Will Be is changed to a value other than “Secondary”, the field will be cleared and disabled.
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If the Loan Type (field ID 2952) in the Transaction Details section is changed and no longer mirrors the Loan Type (field ID 1172) on the 1003 Page 1, a message, "Changing the loan type will result in the Mortgage Insurance Factors and Terms being removed from the MI Details pop-up window. Click OK to proceed.", is displayed to provide the user with the choice to either take the proper steps prior to requesting a lock or manually adjusting the MIP as needed after the lock confirmation.
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The temporary buydown fields indicate the buydown terms on a loan for a lock request.
- Buydown Contributor (field ID 4631) – Indicates the individual or entity that is making contributing payments, such as the Seller.
- Temporary buydowns are not supported when the borrower is indicated as the buydown mortgage contributor.
- This field is populated by field ID CASASRN.X141b but can also be manually selected.
- If the selected value changes from a borrower to a non-borrower, the Buydown Type, Rate and Term data are cleared.
- If the selected value changes from one non-borrower to another non-borrower, the Buydown Type, Rate and Term data remains.
- Buydown Type (field ID 4632) – This field is populated by field ID 4645.
- Use the Lookup (magnifying glass) icon to open a pop-up window with the Buydown Type and Description from the Temporary Buydown setting (located under Encompass>Settings>Tables and Fees).
- The icon is only enabled if Buydown Contributor has a selection and there is at least one entry in the Temporary Buydown setting.
- Selecting a record from the pop-up window populates the Buydown Type, Rate and Term fields. The Rate and Term fields become read-only.
You can select a buydown type with no rate and term data.
- If Buydown Contributor has a value, Buydown Type is blank, and the loan is priced, a message, “The Buydown Type field is blank and will not map to the correct Buydown Type value in the pricing engine. If Buydown pricing is required, please click Cancel and select the correct Buydown Type or click OK to continue.” is displayed.
- Rate % (field IDs 4633 - 4638) – The percent by which the interest rate is reduced from the note rate.
If the buydown program includes more than one buydown rate, list the rates in the order they will take effect.
- If the Buydown Contributor selected is “Borrower”, these fields are populated by field IDs 1269 – 1274.
These are the same Rate % fields provided in previous versions of Encompass.
- If the Buydown Contributor selected is any option except “Borrower”, these fields are populated by field IDs 4535 – 4540.
- You can only manually enter values if the Buydown Type field is blank.
- Term mths (field IDs 4639 - 4644) – The period of time, in months, that the associated buydown rate is in effect.
- If the Buydown Contributor selected is “Borrower”, these fields are populated by field IDs 1613 – 1618.
These are the same Term mths fields provided in previous versions of Encompass.
- If the Buydown Contributor selected is any option except “Borrower”, these fields are populated by field IDs 4541- 4546.
- You can only manually enter values if the Buydown Type field is blank.
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When you submit the lock request, the values in the main loan file remain unchanged.
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When the lock request is locked and confirmed by the lock desk, any changed fields on the Lock Request Form are updated in the main loan file.
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If EPPS is the product and pricing engine used for the loan and auto lock and confirm a lock request is enabled in your Encompass Settings, the lock is automatically locked and confirmed.
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If your administrator has configured additional Lock Request fields, the fields will display on the Additional Fields tab.
Submitting a Lock Request
Most of the information in this section will already be completed, using borrower, property, and transaction information entered on other forms, such as the Borrower Summary and the 1003. Review the current information, making adjustments and completing any missing data as necessary. Changes made in this section (except for borrower information) are NOT reflected in the main loan file until the request is locked and confirmed by the lock desk.
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Select a Request Type from the list to indicate the type of lock request.
The Lock Update request type was added in Encompass 21.3.
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If New Lock is selected, the Rate Lock Request section is cleared allowing you to enter the request details.
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For first time lock requests, New Lock is the default option.
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If the Enable Lock Updates and Re-Locks option is selected in the Product and Pricing setting, and the Request Lock Status (field ID 4209) is set to “Active Lock”, “Lock Update” will be available in the Request Type (field ID 3841) dropdown list.
If the Encompass Product & Pricing Service (EPPS) is used to price loans, EPPS will return historical pricing.
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When a lock update request is submitted, a lock request type of “Update” will be displayed in the Secondary Registration/Snapshot List and the Secondary Lock Tool.
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If the Enable Lock Updates and Re-Locks option is selected, and the Request Lock Status is set to “Expired Lock” or “Cancelled Lock”, the Request Type will be set to “Re-Lock”.
If the Encompass Product & Pricing Service (EPPS) is used to price loans, EPPS will return current pricing.
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If Re-Lock is selected, the current lock information is copied to the Lock Request Form and all fields in the Rate Lock Request section is read-only, except for the Comments text box. In addition, the Get Pricing button is disabled.
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If you toggle between the lock request types, the data entered when New Lock was selected displays when New Lock is selected again.
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The Request Lock Status field indicates the status of the lock at the time it was requested.
This field was added in the Encompass 17.3 August Service Pack.
Lock and Request Status |
Lock Request Status |
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Unlocked Lock Requested |
Not Locked |
Locked Locked, New Lock Requested Locked, Extension Requested Locked, Cancellation Requested |
Active Lock |
Expired Expired, New Lock Requested |
Expired Lock |
Lock Cancelled | Cancelled Lock |
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If the Request Loan Status is “Expired Lock” or “Cancelled Lock”, the Request Type is set to “Re-Lock” and all data in the Rate Lock Request section is cleared.
- In the Base Rate field, enter the requested base rate (as a percentage) for the loan.
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In the Base Price field, enter the requested base price (number of points) for the loan using 100 as par.
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Example 1: If the base price is .25 above par, enter 100.25. A loan amount of $100,000 with pricing of 100.25 would result in $100,250 being received.
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Example 2: If the base price is .25 below par, enter 99.75. A loan amount of $100,000 with pricing of 99.75 would result in $99,750 being received.
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When requesting a lock for an adjustable rate loan, use the Base ARM Margin field to enter the requested base ARM margin (as a percentage) for the loan. The ARM margin is the spread between the index and the mortgage interest rate.
- When requesting a lock for a HELOC loan, the HELOC fields, HCLTV, Teaser Rate, Index, and ARM index type are populated from corresponding fields in the HELOC section of the RegZ-LE, but can also be manually entered, unless it is a read-only field.
These fields were introduced in the Encompass 19.1 release.
- If the HELOC Initial Draw, HCLTV, Teaser Rate, Index, and ARM Index Type are the same, no further action will be taken. If the fields are different:
- A confirmation window will open and display the conflicting data.
- Override the values on the RegZ-LE with the values from the Lock Request Snapshot when Confirm is clicked.
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Enter the investor's Rate Sheet ID.
- In Encompass 17.3 and later, if the loan channel is “Correspondent”, enter the Commitment Type. When this field is displayed, it is required and cannot be blank.
This field will automatically populate the Delivery Type field (“Individual Best Efforts” for “Best Efforts” Commitment Type and “Individual Mandatory” for “Mandatory” Commitment Type).
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If the Delivery Type field is displayed, select a delivery type for the loan request.
- In Encompass 17.3 and later, if the Commitment Type field is entered, this field will be automatically populated (“Individual Best Efforts for “Best Efforts Commitment Type and “Individual Mandatory” for “Mandatory” Commitment Type).
If you submit a lock request without selecting the delivery type, an error message will be displayed.
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Enter the requested Lock Date and the number of days you want to lock the loan. The Lock Expiration Date will be calculated.
If a lock expires on a Saturday, Sunday, or holiday, the expiration date is automatically adjusted to the next business day as determined on the Company Calendar in the Compliance Calendar setting under Loan Setup in the Encompass settings.
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Type Comments to include with the request to the lock desk.
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If needed, click Detailed Lock to adjust the base rate, base price, and base ARM margin before submitting the request (see below).
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Click Submit Request to submit the request.
If Do Not Allow Changes After Pricing has been Retrieved Setting Enabled
When the Do not allow changes after pricing has been retrieved setting is enabled, pricing is returned to the Lock Request Form, and auto-lock is disabled, the following changes are made to the Lock Request Form.These changes were introduced in the Encompass 20.2 December Service Pack release.
- For New Lock and Re-Lock requests, all pricing fields and buttons will be disabled except:
- Comments (field ID 2144)
- Submit Request button
- If the Reset button is selected, a prompt “Pricing data will be lost from this form with a reset. Are you sure you want to reset this form with loan information?” is displayed.
- Yes - Clears all pricing data and all fields and buttons previously disabled will be enabled.
- No - Closes the prompt, exits you from the form, and disables the Comments field, Submit Request button, and Reset button.
- If the Request Type is “Re-Lock”, the Reset button will revert the Lock Request Form back to the pricing from the last confirmed snapshot, except the Pricing Updated on (field ID 3039) will be cleared.
- If you navigate away from the Lock Request Form, a warning “You have received pricing on this [lock/relock]. If you navigate away without first submitting your request, the pricing will be lost. Do you wish to continue?” is displayed.
- Yes - Clears all pricing data and all fields and buttons previously disabled will be enabled.
- No - Closes the prompt, exits you from the form, and disables the Comments field, Submit Request button, and Reset button.
- If the Request Type is “Re-Lock”, the Reset button also clears the Pricing Updated on (field ID 3039).
- After a New Lock request is submitted, the Pricing Updated on (field ID 3039) is cleared whether the Do not allow changes after pricing has been retrieved setting is enabled or not.
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If your provider's product and pricing process has been integrated with Encompass, and your administrator has given you permission, the provider's interface displays in a browser screen in Encompass, and you can request a rate lock directly from the provider. A matching lock request is returned to Encompass and sent to the lock desk.
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If the lock request portion of your provider's product and pricing process has not been integrated with Encompass, your request is sent to the lock desk.
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If EPPS is the product and pricing engine used for the loan and auto lock and confirm a lock request is enabled in your Encompass Settings, the lock is automatically locked and confirmed.
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If New Lock is selected and the loan is assigned to a correspondent trade, you must remove the loan from the correspondent trade before the lock can be created.
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A lock request entry is added to the loan log.
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The lock request icon displays in the Pipeline for the loan.
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Save and exit the loan so that it can be accessed by the lock desk.
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A window displays stating that you must save and exit the loan before the lock desk can process the request.
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Click Exit Loan to save and exit the loan.
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Click Keep Loan Open to continue working in the loan.
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Use the Detailed Lock Request Form to enter adjustments to the base rate, base price, and base ARM margin of the lock request.
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Base ARM Margin adjustments are only applicable to the margin associated with an adjustable rate loan.
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In Encompass 24.1 and later, when zero based par pricing is enabled, the par pricing text in the Request Rate Lock and Pricing column on the Detail Lock Request screen changes from “(Par Pricing is 100.00)” to “(Par Pricing is 0.00”).
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On the Lock Request Form, click Detailed Lock.
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If there is a current lock, the Current Lock column contains the lock details. You can click the Copy from Current Lock button to copy these details to the fields for the new request.
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For the six categories, select or type adjustment descriptions, and then enter values for the adjustments.
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Enter a percentage for rate and ARM margin adjustments. Enter the number of points for price adjustments.
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You can enter up to 20 adjustments in each category, except Re-Locks and CPAs, which only provides up to 10 adjustments.
The Re-Lock and CPA fields were added in the Encompass 18.1 February Service Pack.
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- When you are finished entering adjustments, click Close to exit the worksheet, and then submit the lock request.
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The Net Rate Expected, Net Price Expected, and Net Margin Expected values are calculated by adding (or subtracting) the total adjustments to (or from) the Base Rate, Base Price, and Base ARM Margin fields.
You can re-request rate locks as needed, using the same procedure as described above for the initial request. Click the Submit Request button on the Lock Request Form tool to resubmit a request rather than submitting the request verbally or via email. This ensures that the lock desk will pull in the correct lock data.
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The current lock information is copied into the Request Rate Lock and Pricing column.
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The Copy from Current Lock and Clear Fields buttons are disabled.
When resubmitting a lock request, click the Lock icon (if available) to edit a read-only field on the Lock Request Form tool.
Request Product and Pricing Information
Use the Get Pricing button to request and import product and pricing information from providers.
Before you can submit a request, you must set up an account with a provider. Contact the provider for more information.
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Click the Get Pricing button.
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On the Product and Pricing Request window, enter your Login Name and Password, and then click Continue.
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Verify the loan information, provide any additional information required by the pricing provider, and then follow the provider's directions to search for products that match the loan criteria.
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Follow the on-screen instructions to update the data on the Lock Request Form.
Loan originators can use the Get Pricing button to re-lock and reprice the loan without going through the lock desk (historical pricing).
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The Encompass Product and Pricing Service (EPPS) must have been used to lock the loan.
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The most recently confirmed loan snapshot is used.
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Select Re-Lock as the Request Type and then click the Get Pricing button.
In Encompass 17.3 August Service Pack and later, a re-lock for expired or cancelled locks retrieves current pricing from EPPS.
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On the Encompass Product and Pricing Service Login screen, enter your Login Name and Password, and then click Continue.
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The only two tabs available in EPPS is the Qualify tab and the Summary tab.
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At the top of each tab, "Currently showing historical prices!" is displayed to differentiate between a historical pricing request and a current pricing (or future pricing) request.
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On the Qualify tab, the selected loan program and line of pricing (based on the lock date) is indicated by a lock icon.
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Select a rate or select a new loan program, and then click Qualify.
If the Current Program checkbox is displayed, the loan program can be changed. If the Current Program checkbox is not displayed, the loan program cannot be changed.
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On the Summary tab, review the information if needed, and then click Submit.
The lock expiration date will not change from the original lock.
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Encompass is updated with the selected pricing data.
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Click Lock and Confirm.
If the Enable Auto-Lock for Lock Updates (Active Locks) and Re-Locks (Inactive Locks) Admin setting is enabled, the re-lock request will be automatically locked and confirmed.
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A new loan snapshot is created.
Lenders can use the Get ONRP Pricing button to manually request Overnight Rate Protection (ONRP) on behalf of their retail branches and TPO clients for lock requests submitted from emails and faxes. For initial locks, Encompass checks for any locks (past or current) on the loan to determine whether it is eligible for ONRP. If there are no current or previous locks on the loan, an ONRP lock request can be submitted.
Previously, Encompass would check for any type of lock snapshot to determine the loan’s eligibility for ONRP.
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Users must be assigned the Secondary Marketing persona or have access to the Secondary Registration tool to have access to the Get ONRP Pricing button.
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ONRP is only available for loans with a Channel of Banked Retail, Banked Wholesale, or Correspondent.
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"Manual" ONRP bypasses (overrides) all usual ONRP validations and restrictions.
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EPPS must be selected as the Product and Pricing provider.
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Ensure New Lock is the Request Type and then click the Get ONRP Pricing button.
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In the Get ONRP Pricing pop-up window, enter an ONRP Lock Date and ONRP Lock Time (typically a date and time in the past) and then click Continue.
A future date and time is not allowed for ONRP.
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On the Encompass Product and Pricing Service Login screen, enter your Login Name and Password, and then click Continue.
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The only two tabs available in EPPS is the Qualify tab and the Summary tab.
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On the Qualify tab, the select a rate or select a new loan program, and then click Qualify.
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On the Summary tab, review the information if needed, and then click Update Encompass.
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Encompass is updated with the selected pricing data.
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Make any changes and then click Submit Request.
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A lock request snapshot is created.
Both the snapshot and the Buy Side Lock Request column will include the ONRP Lock Date, ONRP Lock Time, and the ONRP Eligible checkbox will be selected.
If a rate lock is about to expire, the loan officer can request an extension from the lock desk.
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Click the Extend Lock button.
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On the Extension Request window, enter the Days to Extend, Price Adjustment, and Comments as needed, and then click the Request Extension button.
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If an extension is requested after the maximum number of extension days has been reached, an error message is displayed and the extension cannot be completed.
- If you change the Days to Extend, and the maximum number of extension days has been reached, an error message is displayed and the extension cannot be completed.
- The Get Buy Side Pricing and Get Sell Side Pricing buttons are available on the Secondary Lock Tool.
The Get Buy Side Pricing button will only be available if the Encompass Product and Pricing Service (EPPS) is enabled and will perform a historical pricing request.
- The price adjustment is added as an entry in the Adj. Buy Price section on the Secondary Lock Tool.
- The Days to Extend, New Lock Expiration Date, and Price Adjustment are added to the Buy Side Request and Buy Side Lock and Pricing columns of the Secondary Lock Tool.
- If EPPS is the product and pricing engine used for the loan and Enable Auto Lock and Confirm upon Extension request is enabled in your Encompass Settings, the lock is automatically locked and confirmed.
- In Encompass 24.1 and later, Encompass will provide the web version of Encompass the most current Lock Request Lock # Days (field ID 2090) and Lock Expiration Date (field ID 2091) field values.
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A lock request entry is added to the loan log.
When a loan is extended from a trade, and that trade is processed, a “Trade Extension” Request Type is created in the snapshot. The data in the snapshot is populated as follows:This request type was introduced in Encompass 18.2.
- Original Expiration Date - Buy Side Lock Request field ID 2091 and Buy Side Lock and Pricing field ID 3358 is the previous lock expiration date.
- Current Expiration Date - Buy Side Lock Request field ID 3369 and Buy Side Lock and Pricing field ID 2151 is the current lock expiration date.
- Days to Extend – Buy Side Lock Request field ID 3360 and Buy Side Lock and Pricing field ID 3363.
- New Lock Expiration Date - Buy Side Lock Request field ID 3361 and Buy Side Lock and Pricing field ID 3364 is the calculated expiration date based on the Days to Extend.
- The calculation takes into account any relevant settings set on the Lock Desk Setup setting (e.g., Expiration Settings, Calendar, etc.).
- Price Adjustment - Buy Side Lock Request field ID 3362 and Buy Side Lock and Pricing field ID 3365.
- Lock Extensions – An extension description and Days to Extend value in the appropriate extension field and the Price Adjustment value.
- Re-Lock Fees – A re-lock description in the appropriate re-lock field and the Re-Lock Fees – A re-lock description in the appropriate re-lock field and the Re-Lock Fee (price) value.
- Price Adjustments – The Custom Price Description in the appropriate CPA field and the Custom Price Adjustment value.
While in the snapshot, the following actions can be taken without having additional extensions, re-lock fees, or custom price adjustments recorded.
- Revise Lock
- Validate Lock (if the initial pricing was done in EPPS and the correspondent trade has an individual Delivery Type.)
If changes are made to the correspondent trade that impacts the loan (e.g., Commitment #, Commitment Date, Master Commitment #, Delivery Type, etc.), a new snapshot is created and the previous extension fee, re-lock fee, and/or custom price adjustment is cleared.
Non-product related price adjustments will not be cleared for individual correspondent trades.
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The request is sent to the lock desk.
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The lock request icon shows on the Pipeline.
When a lock is extended and then re-locked, a different icon displays on the Pipeline to distinguish between a pending new lock request on extended loans and a pending lock extension request.
If a lock extension expires on a Saturday, Sunday, or holiday, the expiration date is automatically adjusted to the next business day as determined on the Company Calendar in the Compliance Calendar setting under Loan Setup in the Encompass settings.
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A window displays stating that you must save and exit the loan before the lock desk can process the request.
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Click Exit Loan to save and exit the loan.
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Click Keep Loan Open to continue working in the loan.
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Request a Rate Lock Cancellation
The loan originator can request the cancellation of an existing lock.
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Click the Cancel Lock button.
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If the loan is assigned to a correspondent trade, the loan must be removed from the correspondent loan before the lock can be canceled.
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If EPPS was the product and pricing engine used to lock the loan and auto cancel a lock is enabled in your Encompass Settings, the lock is automatically canceled.
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Enter a comment as needed, and then click Request Cancellation.
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Click OK when the confirmation message displays.
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A lock cancellation request entry is added to the loan log.
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The request is sent to the lock desk.
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The lock canceled icon shows on the Pipeline.
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A window displays stating that you must save and exit the loan before the lock desk can process the request.
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Click Exit Loan to save and exit the loan.
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Click Keep Loan Open to continue working in the loan.
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