Please note that the Processing Staff should not request CD if the rate lock expires prior to the funding/disbursement date. Processing staff CANNOT request closing/docs if the rate lock expires prior to the funding/disbursement date.
I would recommend the following to avoid delays and issues:
Sales Staff and BM:
Add the Lock & Request Status column to your FT360 Pipeline view. Click the link below for instructions on how to do this. See screen shot below for reference.
You can then sort by the Lock & Request Status column and easily see any loans that have a lock that getting ready to expire to determine if an extension would be needed. It’s the responsibility of the LO/BM to request the lock extension and any corresponding Branch Pricing Exception (PE) through Optimal Blue (OB). It’s much faster to request these items electronically in OB vs emailing Secondary. We have new videos available in the LMS with demo on how to process Relocks, Lock Extensions and request Branch Price Concessions. See link below for easy access to the demo videos…it’s only 11 minutes long for all 3 tutorials.
If your BM is going to try to obtain a free lock extension as an exception request, then I would not wait until you’re ready to order CD/Closing to request this. Request as early as possible and you can follow up the request by calling Secondary direct at 951-278-0000 extension 6100.
Processing Staff and BM:
A COC alert will always fire in FT360 Alerts and Messages tab if your branch requests a lock extension and it’s processed at a cost for the extension. Please note that Lock Extensions and Branch PEs are processed SEPARATLEY, sometimes causing a short term COC alert and/or MAVENT Fail until the PE can be processed. The only way to clear this alert and pass MAVENT would be as follows:
- Wait for the Branch PE to be processed to cover the cost of the lock extension – once processed this should clear the alert
- If borrower paid extension, processing the COC LE or a COC CD (if a CD has already gone out) will clear out the alert
Just remember that these procedures take time to enact and it’s the branch responsibility to ensure that you give yourself adequate time to handle any rate lock relocks/extensions/ Branch PEs so that you’re not putting undue pressure on the Closing department to perform when they cannot move forward until these procedures have been completed at the Branch level.
Thank you for your understanding and I hope this information will be helpful to you!