Lock Request Form

Use the Detailed Lock Request Form to enter adjustments to the base rate, base price, and base ARM margin of the lock request.

• Base ARM Margin adjustments are only applicable to the margin associated with an adjustable rate loan.

• 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”).

1. On the Lock Request Form, click Detailed Lock.

2. 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.

3. For the six categories, select or type adjustment descriptions, and then enter values for the adjustments.

   5. Enter a percentage for rate and ARM margin adjustments. Enter the number of points for price adjustments.

   6. 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.

4. When you are finished entering adjustments, click Close to exit the worksheet, and then submit the lock request.

5. 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.

• The current lock information is copied into the Request Rate Lock and Pricing column.

• 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.

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.

1. Click the Get Pricing button.

2. On the Product and Pricing Request window, enter your Login Name and Password, and then click Continue.

3. 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.

4. 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).

• The Encompass Product and Pricing Service (EPPS) must have been used to lock the loan.

• The most recently confirmed loan snapshot is used.

1. 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.

2. On the Encompass Product and Pricing Service Login screen, enter your Login Name and Password, and then click Continue.

   • The only two tabs available in EPPS is the Qualify tab and the Summary tab.

   • 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.

3. On the Qualify tab, the selected loan program and line of pricing (based on the lock date) is indicated by a lock icon.

4. 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.

5. On the Summary tab, review the information if needed, and then click Submit.

   The lock expiration date will not change from the original lock.

6. Encompass is updated with the selected pricing data.

7. 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.

8. 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.

• 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.

• ONRP is only available for loans with a Channel of Banked Retail, Banked Wholesale, or Correspondent.

• "Manual" ONRP bypasses (overrides) all usual ONRP validations and restrictions.

• EPPS must be selected as the Product and Pricing provider.

1. Ensure New Lock is the Request Type and then click the Get ONRP Pricing button.

2. 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.

3. On the Encompass Product and Pricing Service Login screen, enter your Login Name and Password, and then click Continue.

   • The only two tabs available in EPPS is the Qualify tab and the Summary tab.

4. On the Qualify tab, the select a rate or select a new loan program, and then click Qualify.

5. On the Summary tab, review the information if needed, and then click Update Encompass.

6. Encompass is updated with the selected pricing data.

7. Make any changes and then click Submit Request.

8. 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.

1. Click the Extend Lock button.

2. On the Extension Request window, enter the Days to Extend, Price Adjustment, and Comments as needed, and then click the Request Extension button.

   • 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.

   • A lock request entry is added to the loan log.

   Trade Extension Request Type

   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.

   • The request is sent to the lock desk.

   • 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.

3. A window displays stating that you must save and exit the loan before the lock desk can process the request.

   • Click Exit Loan to save and exit the loan.

   • Click Keep Loan Open to continue working in the loan.

The loan originator can request the cancellation of an existing lock.

1. Click the Cancel Lock button.

   • If the loan is assigned to a correspondent trade, the loan must be removed from the correspondent loan before the lock can be canceled.

   • 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.

2. Enter a comment as needed, and then click Request Cancellation.

3. Click OK when the confirmation message displays.

   • A lock cancellation request entry is added to the loan log.

   • The request is sent to the lock desk.

   • The lock canceled icon shows on the Pipeline.

4. A window displays stating that you must save and exit the loan before the lock desk can process the request.

   • Click Exit Loan to save and exit the loan.

   • Click Keep Loan Open to continue working in the loan.