Lock Information for Brokers

To enter lock information, click on “Lock Information” tab, click on Edit on the top right corner.

The following screen will appear:

  • Lock Price - the price that you will receive to the consumer. For example, 100.5% means that the consumer will get 0.5% as a lender credit

  • Lock Status - select “Locked” if it’s locked with a lender

  • Lock Date - click on the clock to default to today’s date or your lock date

  • Note Rate - the rate that you are locked at with a lender

  • Program - program locked under

  • Compensation Type - Lender Paid or Borrower Paid

  • Compensation Type - expressed in percentage or fixed dollar amount

  • Compensation Amount - percentage or dollar amount

  • Include Compensation in Loan Origination Fee - recommend to always check “Yes” to this field as it will sync the compensation amount to Disclosure / Fee screen. This compensation is required by NMLS MCR to be reported to regulators.

    • NOTE starting on 4/18/2021 - if you have a preconfigure percentage programmed in Settings / Fees and Escrow Types / Loan Origination Fee line, this setting will overwrite the compensation information inputted here.

  • Buyout Fee - check yes if you bought out the lender’s administration fee

  • Buyout Fee Amount - the dollar amount of buyout