To enter lock information, click on “Lock Information” tab, click on Edit on the top right corner.
The following screen will appear:
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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
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Lock Status - select “Locked” if it’s locked with a lender
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Lock Date - click on the clock to default to today’s date or your lock date
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Note Rate - the rate that you are locked at with a lender
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Program - program locked under
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Compensation Type - Lender Paid or Borrower Paid
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Compensation Type - expressed in percentage or fixed dollar amount
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Compensation Amount - percentage or dollar amount
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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.
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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.
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Buyout Fee - check yes if you bought out the lender’s administration fee
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Buyout Fee Amount - the dollar amount of buyout