Lock request secondary registration and EPPS

In Encompass Banker edition, after a loan officer places a lock request and exits the loan file, the lock desk can access the Secondary Registration tool, review the information, validate buy-side information, and search for sell-side product and pricing options.

To Search for Products and Prices from the Secondary Registration Tool:

1        Open a loan file, dick the Tools tab in the lower left pane, and then click Secondary Registration.

• The Alerts and Messages tab displays a Rate Lock Request alert.
• The Lock/Request Snapshot section displays an entry for the lock request.

2. Click the lock request entry to open the Secondary Lock Tool. The pricing information imported by the loan officer displays in the Buy Side Lock Request column.

3. Click Get Buy Side Pricing to reopen the product and price scenario submitted by the loan officer.

4. On the Product and Pricing Request window, enter lock desk login credentials for the Encompass Product and Pricing Service and then click Continue.

5. The Encompass Product and Pricing Service displays a list of products and prices. The product, rate, and price combination previously selected by the loan officer will be preselected. Click the selected Rate to confirm the loan officer’s scenario and return the information to the Secondary Registration Tool. Alternatively, click any program name to open an expanded view of the program.

6. If views are enabled, select the Classic or BestEx view to see rates grouped by investor loan program or unique loan product type

• Classic view groups rates by investor loan program
• BestEx view groups rates by unique loan product types

Note: By default, all users will have only the Classic view enabled. Your EPPS administrator will determine whether you have the Classic view, the BestEx view, or both

7. If the guideline links are enabled, click a link to View a pop-up Window With a list Of program guideline documents and the date when each document was last updated.

Note: The pop-up window can be moved so you can see the information underneath them. To move a window, click in the blue top bar and then drag the window to other areas on the page.

• Click a document name on the pop-up window to view a guideline document

8. Click the details link to view the base rate and base price with adjustments for validation
9. If a program view is expanded, click Show all rates to view all available rates for the program
10. To search using new price and rate criteria, enter values in the Target Price and Target Rate fields, and then click Go

11. To search for rates offered by a specific lender, select a lender from the drop-down list.

12. To search for agency or non-agency products, select or clear the Agency and Non-Agency check boxes as needed.
13. To view all products available, including those for which the loan is not eligible, select the Show ineligible check box at the bottom of the page.
    • The details hyperlink displayed for each ineligible product opens the Detailed Ineligible Reasons popup window.

Note: The pop-up window can be moved so you can see the information underneath them. To move a window, click in the blue top bar and then drag the window to other areas on the page.

• In the Program section, the message, “Some failure reasons indicated here may override general guidelines shown below/’ is provided as an explanation of the ineligible guidelines.
• The Loan Limits section provides a loan limit table for the current state and county

Note: If the state and or county is missing from the loan, a message stating the “State and County not specified” is displayed

14. To select a product, click an entry in the Rate column.
15. When the summary page displays, review the product and pricing information, and then click Submit or Float to import the pricing into Encompass.

Note: If you click Submit, you will be unable to run additional scenarios against the loan. If you click Float, you can continue to run product and pricing scenarios on the loan file. Typically, users click Submit when they have confirmed the lock request pricing and wish to populate the Buy Side Lock and Pricing column in the Secondary Lock Tool. If you want to return to the lock request but intend to search for buy-side pricing again at a later time, click Float.

16. The buy-side pricing is imported into Encompass. Click Get Sell Side Pricing to select sell-side lock and pricing.

17. The Service View tab opens in Encompass and displays the Encompass Product and Pricing Service page. The product, rate, and price combination previously selected by the loan officer or in the secondary Get Buy Side Pricing transaction will be pre-selected. Click the selected Rate to return the information to the Secondary Registration Tool. Alternatively, with the best pricing for the selected rate displays in expanded mode at the top of the list.

18. Select the product and pricing for the sell side pricing, and then click Submit.

19. The product and pricing information is copied to the Sell Side Lock and Pricing column on the Secondary Lock Tool.

20. The gain or loss on the loan is calculated on the lower-right corner of the form based on the difference between the buy side and the sell side details.

21. Click Lock and Confirm to lock the loan and copy the snapshot data into the loan file.