The relock option allows you to relock a loan that is expired or canceled.
For additional information see either the Change Requests – Loan Originator User Guide or the Loan Originator User Guide.
Note: Relocks are allowed for a specific timeframe after expiration or cancellation. When you select the relock option after the allotted timeframe, you will be able to relock with current market pricing. You will receive a message indicating your lock will be set to a registered status and a new lock request can be performed on the Product Search page.
Complete the following steps to submit a relock change request:
- Select a locked loan from your pipeline and click the Change Request icon.
- Click the Relock radio button.
- Choose the appropriate lien and click the Select Rate and Price button.
- The system performs a new search and evaluates worse case pricing. The eligibility/pricing is based on the worse case between the last price change date and current market.
Note: The system does not alter the values of the existing lock until the change request is accepted. - The search results screen displays worse case pricing for the product assigned to the loan. You will be able to select from the available relock periods.
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Select the appropriate rate from the grid. The system highlights the currently selected rate in orange.
- Review the changes in red on the Submit Change Request screen. To submit the change request, click the Submit button. The system sends an email notification regarding the change request to the secondary users.
Note: If your Optimal Blue administrator has configured your system to auto-accept relock change requests, you will apply the relock by clicking the Apply Change button.
- Click OK in the confirmation dialog box.
Note: You will receive an email notification when the secondary users accepts or rejects the change request. The status of the change request also updates in Optimal Blue.