Configure Lock Extension Options

Use this section to configure options that are specific to extension requests. 

NOTE:  Make sure that you also configure the general change request options.

  1. Choose the appropriate investor from the Entity Selection menu, and choose Change Request from the Activity Selection menu.

  2. Complete the fields in the Lock Extensions section:

  • Total Extensions Allowed Per Loan—Enter the maximum number of extensions that are allowed for each loan.

NOTE:  If the number of change requests exceeds the Total Change Requests Allowed Per Loan, an originator cannot extend the lock, even if the total number of allowed lock extensions has not been exceeded.

  • Maximum Extension Days Per Request—Enter the maximum number of days allowed per change request.

  • Maximum Extension Days (Total)—Enter the total number of extension days allowed per loan.

  • Lock Extension Policy Based on—Choose the appropriate lock extension policy. The lock extension policy allows you to apply the different costs to extensions on the same loan. To charge the same price for all extensions on a loan, choose the 1st+ Extension option. To charge a different price for the first extension on a loan than you charge for subsequent extensions, choose the 1st or 2nd Extension option. To charge a different price for the first, second, and subsequent extensions on a loan, choose the 1st, 2nd, or 3rd Extension option.

  1. To define costs for lock extensions, complete the Lock Extension Policy section(s). Enter cost data for each lock extension level for which you have different charges.

  • In each section, choose the appropriate cost type: Cost Per Day or Cost For Range.

  • If you select Cost Per Day, enter the price that you want to charge per day. To worsen the price, enter a negative value.

  • If you select Cost Per Range, enter the date range (minimum days and maximum days) and the cost for extensions in this range of days, then click Add. Repeat this step for each range that you want to add.

  • Auto-Accept Lock Extensions by Investor

    This option allows you to configure auto-accepting lock extensions for some investors while allowing lock extensions for other investors to be manually reviewed and accepted through standard Lender site Lock Desk functionality.

    This option will appear for each lock extension policy configured, allowing you to configure the first vs. third extension differently if needed.

    If you wish to use this auto-accept functionality, please contact Optimal Blue Client Services and request an update to an internal setting to use the policy option to auto-accept lock extensions. This setting can be configured by entity, if you prefer to do internal testing before releasing to all users.

  1. Click the Update Configuration button.

Leave a Reply