How To Auto Lock By Investor or Product

This article provides the steps to configure auto locking by product.

Users can script rules in the Configuration site that will auto lock by investor product(s).

There are multiple places where users can set auto-locking preferences. This includes QM Policies in the configuration site and Lender site Entity preferences. It is important to note that there is an order of precedence for these settings. The order of precedence is as follows: QM Policies>Scripted Rule>Entity Preference.

For example: If the QM setting to NOT allow auto locking on Non QM loans is enabled and a non QM lock is requested, the request will still go through Secondary/Lock Desk even if a rule has been scripted to auto lock the desired investor/product.

Scripting Auto Lock Rule

  1. Log in to the Configuration Site
  2. Select the investor with the product(s) you will auto-lock and navigate to Manage Products

  1.  Select the desired product or product set. Any products in the selected set will be subject to the scripted rule. Click the Adjustments activity.

  1. Click the Add New Grid Set link.

  1. Give your new grid set a name and click Add. Best practice is to name grid sets to include investor, product set and specify whether the grid set affect eligibility or adjustments. For example, BBT Conforming Fixed Adj.

  1. Click the Add Scripted rule activity.

  1. Give the scripted rule a name describing how you will use it. For example: Auto Lock. Click Save.
  2. Under Action Type, click the Edit button and select Auto Accept During Lock Request

Note:You can make the rule conditional based on various factors by editing the Condition box. You can also have multiple Action types. For example, some users find it useful to add Mark as Hedged rule when creating an Auto Lock scripted rule.

  1. When you have completed scripting your rule, remember to click Save.

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