This article describes how to extend the lock expiration date for a loan after you have locked a loan with the investor.
For additional information see the Secondary User Guide. Clients who are integrated with an LOS should refer to the guide provided in the LOS Integrations category for their respective system.
After you have locked a loan with the investor, you may need to extend the initial lock expiration date. To extend the lock expiration date, use the following steps:
Select the loan that requires a lock extension.
Click the Secondary Options icon.
Enter the number of days to extend the lock expiration in the Lock Ext’s field.
If applicable, enter a pricing adjustment in the Adjustment field.
NOTE: Entering a negative number will decrease your price to the originator.
Click the Apply Extension button.
Optimal Blue updates:
- The lock expiration date to include the additional days.
- The LO price to reflect the cost of the extension (as entered or as configured).
- The loan notes to reflect the values prior to the extension, the extension days and cost applied and the values after the extension was applied.