This article describes how to request a price concession at the time of lock request.
Before you can request a rate lock on a borrower file, you must make sure that all required fields have been completed.
Once all required fields are complete, from the bottom of the Lock Form, click the Request Lock with Concession button.
Selecting this button displays a dialogue box where you enter details for the Price Concession Request.
- Select a Price Concession Reason from the reason drop-down list.
- Enter the Price Concession Amount in percent or dollar amount. Entering a value in one field will cause the other field to update automatically.
- The price concession amount entered will populate the new price in the Requested Price field.
- Supporting Documents – Select the Choose Files button if you are required to upload supporting documentation. There is a maximum of 5 docs allowed. Added docs can be removed prior to submission.
- Add Comments.
- When you select the Request Lock and Concession button, the lock request and the change request are submitted. Simultaneously, a price validation is performed to ensure the pricing has not changed between the time the search was run and the time the lock is requested.
- A lock request email notification and change request email notification are sent to your secondary department. This action will create a pending lock request and a pending change request.
When a concession amount exceeds the maximum, a message will display advising of the maximum amount allowed per loan and the total prior approved concessions.