Pricing Quote Status Definitions

Pricing quotes are shared in the Realfinity Platform in a few different statuses. The borrower will see the quote status with the rest of the details. While any agent can generate initial pricing quotes, only the Deal Desk can initiate the pre-approved pricing (starting from their Deal Desk scenario) and the ready-to-lock status.

Initial Pricing

Initial pricing provides a general estimate of loan pricing based on current market conditions. It is not a locked or final quote and is subject to change. Unlike pre-approved pricing quotes, which have been reviewed and pre-approved by the deal desk, initial pricing is meant for reference and may fluctuate.

Quotes not linked to a loan application are all considered initial pricing, though initial pricing can also be tied to a loan application.

Pre-Approved Pricing

Pre-approved pricing reflects loan terms that were reviewed and approved by the Deal Desk. These quotes are based on a completed analysis and provide more reliable figures than initial pricing. They are typically used for final review, disclosures, or locking.

Originators can only select quotes with the pre-approved status once the Deal Desk scenarios are submitted.

Ready to Lock

The Deal Desk team will select 'Ready for Lock' when this scenario has been reviewed and approved so that the borrower or loan originator can move forward with locking the rate. After checking this, any quotes shared with the client will have the status of 'Ready to Lock.'

Lock Requested

A lock can be requested by the borrower, the agent, or the processor. Once a pricing quote has a pending lock, no other pricing quotes can be requested for that loan file.

Archived

A pricing quote can be manually or automatically archived. Once pre-approved quotes are shared with a borrower, all initial quotes linked to that loan will be archived.

Locked

Once a loan has been locked, it will show up in the loan details and no longer in the "loan quotes" section of the loan application. All other quotes affiliated with that loan will be moved to archived.