Locking a Loan on the Realfinity Platform

Guide for Dual-Licensed Agents

Great news, your borrower is getting ready to lock! Here is a walkthrough of the process, starting with pre-approved pricing quotes. 

For a breakdown on the pricing statuses, read here. For an overview of how to select pre-approved pricing quotes, click here.

1. Pre-Approved Pricing → Ready to Lock

Once the Deal Desk team completes the initial analysis, they will create a pre-approved pricing scenario that provides more accurate pricing for locking. The pre-approved quotes can be selected by the originator, the Concierge partner, or the Deal Desk. These quotes are shared with the borrower, and the borrower will receive an email update that they have new pricing quotes to review.

Email to the borrower - "Personalized Pricing Quotes Available"

View from the Borrower's Portal once they log in

The Deal Desk team (or your Concierge partner) marks the pre-approved quotes as ready to lock when the borrower has all required documents, including the purchase contract. Once quotes are ready to lock, the borrower or originator can submit a lock request. 

Agent's view of the pricing quotes tab under the borrower's loan application

There will also be a new task created for the borrower once the quotes are marked as 'ready to lock.'

Please note: If the 'ready to lock' status is not marked, the quote will not be able to be locked. Reach out to your Concierge if you believe there is a mistake and the quote should be marked as ready to lock.

2. Locking a Rate

Either the originator or the borrower can request to lock a rate. From the originator view, navigate to the pricing quotes page for the borrower's loan, and click on the menu icon to view the dropdown. From here, select "Lock Rate."

If there is more than one quote linked to this pricing scenario, you will first see this screen that shows refreshed pricing. From here, you select which quote you want to lock.

Once you select a specific quote, you can review the lock request. Select “Lock Rate” to submit the request.

Note: There is a time constraint on the locking. Lock requests will be available through the platform between 9:30 am - 7pm ET Monday-Friday.

3. Lock Requested Status

Once the lock is requested, the Deal Desk team will review the request, and all parties should be cc’d (including the dual-licensed agent and the Concierge partner). The lock request email is also saved automatically to the Vault as an internal document.

The status of the pricing scenario will now show “Lock Requested” (something the borrower will also see). There will be a lock icon next to the quote that was locked.

There are times when a lock request may need to be cancelled. If a lock has been cancelled, the pricing status reverts back to 'ready to lock,” and the borrower or originator can submit a new lock request. All parties, including the borrower, will receive an email stating that the lock wasn’t confirmed.

Note: If there is a mistake or you need to cancel the lock request, please reach out to the processing team (processing@rfm.io) or your Concierge partner to cancel the request.

4. Lock Confirmed

Once the lock is confirmed, the details of the locked quote will show up in the loan details section of the loan application.

The fields that come from LOS and are linked to the locked rate are:

• lock expiration date
• lock date and time
• lock period
• rate
• total loan amount
• loan purpose
• down payment
• occupancy
• mortgage insurance

Now that there is a confirmed lock, the old pricing quotes will show as archived. Archived pricing cannot be refreshed.

We hope this guide was helpful. Please share any feedback or issues as a support ticket here.