Requesting and Managing a Rate Lock

Request a lock from FastIQ pricing

1. Open the lead and go to its pricing workspace. Price the accurate borrower and loan scenario, then apply or commit the option that is intended for the loan.
2. Review the selected lender, product, rate, payment, lock period, and any pricing adjustments against the lender source.
3. Select Request Rate Lock. FastIQ records the status as Lock Requested and carries forward the committed scenario details.
4. Complete the actual lock request with the lender through the approved lender workflow. FastIQ then waits for explicit lender confirmation.
5. When the lender confirms, select Record Lender Confirmation. Enter the lender, confirmed rate, lock date, and expiration date. Add the confirmation number, lender loan number, and confirmed price when available.

FastIQ will not assume the confirmation dates or terms. The lender name, a positive confirmed rate, lock date, and an expiration date after the lock date are required before the record can be marked confirmed.

Record a manual or externally priced lock

1. Open the lead, then open Application > Property & Loan and find the Rate Lock section in Loan Details.
2. Select Record Manual Pricing / Lock.
3. Choose Manual pricing (floating), Lock requested, or Lender-confirmed lock.
4. Enter only the terms supported by the lender quote or confirmation, then save the record.

Attach evidence and manage the lock

• Use Attach Confirmation to link the lender confirmation to the audited lock record.
• Use Extend to record a new expiration date, optional extension cost, and notes. The original event remains in the audit timeline.
• Use Cancel only with a cancellation reason. The current lock fields are cleared while the history is preserved.
• Use Relock to record newly lender-confirmed terms after a confirmed, extended, expired, cancelled, or relocked record.
• Open Rate Lock Alerts to review floating scenarios, Lock Now and Watch signals, locked loans, and locks expiring within five days. Select a row to return to the lead.