How to……….
Using the Loan Product Pricing and
Eligibility Engine
A quick guide to finding, pricing, and locking your loans.
Logging in and Pipeline
Logging in
The web address to price and lock loans is http://pnlendinglocks.com/. When you login, it will take you to your pipeline. You must
use Explorer or Safari to lock your loans. Other browsers are not compatible.
Pipeline
1.
To start a new search click New Search. If you are on another page and want to switch to a different loan clicking
Pipeline will bring you back to this page.
2.
Pipeline Options allow you to narrow your search by status of your loans. If you have entered a loan previously but you
do not see it, make sure all appropriate boxes are marked.
3.
Date Range also allows you to narrow your search. If you do not see the loan you are looking for check to make sure the
set range is wide enough.
4.
If you click on the title of any column it will sort your loans by that field.
5.
If the status does not show Locked then the loan is not locked.
6.
Selecting the magnifying glass will take you to the first page of that loan. If it is not locked you will be able to change the
parameters.
Pricing and Locking a Loan
Product Search
You can upload a loan or enter it manually. Click on the New
Search tab to price the loan.
Locking or Pricing a loan
All fields with a red dot are required fields. Double check all fields to ensure information is correct.
Uploading a loan
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1.
Click on Browse and select the loan you want to upload. If you are manually entering a loan skip this section.
2.
Select Start New Loan to import the file.
Lien Information
1.
First Lien Amount is your loan amount.
2.
If you have a second lien you will enter it in Second Lien Amount.
3.
The HELOC fields should not be changed since we do not do these loans.
Loan Information
1.
Price/Estimated Value is for the sales price for a purchase or appraised value on a refinance.
2.
Appraisal Amount is for the appraised value for purchase and refinance loans.
3.
Loan Purpose is where you enter the purchase or the type of refinance. If this is a construct to perm you choose
purchase. There is a construction field under Borrower Information.
4.
Texas A-6 is no longer applicable. We no longer offer this product.
5.
The LTV and CLTV are automatically calculated once the first lien, second lien, sales price, and appraised value are
completed.
6.
Cash-Out Amount requires at least 1 dollar for cash-out loans. If it is not a cash-out it must remain 0 or it will disqualify
the loan.
7.
Waive Escrows defaults to No. If you mark Yes on a FHA, VA or loan over 80% there will be no eligible products.
8.
HUD Repo needs to be checked yes if it is a HUD repo to allow higher LTV and disqualify ineligible investors.
9.
Lender Paid Compensation defaults to Yes. If Yes is selected your compensation will be built into price. If No is
selected the price will be borrower paid compensation.
10. Appraisal Type ensures that the appraisal type is acceptable for the program.
Borrower Information
1.
Borrower First Name and Borrower Last Name is the primary borrower.
2.
Borrower FICO is the qualifying score used for underwriting. If there is only one borrower leave the Co-Borrower FICO
blank.
3.
Income Documentation, Asset Documentation, and Employment Documentation are always verified.
4.
DTI Ratio needs to have an accurate number to ensure product and investor eligibility.
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5.
Citizenship, First Time Home Buyer, Non-Occupant Co-Borrower, Self Employed, and MCC BOND also must be
correctly entered for eligibility.
6.
Qualifying FICO Score pulls the lowest mid FICO between the Borrower and Co Borrower.
7.
Months of Reserves is required for certain products, e.g. Jumbo Loans. The system does default to 12 months.
Property Information
1.
If the Occupancy is not entered correctly the price adjustment might greatly change the price.
2.
If the Property Type is a Condo, the Number of Stories must be entered. If the loan is a duplex, three or four unit,
select SFR and change the Number of Units. If the loan is not locked as a Condo the loan might be subject to an
additional adjustment. You must call pricing to change the loan to a Condo if locked incorrectly.
3.
The State defaults to Texas, but if it is another state make sure it is changed for eligibility and pricing.
4.
The County needs to be correct for investors and FHA loan limits. The incorrect county can also delay closing.
5.
Construction needs to be marked yes if this is a construct to perm loan.
6.
Property Zip is important to be completed for eligibility and pricing. An example would be for disaster areas.
7.
Land Owned <12 months from interim only pertains to construct to perm loans. This date is from the land purchase
date to the application date for the interim loan.
First Lien Search Criteria
If you are looking for multiple options you may select up to three boxes per line.
1.
Loan Type for jumbo pricing Non-Conforming needs to be checked.
2.
ARM Fixed Terms will provide no ARM products if ARM has not been selected on the Amortization Type Line.
3.
Desired Price, Desired Rate, and Desired Lock Period may be left blank. If these are left blank the rate closest to par
for 30 days will be displayed on the next page.
4.
Borrower Pays MI (if required) select yes or no. It should be “no” if it is Lender Paid MI. There will be adjustments for
Lender Paid MI.
5.
Automated U/W should remain unspecified for most loans even if it is manually underwritten. An example of when to
change this would be a conventional loan with the DTI over 45% going LP.
6.
Once all information is completed click the Submit button. This will take you to eligible products.
7.
Save As Prospect saves the loan to your pipeline.
Search Results
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1.
If you click on the magnifying glass it will take you to the first screeen where the initial information for the loan was
entered.
Re-Submit Options
1.
Re-Submit resets the eligible products and prices for changes you make from this page.
2.
Fields grayed out cannot be changed
3.
You can adjust Desired Rate, Desired Price, or Desired Lock, and click Re-Submit to adjust product search.
Eligible Products
1.
Depending on the criteria entered one or more products are displayed. To view the full range of rates and prices click on
the product.
2.
All prices shown are the final prices. All adjustments have been taken out of the prices shown. If Lender Paid
Compensation was selected the comp plan is also taken out. Click on the price you want to lock the loan. This will take
you to the next screen.
3.
To see the adjustments, place the cursor on the desired price. At the bottom of the grid the adjustments are shown. As
you move from price/rate you might see the adjustments change; this is because adjustments can vary from investor to
investor.
4.
Just under the adjustments, Notes/Advisories show miscellaneous information pertaining to the loan being priced.
Example:
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Though products may return eligible, this system does NOT return an
underwriting approval. We may not be able to do this loan.
Lock Form
Borrower Information
1.
This is the loan officer tied to the login used for the system.
2.
This is the name of your company and location. If it is not correct please contact the lock desk.
3.
This is for your phone number and fax number. This is not for the borrower.
4.
Please make sure the borrower’s name is correct.
5.
Borrower social security number should be completed with numbers only. Do not use any symbols or letters.
6.
If any of these fields are incorrect click on the magnify glass to go back to correct these items.
7.
This field is not required to be completed.
.
Property Information
1.
Property Address is required. If this is not completed correctly your lock may be denied or delay closing. An example
would be leaving off Drive or Street.
If the borrower gets a new property address the file will have to go current
market..
Make sure everything is correct before requesting your lock.
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Add Notes
1.
Use this field to enter any notes that pricing needs to know.
Examples:
a.
Special
b.
If the loan is underwritten and has the wrong address, loan amount, rate, or any fields that cannot be changed
this is where you will list changes, so the loan is locked correctly.
.
2.
Once the note has been typed click the Add Note button or the note will not be added to the lock. The note will show in
the Loan Note Board.
Finish Locking
1.
Save Loan and Register Loan saves the loan to your pipeline. At this point the Lockdesk will not be able to see this loan
in your pipeline.
2.
Click Request Lock to lock the loan.
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