The Fixed Rate Lock feature is an important tool that helps your clients secure a preferred rate if they decide to opt for a fixed-rate loan. BrokerEngine has built-in reminders to help brokers deliver this service and ensure important steps in the application process aren't missed. This article shows you those reminders.
Contents
Prerequisites
Know how to create a deal.
Video walkthrough
Learn how to manage the fixed rate tool and reminders.
Locating the Rate Lock tool
Click the Boards icon on the left-hand menu and select Deals. Expand a stage, locate a card, and double-click the name to open the card in full view mode.
On the next page, click the arrow to expand the Strategy folder. Select Funding Position.
Scroll down to the Loan Splits form, click the Loan Type field, and select an option. If you select a fixed-rate loan, BrokerEngine unhides the Rate Lock toggle. Switch on the toggle to lock in the rate. Click Save.
Reviewing the checklist
If you enable the Rate Lock option, BrokerEngine adds two line items to the Pre-Submission checklist (i.e. tasks the broker or team must complete before submitting to the lender). To confirm these checklist items:
Go to the panel on the right and click Checklists.
Scroll down and click the arrow to expand the Pre-Submission folder.
Confirm two rate lock items are on the list.
If you do not see the two items or would like to add/edit items, you can customise the Pre-Submission checklist. Click here to learn how.
Confirming rate lock is not enabled
If your client decides not to enable rate lock, BrokerEngine has a built-in feature on the Formal Approval Advice report that lets you confirm that decision with the client.
To open and review the Formal Approval Advice report:
Go to the panel on the right and click Reports.
Locate Formal Approval Advice and select PDF or Word. The document downloads to your device.
Open the file and go to the Repayment Details section.
In the screenshot below, the Fixed Rate Lock line displays No, which confirms the client's decision.
If the client decided to enable the fixed rate feature, the line item in the report would display Yes.