locking and change request manual - first guaranty mortgage · page 3 locking and change request...

Locking and Change Request Manual Correspondent User Guide

Effective Date: 12/07/2015 Last Updated: 12/07/2015

Table of Contents Things to Know When Locking .................................................................................................... 1

Loan Registration ............................................................................................................................. 1

Loan Locking ..................................................................................................................................... 1

Change Request ................................................................................................................................ 1

Registering Correspondent Loans .............................................................................................. 2

Locking Correspondent Loans ..................................................................................................... 5

Change Request ............................................................................................................................. 10

Lock Extension Request ................................................................................................................. 12

Profile Change Request .................................................................................................................. 14

Printing Lock Confirmation ............................................................................................................ 16

Locking and Change Request Manual

Things to Know When Locking

Loan Registration 1. Impounds Waiver Type and borrower’s FICO will not be imported from upload

and must be entered manually.

2. For USDA loans, Loan Type option must be selected as “Other” and “USDA” entered in the loan type box.

3. In order to price a Renovation loan (FHA 203K or FNMA HomeStyle), the purchase price entered must include the renovation costs to obtain the accurate LTV/CLTV pricing adjustments and eligibility.

Loan Locking 1. Correspondent sellers are responsible for including Lender Paid Mortgage

Insurance (LPMI) cost in the selected rate and pricing. FGMC does not have separate pricing for LPMI.

2. In order to price HomeSweetHome, H.O.M.E., and WelcomeHome 1x Close

construction products, you must select Delivery Type as Non-Delegated and Specialty Product as 1x Close. Cap and Float Down and Extended Lock Option should appear for each product; please ensure you are selecting the appropriate execution.

3. For 1x Close loans where the construction has been completed, Delivery Type Delegated and Specialty Product 1x Close must be selected to obtain pricing.

4. FGMC uses base loan amount when determining VA Standard or High Balance

eligibility and does NOT include the Funding Fee in VA loan amounts for Loan-Level Pricing Adjustment (LLPA) calculations.

Change Request 1. Change requests for loans locked before 12/16/2015 must be requested

manually by emailing a Change Request form to [email protected] .

2. All re-Locks will need to be requested manually by sending an email with your Re-lock Request form to [email protected] .

Note: For additional training, please contact [email protected] .

mailto:[email protected]




Registering Correspondent Loans

1. Log in with your email address and password provided to you by your Portal

administrator.

3. Click New Loan to start a new loan from the landing page.


4. Choose how you want to upload information for the new loan from the “Upload from” section and click Next.

5. Fill in as much information as needed into the 1003, and click Save.

Note: You must click “Save” on the 1003 in order to register a loan.

*Refer to the Things to Know When Locking section of this user guide for USDA and Renovation loan registration.


6. Select Register Loan from the Loan Actions menu.

7. Ensure all applicable fields are completed and click Register Loan.


Locking Correspondent Loans

1. From the Loan Actions menu, click Product & Pricing.

2. Fill in all of the fields on the Product and Pricing Search page.

Enter in 0 as the Credit Score for Decision Making if the file is a No Score.


You MUST enter a target rate or target price in the Search Information section.

You MUST complete the fields in the Additional Fields Required for Lock Request

section in order to request a lock in Product & Pricing.

3. The Product & Pricing Search page displays. All required fields must be completed prior to selecting Submit.

Note: If all required fields are not complete and accurate before clicking Next, the Product &

Pricing Search page will not be displayed.


You MUST select a Delivery Type from the Loan Information screen.

You MUST select one of the Specialty Products or N/A from the dropdown.

For conventional loans with LTV > 80%, Borrower Pays MI field must be completed.

Note: Any changes to Loan Information or Borrower Information must be corrected on the

1003 prior to selecting Product & Pricing.

Multiple loan types, terms, and amortization types can be searched at the same time.


4. Choose a product/price/lock period/rate combination from the search results page by

clicking the appropriate “lock form” icon ( ).

If eligible pricing results are not available or the product being searched is disqualified, select the product under the Ineligible Product list to view Disqualifiers.

Note: Pricing for Mandatory and Best Effort may be displayed for the same products.

*Refer to Things to Know When Locking section of this guide for information on LPMI, VA

High Balance, Delegated and Non-Delegated 1x Close Construction Products.


5. Request a lock by clicking the Request Lock button.

6. The Loan Summary shows that the Lock Request has been placed (submitted).

7. Once First Guaranty Mortgage Corporation approves the lock request, a pdf version of the lock confirmation will be sent via email to the requestor


Change Request

1. From the FGMC Correspondent landing page, click View Pipeline.

2. Changes can only be requested for loans with a lock date on or after 12/16/2015. Hover your

cursor over the blue lock form icon ( ) to display the loan lock date.

3. Select View/Edit for the selected loan file.

Note: *Refer to Things to Know When Locking section of this guide for information on

change request for loans locked before 12/16/2015 and Re-locks.


4. From the Loan Actions menu, click Product & Pricing.

5. Fill in all of the fields on the Product and Pricing Search page and click Next.

6. From the product search page, click the Change Request icon.

Note: Icon descriptions can be viewed by hovering cursor over the icon or image.


Lock Extension Request

1. From the Submit a change request screen, select Lock Extension.

2. To view the available extension options and costs, click Cost Lookup.


3. Type a number in the Enter lock extension days field, click Calculate Cost, and then Submit Request.

4. Confirm change request values are correct and click Submit.

5. A change request confirmation will be emailed to the requester once First Guaranty Mortgage

Corporation accepts.


Profile Change Request

1. From the Submit a change request screen, select Profile Change and click Profile Change.

2. Update the appropriate product search fields (i.e. first lien amt., appraisal amount) and

Submit.


3. Under Historical Pricing Research, select the desired product/rate and click the lock icon.

4. Review all change request values and click Submit if accurate.


Printing Lock Confirmation

1. From the product search page, select the Printable Lock Form Icon.

2. In the printable lock form, click Print.

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