Who Prices and Locks Loans?
As a reminder, due to licensing and liability issues, the processing staff is unable to price and lock loans for you. They will make suggestions to aid you in the process, but they are not allowed to lock in loans. This protects us and it protects your paycheck! The other thing that we cannot do because of licensing guidelines is discuss rates, points, fees, qualifying ratios, etc. with borrowers. Again, this protects you. The way I describe this in my classes is that there is clear division of duties between salespeople and processing. It is imperitive that you communicate these items with your borrowers because we will only be able to discuss paperwork with them.
