Lock Comparison Tool in Encompass Web

Lock Comparison Tool in Encompass Web can be used to monitor the fields configured in the Lock Comparison Tool Fields setting (desktop version of Encompass) for loan data changes made after a loan is locked. When data in a loan with an active lock is changed, that loan must be validated again using the Validate Pricing button on the tool. This blog explores the use of Lock Comparison Tool in Encompass Web.

• To use the Lock Comparison Tool:
  • The Lock Comparison Tool Fields setting in the desktop version of Encompass (Encompass>Settings>Secondary Setup>Lock Comparison Fields Tool) must be configured.
    • The user must be assigned a persona with the right to access the setting (Encompass>Settings>Company/User Setup>Personas>Settings>Secondary Setup>Lock Comparison Fields Tool).
• The user must be assigned a persona with the right to access the tool (Encompass>Settings>Company/User Setup>Personas>Forms/Tools>Secondary Setup>Lock Comparison Tool).
• To validate pricing, the user must be assigned a persona with the right to validate pricing (Encompass>Settings>Company/User Setup>Personas>Forms/Tools>Secondary Setup>Validate Pricing).
  • Validate Pricing is a child setting of Lock Comparison Tool, so both settings will be selected.
• The Validate Pricing button will not be displayed under the following circumstances:
  • The loan is not locked
  • The lock has expired
  • No Provider ID is populated in field 5029
  • Field 4788 is empty
  • The loan is in Correspondent bulk trade
  • No Provider ID is available in the lock snapshot

Lock Comparison Tool in Encompass Web:

1. On the Pipeline, locate a loan displaying a status in the Rate Lock Validation Status column.

• • If the column is not displayed, select the Menu () icon located on the right hand side above the Pipeline columns and then select Customize Columns. In the Search field, enter “Rate Lock Validation” and then press Enter on your keyboard. Select the Rate Lock Validation Status checkbox and then select the Right () arrow.
  • When adding the Rate Lock Validation Status column (i.e., field 4788) to the Pipeline, be sure that the field is also added to the Encompass Reporting Database. If you do not add it to the Selected Fields section of the database, errors may be triggered when you attempt to add the column to the Pipeline.

2. Open the loan and then select the Tools option in the left navigation menu.
3. Select Lock Comparison Tool.
4. The read-only fields at the top of the screen display the number of field changes, the date the loan was locked, the lock expiration date, and the lock validation status.
5. The Lock Fields dropdown field enables you to either display “All Fields” or “Only Fields with Changes”.
6. The grid provides the field name, the current lock value, and the current loan value.

• • The Current Loan Value column displays any changed field values or the existing lock field value if there are no changes.
  • The increase or decrease of a changed field value is indicated with an upward or downward arrow.

7. If the loan needs validation, the Validate Pricing button is displayed.

• • If a lock extension is requested, a “We are not able to process your lock extension at this time. Please request a Lock Update and then try your extension request again.” warning message will be displayed on the Lock Request Form and Secondary Registration tool.
  • This warning is only applicable when an ICE PPE integration is being used as the product and pricing provider.

8. Select Validate Pricing.
9. The user is directed to the pricing provider’s website (indicated in field 5029).
10. Any unsaved changes are saved to the loan before the provider’s website is launched.

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