TPO-How to Price and Float/Lock a loan in TPO Connect

13 steps
3 minutes

Encompasstpoconnect

Welcome to Flanagan State Bank's presentation on how to price and float or lock your loan in TPO Connect. To begin select the pipeline tab in TPO Connect.

Choose the loan you want to price.

Select "Product Pricing & Lock".

Select "Search Product & Pricing".

In the "Eligibility and Pricing Criteria" window that appears you will see several fields with red asterisks. Those are required fields that must be filled in. Several will be prefilled from your loan application information. However, "Representative Credit Score" may need to be completed if you have not run credit in TPO Connect.

If empty, select "Representative Credit Score" and enter the score that will be used to price the loan.

Select lock period and choose the number of days from the drop down list.

Notice that the "LO Compensation Paid" will default to Lender. If you need to change it to borrower paid, select "Borrower" from the drop down menu. You will also have the ability to use a Target Rate or Price. Your price point has been built into the price, so if you pick price for 100, this is your Par Price.

Once all Fields have been entered as needed, Select "Search Product & Pricing"

If you picked a rate of 6% in this example it will give you 103.456. To see more options for rate or price select the plus sign

Select "Details" on the desired rate and price. Do note that Lender Paid compensation must float or lock at 100. The borrower will get a credit for any amount over par (100). If you want to price under par you can and give the borrower discount points in the Loan Estimate Fee Management page under the "Activities" menu in TPO Connect.

Select "Float" or "Request Lock"

After you select "Float" or "Request Lock" from the previous step you will see a blue loading wheel animation that is labeled "Saving rate to loan. Please wait...", when it has saved you will be automatically brought back to the Product Pricing & Lock page and your rate will be saved! You can now move to the Fees Section to make any changes you need before submitting the file to Flanagan State Bank.