Best Practice: Audit Origination Pricing Procedures
The Safe Harbor Secondary Report provides lock file detail in support of safe harbor standards. Each section of the report provides an audit trail that captures:
- The basic loan information and the originator loan comments.
- The window of rates displayed to the originator with corresponding buy and sell side pricing.
- Comparable offers from other investors at the selected rate or near the price for the selected offer.
- And, complete pricing detail inclusive of the points, rebate and margins used to determine the price for the selected offer, originator commission (if commission plans are enabled) and final lock details.
LO Compensation user roles provide additional controls to require the use of a minimum of 3 investors to price loan scenarios (or price all investors if you use less than 3).
As a best practice, the Safe Harbor Secondary Report provides your lock desk team relevant details that document compliant origination pricing procedures.
