Track Rate Lock Expirations: scope and evidence
Track Rate Lock Expirations starts with a written boundary. Name the loan, the source, the owner, the evidence, and the point where the work must stop. A clear rule keeps coordination separate from lending and credit decisions.
The main risk is that a lock can expire without a timely owner review. Record the source and time before changing a status.
Capture the evidence
A usable record includes loan, lock date, expiration, product, owner, and action. Keep the source beside the record so another reviewer can reconstruct what happened.
The pipeline manager confirms the decision or exception. The coordinator can track the dates, send approved reminders, and route extension questions, but should not fill a gap with an assumption.
Separate preparation from judgment
Decisions about pricing and lock extension decisions remain with the authorized owner. Use three labels: proceed under the rule, pause for missing evidence, and escalate for a decision.
Run the review
Review expiring locks, extension requests, and missed dates. For example, a lock expires during a holiday week. Record what evidence was available and who owned the next step.
Pilot one workflow
Start with one pipeline. Test the checklist on a small batch and review exceptions with the owner.
Use the related service scope and pipeline guide for context. Review CFPB mortgage guidance before changing a workflow.