When you select change loan terms in LIP, and a rate sheet move has been performed since the lock was submitted (Freedom, Flagstar, Caliber), the investor automatically changes to the first investor in client's Investor List.
Example, 28copr01 submitted a lock (Christopher Lynch) on 11/9 with Freedom. 28copr01 change Freedom sheets on 11/10 from 07D to 07E. When a loan change was performed on 12/12, the investor defaulted to BB&T instead of remaining on Freedom. Same scenario with Cataldo.
Investors who do not make periodic rate changes do not appear to be affected. We've tested this in Dennis' test account with Caliber, and confirmed that when a sub-ven is changed in an account, it is not recognized by a previously submitted application in LIP.
|Impact to Existing Customers||Multiple|