Rate Lock Expiration Monitor Agent

An expired rate lock can cost the borrower money or the lender margin, and delays often surface too late. Each day this agent lists locked loans and compares lock expiry to the expected closing date and open items. For each loan, it estimates the days needed to close based on what is still pending, such as the appraisal, title or conditions, and compares that to days left on the lock. Loans with under five days of margin are at risk. It lists what is holding each one up and drafts nudges to the parties. It recalculates after every update. If the gap remains, it prepares extension options with costs for 7 and 15 days. The loan officer decides on extensions and talks to the borrower. Edge case: an appraisal is delayed, so the agent counts expected appraisal days before rating the risk.