RateLocker is a loan rate locking engine designed specifically to service the mortgage market.

A rate lock is a guarantee that the lender will offer the borrower a specific combination of interest rate, lock length/duration, and points. Essential to a rate lock is a time period, typically 10, 15, 30, 45 or 60 days. A rate lock protects the borrower from rate fluctuations for the duration of the lock period. If market rates rise after the rate is locked, the borrower will still get the lower rate to the lender's detriment. But there's also a downside: If rates fall after the rate is locked, the borrower might not be able to take advantage of that opportunity.

RateLocker streamlines the rate locking processes and automates the manual process of determine if a lock request should be granted by the lender. Lenders benefit from an increased pipeline and faster processes that require less manual intervention. Borrowers benefit from being connected to lenders and from being able to identify the best product for them.

RateLocker's primary features are:

  • Loan product sheet management
  • Rate lock request routing to the Lock Desk
  • Powerful loan product search for borrowers
  • Integration with the MortgageTrade Clean Room

About MortgageTrade

MortgageTrade™ division focuses on improving the way organizations buy, sell, and analyze whole loans. MortgageTrade and the Clean Room™ and RateLocker product lines originated from extensive experience working with the country's largest banks.

Banks and other organizations regularly buy, sell, and analyze whole loans. This process involves an immense amount of data and a large number of documents. Additionally, organizations must comply with many national and state laws when dealing with loans. MortgageTrade’s web-based technology platform simplifies the loan pricing and trading process and provides much more.

MortgageTrade’s primary goals are:

  • Improving the speed at which institutions (banks, brokers, investors) can trade loans
  • Offering robust tools to price loans and communicate pricing information to market participants
  • Increasing the transparency into each individual loan by turning the loan file into pure structured data
  • Lowering the risk of each transacted loan by applying world-class analytics so each loan and pool of loans are fully understood
  • Enabling collaboration on and around loan files, so any problems related to a loan can be easily resolved between counterparties