Create a task for the processor 14 days before the lock expires, another for the loan officer at 7 days, and send the borrower a short message at 5 days only when the closing date falls after the lock date. GoHighLevel's Custom Date Reminder reads an opportunity date field, so the lock date on the loan file starts everything. The bottom line: an expired lock means an extension fee or a new price, and a date trigger costs nothing next to either.
What a lock is and what it costs when it runs out
Standard lock periods are 30, 45, or 60 days, with 90 days or longer available at a price, according to a consumer guide from FatFire. The same guide says extension fees commonly run 0.125 percent to 0.375 percent of the loan amount per 15 day extension, and that the Loan Estimate does not show extension pricing. A broker guide from The Lenders Network puts extensions at 0.125 percent to 0.25 percent per 7 to 15 day period, which is $437 to $875 on a $350,000 loan. The two ranges differ, so use your lender's written schedule, not either number. The CFPB's small entity guide adds that a revised Loan Estimate is due no later than three business days after the date a rate is locked, which is one more reason the lock date belongs in a field.
Who gets what, and when
| Days before the lock ends | Who | What happens |
|---|---|---|
| 14 | Processor | Task: confirm the closing date and the status of the appraisal, underwriting, and title |
| 7 | Loan officer and processor | If the closing date is after the lock date, task to ask the lender for the extension price in writing |
| 5 | Borrower | Only if closing falls after the lock date: a short note that the team is handling it |
| 1 | Loan officer | Call task to decide between extending and closing sooner |
The fields behind it
Add four opportunity fields: Lock date, Lock expires, Closing date, and Lock period in days. Your loan origination system holds all four, so export them or enter them when the lock is confirmed. HighLevel's help page says Custom Date Reminder works with opportunity date fields in contact based workflows and starts a workflow before, on, or after the date, and that a blank date does not fire. A loan with no lock date simply stays out of the sequence.
Build it in HighLevel
- Create the four opportunity fields and put them on the opportunity card so processors see them.
- Build a workflow with the Custom Date Reminder trigger on Lock expires, 14 days before.
- Add an If/Else on whether Closing date is after Lock expires, and create the processor task either way, with different wording.
- Copy the workflow for the 7 day step and add a task for the loan officer to request the extension price.
- Copy it again for the 5 day borrower message, with the If/Else set so only loans with a late closing send it.
- Add a 1 day workflow that creates the loan officer's decision call task.
- When a loan funds or the lock is extended, update the date field and add the loan to the workflows again with the new date.
The borrower message
Sample: Hi Dana, this is Sam at [Brokerage]. Your rate lock is set to end on April 18 and your closing is scheduled for April 24. I am working with the lender on this now and will call you tomorrow. Nothing is needed from you today. Reply STOP to stop messages. The text names no rate, no fee, and no loan number. If an extension costs money, that conversation happens by phone with the loan officer.
Worked example
A broker with 40 locked loans at any time finds that 6 have closing dates after the lock expiry (15 percent). The 14 day task puts those 6 in front of the processor two weeks early, so the extension request reaches the lender with days to spare instead of the morning the lock ends. The 15 percent is an assumption, so replace it with your own late closing rate.
Rules to keep in view
These messages are about the borrower's own loan, so they are informational, but they still need texting consent and a registered number under US carrier rules. As financial institutions, mortgage brokers are covered by the FTC Safeguards Rule, so keep loan details out of text threads and put them in your secure system.
Extend, float, or close sooner
When a lock is about to end before closing, the loan officer has three options. Extend the lock for a fee, close sooner if the file allows it, or let the rate float to the market and accept the new price. The FatFire guide also describes a float down option that lets a locked rate drop if the market falls, usually for an upfront fee of 0.25 percent to 1 percent of the loan amount, which is a decision made at the time of the lock, not at the end. The reminder system does not make this choice. It makes sure the loan officer has the lender's extension schedule, the closing date, and the borrower's patience in hand a week before the lock ends, when every option is still open.
Two more messages, written out
Extension needed: Hi Dana, Sam at [Brokerage]. The lender needs a few extra days, so I am extending your rate lock. I will call you today to go over what that means. Closing sooner: Hi Dana, Sam at [Brokerage]. Your lock ends on April 18 and we may be able to close by April 16 if the title company has the documents ready. I will call you to check your calendar. Neither text mentions a fee or a rate.
How this was handled before
A lock expiration spreadsheet, checked each morning by a processor, did the job until someone was out sick. A date trigger removes the dependency on one person's memory, and the spreadsheet becomes a check instead of the system.
What to measure
Track locks that reached 14 days with a late closing date, extensions requested, extensions paid, and loans that closed before the lock date. The number to push down is extensions that were a surprise.
Questions people ask
How long is a typical rate lock?
Standard lock periods are 30, 45, or 60 days, with 90 days or longer available at a price.
What does a rate lock extension cost?
Published ranges run from about 0.125 percent to 0.375 percent of the loan amount per extension period, depending on the lender, and the Loan Estimate does not show it, so get the lender's schedule in writing.
Should a broker text the extension price to the borrower?
No. Call the borrower, since the price depends on the lender's schedule and the loan.
To set up the date triggers, start a GoHighLevel account here. The pipeline and workflow views are in our capabilities demo.