What mortgage loan officers check before locking an interest rate

Rate locks sound simple to buyers because they see one number: the interest rate. On the lending side, that number is tied to timing, loan type, credit, points, property, and whether the file can realistically close inside the lock period. I do not treat "should I lock today?" like a quick yes or no anymore. The first thing I look at is whether the file is actually ready enough for the lock to…