The locking policy is the lock schema that is determined by the lender company of the loan. The locking policy is the flow of locking procedures. It determines allowable locking terms, the procedural flow of lock steps, allowable edits to the lock, and other related factors. It is not determined by Lender Price.
Depending on the lender's locking policy, when a user locks a loan, they might lock the loan automatically, or send a lock request that must be approved by the lender before the lock is complete. The Lender Price API allows companies to create their own locking workflow.
The high-level flow of a simple locking policy from a lender is illustrated here:
Refer to Locking a Loan with LOS for more information on locking a loan with the API.