How and when you need to disclose certain information to your client throughout your Mortgage process is changing due to FSLAA. Trail makes it easy by allowing both Stage 2: Nature and Scope of Advice and Stage 3: When the Advice is Given to be directly managed within the software.
After you have edited your Disclosure Settings, they will automatically flow into your Mortgage process. You will also have to ensure you or another Admin in your business has filled out the necessary fields in your Organisation's 'General' settings.
Stage 2 Disclosure: Nature and Scope of Advice
Within the Advice section of an opportunity, there are changes to how the Nature and Scope of Advice section is laid out.
Client Interview and Nature and Scope of Advice have been split into their own sections.
This section provides advisers with spaces for basic questions to give you a better understanding of your client and their Goal, Plan, Challenges and Timing.
Any information entered into this section is not visible to the client, and will not display on any reports or documents produced by Trail.
Nature and Scope of Advice:
After your client has completed their Fact Find, reviewing this section is essential to confirm the type of mortgage they are looking to get advice on.
Each of these sections has further clarification for the exact type of advice they are after. They each also have an 'Other' option where clients can use open text to explain the specific type of advice they are after.
When a client adds an 'Other' option, as an adviser you will have to confirm the text as being applicable to the advice. Throughout the Nature and Scope of Advice and the Mortgage Recommendation documents, the language used is directed to the client. When confirming 'Other' options, we recommend that you edit the perspective of the language. e.g. 'I am looking for...' should be edited as 'You are looking for...'
Once you have confirmed this section you will be able to download the Mortgage Nature and Scope of Advice to then be emailed to your client for confirmation.
Stage 3 Disclosure: When the Advice is Given
We have changed the Mortgage Review page based on adviser feedback, as there was a LOT of extra clicking in and out of the individual widgets. Don't worry if you still want to continue to use the Mortgage Review system. There is a button in the top right corner that will allow you to switch back and forward between the two systems!
Button linking from Mortgage Recommendation (new) to Mortgage Review (old)
Button linking from Mortgage Review (old) to Mortgage Recommendation (new)
The new Mortgage Recommendation system takes all the required information you would need to edit for a Mortgage Recommendation and puts it all in one place. Editable sections of this page:
Mortgage Approval Amount
Cash Incentive Offered
Reason for Structure
First Repayment Date
For each of the statements that you are required to disclose, you will have to edit the specific details that are related to the opportunity.
In this example: you would need to edit the cash amount, the chosen lender and the commission percentages.
We highly recommend that you confirm all of these statements before moving on to either downloading your Mortgage Recommendation PDF or emailing it to your client for confirmation of the loan.
Questions about the new Disclosure Process?
Please get in touch with us at firstname.lastname@example.org, or using the chat button in the bottom right of the screen.