Loanapp has created a new section within Compliance called the Broker Declaration to accommodate 6 new fields introduced by LIXI.
The new fields released by LIXI are:
Product Meets Applicant Requirements
LIXI Definition: Declaration from the broker that they made reasonable inquiries and can state that the product meets the applicant(s) requirements and objectives as outlined by the applicant(s) in this application form and consider the loan as not unsuitable.
Asset Income Liability And Expense Obtained
LIXI Definition: Declaration from the broker that the applicant's assets, income, liability and expense information provided within the application are those obtained from the applicant(s) during the preliminary assessment.
Details Of Conflicts Of Interest Provided
LIXI Definition: Declaration from the broker that they have provided details of any conflicts of interest relating to this application(s).
Lender Informed About Additional Requirement And Information
LIXI Definition: I have informed the lender of any additional information, requirements and objectives of which I have been informed or have identified.
Refinancing And Debt Consolidation Meets Objectives
LIXI Definition: For loan applications which refinance a loan or consolidate debts, I considered the costs, risks and benefits for the applicant(s) of the refinancing/debt consolidation, including:
Fees payable as a result of the refinancing/debt consolidation (both in ending the old loan and in establishing the new loan);
A comparison of the interest rate of the current loan and the proposed new loan:
A comparison of the loan term and repayment amount of the current loan and the proposed new loan and whether the applicant(s) would get improved cash flow as a result of the refinancing;
Whether any debt consolidation involved would achieve administrative convenience for the applicant(s);
Whether the applicant can afford to make the change to the product and meet the new payments without substantial hardship; and
Whether the applicant will end up paying more interest if debt is refinanced/ consolidated.
I am satisfied that the refinancing/debt consolidation meets the applicant(s) requirements and objectives.
The Date and Time of Declaration can also be included. All questions are answered as either Yes or No.