Funding has an ecosystem in Loanapp which allows a mortgage submission to be:
Initiated at the broker level & submitted to Funding Loan Services
Assessed and reworked by Funding Loan Services
Finalised and locked
This article describes the process and gives an understanding of how the different layers work together. In order to explain all the layers, this article uses the following characters:
Broker - Fred from Fast Finance
Funding Loan Servicing - Ricky from Funding Loan Servicing
Funding Manager - Kate from Funding
Broker submission
Fred creates and submit an application to Funding
The first party in the Ecosystem is the broker, creating an application by launching Loanapp either from an Aggregator CRM or via direct login to Loanapp.
If coming from an Aggregator CRM, the broker will launch Funding Loanapp directly from the CRM.
In this example, Fred will be logging into Funding's Loanapp, creating and submitting an application.
Fred will have received an invite and login credentials from Funding. To find out more about how to setup broker login access, click here.
Fred will go to the following URL to login:
When Fred is logged in, he will be able to create a new application:
Complete the application, generate app forms & the checklist, upload supporting docs; and to submit to Funding Loan Services for assessment.
For a full run-through of the Loanapp funcitonality, please click here.
Loan Assessment and Finalisation
Funding Loan Services receive the broker submission, assess, rework and finalise the application
When the broker submits the app, it becomes available as a "received app" in the Funding Loan Services level of Loanapp. This level of access is known as "Lender" level access.
To access this level, the URL you use (no matter your business name) is:
Your login will be your email address (username) and whatever password you have set.
When you login, as the lender, you will have more visibility and permissions than a broker. You will have a number of tabs across the top:
These tabs will take you to different sections in your Loanapp.
My Apps = Any applications as you, the user, have created in Loanapp. This will be apps you have created, mostly to test functionality.
Team Apps = Any applications that you and/or any of your team members have created in Loanapp. Again, at the lender level this will mostly be test apps.
Received Apps = Applications that have been submitted by brokers and are now ready to process.
Funder Apps = Applications that you have created, by promoting broker received apps to Funding Loan Services
Broker Apps = Applications that brokers are currently working on, but have not yet submitted to you (only apps that are started in Loanapp can be seen)
Brokerages and Brokers = The sections to be used to create new login credentials for your brokers/distributors.
The important ones in the context of this article and Received Apps and Funder Apps.
Received Apps
Click on Received Apps to be able to see which apps have been submitted by brokers.
You can open any of your broker's received apps from here - but note while you can look through the app, it will be locked, and you will not be able to edit it (as it is a record of what the broker submitted to you):
In order to create a fresh version that you can edit:
Go back to the Received Apps grid
Select the application you want to promote
Click Lodge to Funder
You will be presented with a popup screen that will allow you to create a copy version of the brokers app, but in the Funding Loan Servicing's version of Loanapp.
When you click create, Loanapp will copy the data that has been submitted by the broker and then open a new version of Loanapp, with different Funding branding.
This version is unlocked and ready for you to review, amend as you need to, and then finalise.
You will be able to do the following:
Review and edit the application in any way you see fit, while you are assessing the loan application
This includes changing the product or loan amount
In the FILE Tab, you will be able to re-generate application forms
In the FILE Tab, you will be able to generate a new supporting documents checklist. Note that the original s.docs submitted by the broker will be waiting in the s.docs upload section for you to re-attach to the checklist as you finalise the application
When you are ready to submit to finalise, you will find the "Submit" button in the FILE TAB.
When you submit, your application will become locked, much like the broker's app to you was locked. You will then be prompted to finalise the supporting docs and submit these too to finalise the entire application.
These finalised applications will be found in Funder Apps -> Submitted.
