Some lenders have a configuration inLoanapp which allows the lender to promote a Received 'broker' application to a second layer or lender. These are typically referred to as 'Funder' type applications.
The application initiated at the broker level and then submitted to a lender
This lender receives the broker submitted application, and promotes it to a funder or higher 'layer' entity.
This article describes the process and gives you an understanding of how the different layers work together.
Broker submission
The first party in the ecosystem is the broker, creating an application in the lenders Loanapp guidebook.
This could be via an aggregator CRM, or via a direct login to Loanapp (via https://app.loanapp.com.au/yourcompany'sname)
When the broker is logged in, she will be able to create a new application:
The broker will complete the application, generate app forms, check serviceability, upload supporting docs; and to submit to the lender for assessment.
For a full run-through of the Loanapp functionality, please click here
Lender - receive broker submission; and promote to next layer
When the broker submits the app, it becomes available as a "received app" in the lender's level of Loanapp.
To access Loanapp as a Lender, the URL you use (no matter your business name) is:
This differs from the broker's URL, which is typically https://app.loanapp.com.au/yourcompany'sname
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.
MyApps = any applications as you, the user, have created in Loanapp. This will be apps you have created, mostly to test functionality.
TeamApps = 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 your funder
Broker Apps = applications that brokers are currently working on, but have not yet submitted to you
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, and promote up to the funder, go back to the Received Apps grid, select the application you want to promote, and 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 funder's Loanapp:
This Funder Loanapp may be a party that you are promoting an application to, such as a funding source that is available via Loanapp. It could also be promoting the application internally through to your Loan Origination System (LOS).
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 the Funder layers branding:
This version is unlocked and ready for you to review and amend as you need to - it's effectively a carbon copy of the broker's app, but in the new 'Funder' layer.
This funder layer may have it's own unique rules and policies that the brokers version of the app will now need to adhere to prior to being able to submit the application.
The functionality within the funder layer is the same experience as entering an application at the broker layer - you'll be able to perform all the usual application entry tasks, such as -
Reviewing and editing the application while preparing to lodge to funder (including changing the product or loan amount)
In the FILE Tab, you will be able to re-check serviceability
In the FILE Tab, you will be able to re-generate application forms (although this is probably not necessary)
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
The 'funder's Loanapp may have unique integrations available - just like with your Loanapp. You may see options in the FILE tab to perform 3rd party service calls such as valuations, credit checks, biometric VOIs and more.
When you are ready to submit to the funder, 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 also submit to the funder.
Note that any applications you promote to the funder will be now found in Funder Apps in the grid:
Congratulations - you should know everything you need to promote applications to a funder entity!
Don't hesitate to reach out to your Customer Success Manager if you have any further questions, or might need some more guidance.