Overview

Joint Nomination is a common industry term which refers to an individual's right to receive copies of notices and documents under the National Credit Code. Each borrower is separately entitled to receive a copy of any notices or other documents.

When a person assigns Joint Nomination, they are giving up their right to be provided with direct information and are nominating another individual to receive this information.

Important: This example assumes that there are two Person Applicants already entered within the application and that they are joint borrowers.

You must first be on the Current Situation tab and have selected the Person Applicant menu icon.

For this example, we are assuming that Bob Smith is going to receive documents from the lender and that Jane Smith will not.

Select the Other Details section for Bob Smith.

This will display a variety of mandatory fields to be completed. One of those fields is Joint Nomination.

From the Joint Nomination drop down menu, select No.

Now go to Person Applicant Jane Smith. Select Jane's Other Details section.

Set Joint Nomination to Yes.

When Joint Nomination is set to Yes, another field appears, Nominee.

From the drop down arrow, select Bob Smith as the Nominee.

Jane has now successfully nominated Bob to receive all documents and correspondence for this loan application. Jane will not receive any documentation or correspondence at all.

As mandatory fields in this section are completed, you will notice that the number of Messages decreases and you are presented with a green 'thumbs up".

For this example, we are assuming that only one Person Applicant is currently entered in Loanapp. As a result, Joint Nomination will be dealt with slightly differently.

In this example, we are assuming that Bob Smith will not receive documents from the lender and that he is nominating Jane Smith to receive the documents.

You are on Current Situation tab for the Person Applicant Bob Smith.

Selecting the Other Details section opens a page with various fields to be completed.

In this instance, Joint Nomination will be set to Yes.

When Joint Nomination is set to Yes, another field appears: Nominee.

Since there is currently not another Person Applicant within the application, one will have to be added.

To add an Person Applicant, click the Add Data icon from the Nominee field and select Borrower.

A Person Applicant, Nominee popup field will appear.

Complete all required fields.

Select Create.

Notice that the new applicant has now been added to the list Person Applicants in the left hand page menu.

In addition, Jane Smith has also been listed as the Nominee for the Bob's Joint Nomination, meaning that she will receive all correspondence and documentation for this loan application, while Bob will not receive any.

Important Note: Generally, Joint Nomination can be cancelled by advising the Lender at any time, in writing, that they wish to cancel their nomination.

Following any cancellation, the Lender will, from then on, provide each joint Borrower with their own separate copy of any notice or other document.