This is an overview of how to complete a loan application in Loanapp, submit it up to the lender, and generate serviceability; supporting docs checklists, lender print forms and supporting docs upload.
In each section there are links to tutorial videos which give you way more information about specific functionality. If you would like to watch a complete overview video tutorial (about 7 mins), please click here.
Step 1 - Complete the Loan Application Data
To complete a loan application in Loanapp, the first step you need to do is enter in all the actual application data.
Loanapp is designed to let you basically build the loan application from scratch, adding the sections you need for your applicants and their situation.
Click on Create New to start your application.
A pop-up window is triggered, here you'll be required to enter in the Application Name, Product Group (if applicable), Documentation Type and click Create to get started.
1.1 Add Your Applicants
Click on the Current Situation.
If you have person applicants, select Person Applicants in the menu and then use the dashboard to add the type of person applicant (eg. Borrower or Guarantor):
When you have selected an applicant, you are then presented with a tree down the left with all the data that needs to be completed for that applicant:
You can use this tree down the left to complete any of the other sections for this applicant, such as their employment:
Or for adding Proof of ID for the applicant:
For further information on how to add a person applicant, refer to this video:
Company or Trust Applicants:
If you have a Company or Trust applicant, you follow the same process; however you start with selecting Company or Trust in the top menu:
And then using the tree in the left hand column to complete all the required data for the applicant type you have chosen:
For further information on how to add a person applicant, refer to the below video or click here to read an article.
1.2 Add The Assets and Liabilities For Your Applicants
Next you use the top menu to add the assets and liabilities for your applicants:
Select existing properties to add the details of properties that the applicants already own.
To add the property address, use the icon on the address section:
You can search and select properties from the CoreLogic service:
For further information on how to add an existing property, click here to read an article.
Add other assets that the applicants own by selecting the other assets menu item; and then adding the appropriate asset type, and completing the details:
Add any existing mortgage liabilities the customers have. You will be able to automatically attach the mortgage to an existing property:
Add other liabilities that the applicants own by selecting the other liabilities menu item; and then adding the appropriate liability type, and complete the details.
Other Sources of Income
If your applicant/s have other sources of income other than their primary (eg PAYG) income, you need to add these income sources by selecting the ‘other income’ tab in the menu item, adding the ‘other income’ type, and completing the details:
For further in formation on how to add other income, please click here.
1.3 Add Your New Requirements
When you have completed all the current details of your applicants, you then need to move the to the ‘New Requirements’ tab, which allows you to add new properties the customer is purchasing, and also new loans that the customer is applying for:
Add New Loans
Here you add the loans that you are applying for with this application.
Select ‘New Loans’ and then ‘Add Loan Account’:
Select your product and then complete the details:
If your applicant has contribution funds, select from the menu; and then add the contribution fund type, and complete the details:
Click here to find out more on this.
Step 2 - Check The Serviceability
To generate serviceability, you need to go to the file menu in the top left hand corner:
Selecting summary or serviceability from the file menu will trigger a check that you have completed the whole application, and it is ready to calculate serviceability:
If you still have outstanding fields in the application data that are required by the lender, you will get a message with the fields that you have to go back into the application to complete. If you click on the message, you will taken to the right place in the application:
Once the application is complete, you will get an ‘Application has been validated’ message, like so:
Which means you will now be able to generate summary and serviceability reports.
Click on Summary for a number of Summary reports of your loan application, including Application Summary, Assets & Liabilities, Income and Expenses, Funds Position and Application Data:
Click on Serviceability for a number of Serviceability reports of your loan application, including Overall Summary, LVR, Serviceability metric (eg NDI), and Maximum Borrowing Capacity:
The Submit Process
The submit process does a quick validation check of the application. If anything is outstanding, you will be able to click through from the validation check to the right section of the application to complete anything that needs amending.
If there is anything that has not been completed correctly in your application, the validation process will identify it and ask you to complete the missing requirement (you can click on any missing items to be taken back to the right place in the application):
Once the validation data requirements have been completed you will be able to submit. Loanapp will do a final check of serviceability.
The following screen will then appear allowing you to Submit the Application:
The final screen is where you need to confirm you are ready to submit; then submit the application:
You will now receive your LRN Lender reference number and be able to submit your supporting docs.
When you have finished the submit process, you will be presented with two options.
- Finalise Supporting Documents, where you can upload and allocate your documents and submit to the lender.
- Re-Open your submitted application in read only mode
If you choose option 1, you will go straight to the supporting documents engine:
If you choose option 2, you will go back into your submitted app. Your Lender Reference Number will be on the right side of the yellow bar; and you can click on the Red button to finalise and submit your supporting documents to the lender.
If you're still unsure on how to submit your application, why not read this article!
Supporting Documents Checklist
In the file tab, select ‘Checklist’. This will generate a supporting documents checklist for your loan application that matches the requirements of the lender you have submitted to:
NOTE: Once you have submitted, you can email any of the reports you generate directly from Loanapp to your customer by clicking the ‘Email’ button:
Lender Print Forms
In the file tab, select ‘Print Forms’. This will generate Lender Print forms for your loan application that are required to be completed and signed for this loan application. They will include the Application Data - which you can generate PRIOR to submission should you want the customer to confirm the data you've entered before you send it to the lender, this is how - Applications Declarations, ID Forms etc.
Supporting Documents Upload
You can also open Supporting Docs upload to attach the supporting documents to the application for automatic submission to the lender:
For an in-depth guide on Supporting Docs, click here to read the article or alternatively, click the button below for a video.
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