The Simpology ecosystem supports your Mortgage Management activities by giving you the ability receive applications from brokers in your own Loanapp, and then to submit (promote) these applications across to participating Funder loanapp(s) for final approval - without having to re-key into your Funder's systems. 🤩
The Simpology ecosystem currently supports x-channel submission of applications from your Loanapp to the following funders:
Origin (Columbus)
BC Securities
Well Nigh
Orde Financial
Think Tank
Pepper Money
AltX
MA Money
Advantedge
You will need to have the Simpology team configure your channel to be able to x-channel submit to your specified funders.
Brokers submitting to you: Your Loanapp, configured with the logic of your Funders
As a partner of Simpology, you will have your own branded Simpology channel that will include a Loanapp e-lodgement interface. This will allow you/your brokers to create applications to be submitted to your team for initial Mortgage Management assessment activities.
Your Loanapp will be configured to include:
subscription to the Products of your partner Funders
subscription to the Serviceability of your partner Funders
subscription to the Supporting Documents logic of your partner Funders
relevant Print Forms of your partner funders
As a broker/user of your Loanapp, when I get to the Loan section of your Loanapp application, I will be able to select a Product from any/all of your partner funders. However, when I select the Product of Funder A, I will then get the Serviceability, Supporting Documents and Print Forms of Funder A.
If I then changed my product selection to a product offered by Funder B, then the Serviceability, Supporting Documents and Print Forms will change to be that of Funder B.
The great subscription functionality means that you are always up-to-date with current offerings and logic of your funders. When they make changes to their Products, Serviceability or Supporting documents logic, your own Loanapp is instantly updated.
Receiving submissions from your Brokers
When a broker has completed their application, they will press "Submit" in the Submission section of your Loanapp:
This will 'finalise' the application and tell the broker that the application has been successfully submitted to you for assessment:
If the broker goes back to their application grid, they will see the application status is no longer Open, but now Application Submitted:
Initial Assessment of the Application
As the Mortgage Manager, you will either:
receive the application into your own (non-Simpology) Loan Origination System and start processing the application in your LOS. If this is the case, see below for detail on how to x-channel submit to your funder
receive the application into the Simpology OMNI Loan Origination System and start assessing the application. If this is the case, click here for more detail on Omni application assessment functionality.
Preparing the Application for x-channel submit to your Funder
As a Mortgage Manager, the Simpology ecosystem allows you to:
update the broker's application data as needed during assessment
update/add to the finalised supporting documents checklist to submit up to your Funder
IF using Omni, order third party services such as Valuations, Bureau checks, Title Search etc, to support the application submission
And also to generate any Funder Print Forms (eg Cover Sheets) that you need to attach to your submission to the Funder
Updating Application data
As the Mortgage Manager, while you are conducting your initial assessment of the application, you may want to update the brokers' submitted application data before x-channel submitting to the Funder.
As a Loanapp owner, you are able to configure Application Data edit rules in your Loanapp for different users. The general functionality is:
Application data submitted by the Broker will be 'locked' to the broker when they press submit. This means, if the Broker logs back into the Loanapp application, they will have read-only access to the application - they will be able to click through and review the application, but will no longer be able to edit it
However, as the Mortgage Manager, you will be able to open the same submitted application and have edit rights on the application data. This means you will be able to update the application data, as needed, before x-channel submitting to your Funder.
This means, when you receive the initial submission from the Broker, you can update the application data as much as you like (even change the product and/or targeted funder) during your initial assessment.
Updating/adding to the Supporting Documents
As mentioned above, the Supporting Documents checklist that is presented to the Broker in their submission to you will depend on the Product chosen. ie - if they choose a Product in your Loanapp that is provided by Funder A, then they will get Funder A's supporting documents checklist. You will receive from the broker the supporting documents that your Funder A will require when you x-channel submit to your Funder.
However, as the Mortgage Manager, the Funder may require you to provide more supporting documents when you promote the application up to them.
To allow for this, the Funder's supporting documents checklist can be configured with a set of document requirements that will only be seen by you, the Mortgage Manager. This allows you to continue to add Documents to support your submission to the Funder, such as Valuation and Credit Reports, and even generated Print Forms like Funder Cover Sheets and your Assessment Summary.
This will mean when you receive the application from your broker, the supporting documents checklist may have new section/s for you to attach documents to:
Ordering Third Party Services to support your submission
If you are using Omni as your Loan Origination System, you will be able to integrate third party services into your workflows for quick and convenient digital completion of these requirements.
Third party services are ordered/controlled in Omni via the Digital Services Dashboard.
Typical services that are ordered in Omni to support your application are:
Valuations on security property
Credit Bureau checks on applicants
Title Search on security property
KYC checks
LMI Quote and/or approval
Other services are available, and will depend on your appetite to digitise your workflows.
Digital Services ordered via the Omni Digital Services Dashboard will use the data in the Loanapp application when it calls the service - so it's important that you review and update the broker's application data before ordering your services.
Any outcomes from the Services will be returned to be displayed in the Services Widget in the Omni Digital Services Dashboard; but also can be configured to be automatically attached to requirements on the supporting documents checklist - eg the returned valuation report will automatically be attached to the Valuation checklist requirement.
Generating any Funder Print Forms to support your submission
Your funder may require you to include a Funder-specific Print Form with your submission. These Print Forms can be built to be able to be auto-generated in Omni via the Reporting widget:
The Print forms will be generated with the most recent Loanapp application data (you need to ensure you have updated the data to be finalised). Once generated, the forms can be downloaded to be checked and then attached to your supporting documents requirements to include in your submission to the Funder eg:
Note that you are able to build any Print Forms to be generated in your Simpology channel (not just those needed by your Funders).
Submitting your application to your Funder
When you are ready, you will be able to submit your application to your funder for their formal assessment and approval.
You submit your finalised application to the Funder from Omni (not from Loanapp)
The Submit to Funder functionality is in Omni, at the top of the assessment dashboard for your application.
This button will only be enabled when you have completed the Omni Assessment processes that have got you to the stage of being ready to submit to your Funder
If you have partnerships with multiple funders, the submit button will direct the x-channel submission to the Funder that offers the product that is selected in your application data.