Omni has integrations with LMI providers Helia and ArchLMI. Where your Lender has included these integrations in your Omni flow, you can use these integrations to complete any LMI requirements in your assessment.
The LMI Digital Widget has two different services:
LMI Quote - allows you to request a premium quote for your deal.
LMI Approval - when ready, allows you to request a formal LMI approval for your deal. Note that you must have performed a valuation to get a successful outcome.
Determining if LMI is required
There are two main ways that you will understand that LMI is required for your deal.
you will need to manually review the application and determine if it is required (eg if the application is for more than 80%), OR
Omni decisioning logic will have identified for you that LMI is required.
In this case, you might have some specific conditional Action items triggered with specific LMI actions.
What to do if LMI is not required
If no LMI is required, you should make a note on the relevant Action Item (remember to press Save!); and then Pass the item (to complete it):
This will complete the Action Item, and you can move on to the next task.
Request LMI quote via an integrated Omni Digital Widget
Where your Lender has an integration with your LMI provider in Omni, you are able to make a request for the LMI (quote and approval) from within Omni.
To find out what your LMI premium will be, go to the Digital Services Dashboard and open the LMI Digital Widget:
Check that the service is "ready" (this will mean you have enough data in Loanapp to call the service); and click "request". The service will make a call to LMI provider with your application data:
And within a few seconds, you will have a result 🤩. The Widget will populate with the result:
And you can click on Details to see more detail about the quote:
Your Loanapp application data will update automatically
When you have your LMI Quote, the Loanapp Fees section will update with the Premium details. To check this, go back to the Loanapp Loan page and navigate to the LMI section (Fees) towards the bottom:
Capitalising the LMI
You may want to then set the premium to be capitalised. Note that if you do, the overall Loan Amount and LVR will update in line the with new detail.
You will need to Resubmit for another Quote if Loanapp data changes
If you change the Loanapp application data in a material way (eg the val comes back a different value than expected) - you can use the Omni LMI widget again to "resubmit" for another quote:
Get the Formal LMI Approval
There are two main ways to secure LMI approval for your deal
off-system, (ie you get LMI approval outside of Omni).
via Omni integrated LMI Approval request.
Off-system LMI Approval
If your Lender does not have an LMI integration in their Omni, you will need to get LMI approval 'off-system' via whatever means you currently do. If this is your workflow, you can still record your activities in Omni.
Make a note in the Action item that you need LMI, and put the Action item in progress by clicking start:
You should then proceed with your LMI request, making notes on this Action item as you need to. When you receive your LMI approval you should upload the approval confirmation document and make sure to update the LMI data in Loanapp.
LMI Approval using the LMI Omni Widget
When you are ready, you can Apply for the LMI by clicking "Apply" in your LMI widget. Note that:
you can request a Conditional LMI Approval if you have not yet got a digital valuation completed
a dependency for the LMI Formal approval is that you have run (and received) a valuation via Simpology valuation widget.
If you haven't already got a quote, please do so as this is an initial step to getting Full Approval.
When you are ready to get a proper LMI approval, go back to the widget in the Loan screen and click Apply on the widget, which will be in "Quoted" Status:
The service will be requested:
And when the application is successfully sent, the widget will be placed in "Requested" status:
⏰ The LMI Approval can take up to 4 hours to be returned
When you receive a response from the LMI provider, the widget status will update with the detail that has been returned from the service.
Conditional LMI Approval
The Service may return Conditional LMI Approval. This is generally where you have requested approval, but you do not yet have a digital Valuation completed.
In this case, the Widget will tell you that you have received Conditional Approval:
And if you click on the Details button, you will see more detail per the approval:
Where you have received Conditional Approval, you can Resubmit the request in the future, when you have completed the valuation service:
Formal LMI Approval
When you have got the valuation service completed, the LMI Digital Widget will skip conditional approval step and go straight to Full approval.
The Widget status will update to Approved:
And when you click the details button, you will see all the relevant policy details:
