You are able to order a Valuation in Omni via the Digital Services Dashboard. When you have got the report, you might want to:
Record and investigate any detail on the valuation, update the Loanapp data
Send Info Requests to brokers/applicants if the deal structure changes materially
trigger LMI processes if required
Run any configured business rules
Attach the report to your supporting documents checklist
Add notes/comments to your Assessment Summary
Putting the Action Item 'in progress'
Best practice is to put the Order Valuation Action Item 'in progress' by clicking the 'Start' button. This will let anyone else know that you are working on this requirement:
You will then either:
if you have the service integrated, order a valuation in Omni via the Digital Services Dashboard.
if you havent got a valuation service integrated, order the val off-system.
You will note the Status for your deal will have changed to "Valuation Ordered":
(This will be reflected in the broker's view).
If the Val is an AVM
When you click "request" on the Integrated Valuation widget, the service will check what type of val is required for the security property/LVR/Loan amount etc.
If the type of val that is allowed for this deal is an AVM, you will know by the service telling you:
And you will get the results immediately (within a few seconds).
If this is the case, you should then "Pass" the Action Item as this will:
close the Action Item and trigger the next process
change the Status of your application to Valuation Received:
If the Val required is not an AVM
Where the Val required is not an AVM (and where you are ordering the Val off-line_ - then the Val might take some time to be returned. If this is the case, once ordered, FAIL the Action Item. (This will send your Assessment into a different status of Waiting on Valuation):
Reviewing the Valuation Report
When the report is returned, you will be able to download the report and review the detail. To do this, open the Bureau Digital Widget and click details:
You will generally get both the Valuation report; and the invoice, returned in the service call.
You can download and read through the Valuation Report:
Attaching the Valuation to your supporting documents checklist
The full Assessment supporting documents checklist with include a requirement to attach a copy of the Valuation.
📫 The good news is, any Valuation report ordered via a Loanapp/Omni digital widget will automatically be sent to the supporting documents bucket, ready for you to attach to the checklist item.
To do this, go to your supporting documents module; and you will see the Valuation (and Invoice) report/s on the right panel. You can then drag across to attach to the relevant requirement on the left:
If you do not have an integrated Valuation service, you will need to order the Val outside of Simpology and attach to the supporting documents checklist manually.
What to do with the Valuation Details
When you review the Val Report, you should check the detail in the Val and then update the Loanapp dataset with confirmation/new detail.
Update the Loanapp data
Go into the Loanapp record and open the Property modal in the Loan/Security section, and update the details if you need to.
Key items you should check and update are:
the date valued,
update the value (where required) of the Property,
and type of Value should be changed to "certified valuation":
This should update the supporting documents checklist to now require a copy of the valuation. To update the checklist, go to supporting documents and regenerate the checklist.
You should check the Serviceability and LVR, and if LMI is now required
You should re-check serviceability and LVR by clicking through to the Serviceability section:
If LMI is now required, you should also note this in the Fees section of Loanapp, by changing the requirement to Yes:
⚠️(You can then get an LMI quote and approval and add the premium details in, when you have them).
Issue an Info Request to the broker/applicant if you need to change the Loan details materially
If the val has come back and is materially different to what was submitted; then you might need to 'discuss' with the broker/applicant the implications and what they are happy to proceed with. (eg you might need to agree on a different loan amount; now need LMI, or even need to choose a different product).
Open the Valuation Received Process:
You should work through the Action items, updating your notes and the application data, and here the deal is materially changed, you should issue an info request. Open the Action item and create an info request. Note that you can attach documents (ie attach the val to send to the broker):
The Action item will change to "Waiting".
The Broker/Applicant will receive an email notification from you:
When you receive a response, you will get an email notification; and the Info Request status will change to 'Info Added':
If you click on the Info Request, you will see the response (anything uploaded and comments):
You should review the detail that has been provided, and if acceptable, click "Mark as Completed" to finalise the request.
(Remember, if the broker uploaded anything, this will send any document to your supporting documents bucket as well)
⚠️Note you can re-send the request if it's not what you needed
Your Action Item will then have recorded:
your observation
your Info Request (and the outcome)
⚠️You should now make sure the Loanapp data and Assessment Summary record the outcomes of these discussions.
Update your Assessment Summary with any relevant detail
You should now update the Assessment Summary with the relevant details so that it forms part of the overall summary that can be reviewed at any time. To do this, navigate from the Action item to your Assessment Summary, and open the Assessment Summary.
You should scroll to the relevant section, and then add any comments or notes that you think should be recorded:
Update the Loanapp Data
IF the detail discovered on the Valuation needs to be update the Loanapp data, please update the relevant section of loanapp.
You should also then refresh the Assessment Summary so that the summary data matches your updates.
Re-Run your business rules
If your lender has configured digital business rules to be run against the application data, these rules are generally run automatically on submission. If you have requested/received the Valuation after submission, you will need to trigger the business rules to run again.
Pass the Action Item
When you have ordered and received the Valuation report/s; and are satisfied no further investigation is required; you are able to "Pass" the Action Item:
and move on to the next task.