As a Mortgage Manager who sells BC product, you are able to build your BC products into your branded Loanapp. Your brokers and network are then able to select these products when they submit their application to you for initial review and assessment.
When you are ready, you will want to x-channel submit this application to BC Securities for final assessment and approval in their systems. This article takes you through this process.
In your Loanapp: You will have received a loan submission for a BC Product
You will have received, in your Loanapp, a submission from your network for a BC Product. You will have processed this submission in Omni:
reviewed the Loanapp submitted by the broker and updated any data
reviewed the supporting documents submitted by the broker and added any further documents, including any assessment level documents like the valuation
ordered services (eg Bureau, Val), and performed your assessment activities
🚨Please make sure you have updated the Current Coordinator in your Loanapp record in your channel to be a person from your own organisation (updated from the broker). This will ensure BC knows the application is from your organisation
You will now be ready to submit the deal across to BC for their final review and assessment. In Omni, you will have 1) completed your assessment processes and 2) got to the process to now submit your application to the Funder (BC):
You do not need to select BC as the Funder. As long as you have a BC product selected in Loanapp, the application will x-channel submit to BC
Submit your application from your channel to BC
When you have got to the Process to "prepare Application for submission to Funder, you should open this process; and you will see the three Assessment tasks to be completed:
You will work through the first two items which will ensure you have done a final check of your application to submit to BC:
It's important that you do this as the exact data and supporting documents you have in your channel will be transferred across to BC channel when you submit. When you've completed these steps, you will have the final "Submit Application to Funder" step.
If you click open the Task, you can then click Start - and then click the "Submit" button at the top of the Omni interface:
You'll get a prompt to confirm you are ready to submit (make sure you are!):
And then you will see Omni working on submitting your application:
This will take about 1 minute - what Loanapp is doing is packaging up your application & supporting documents, and creating a new application in the BC channel for BC to receive and process. 🤩
When the submission to BC is complete, you will see confirmation, but you will note that the status itself will not change:
To update the status in your channel for this application, please go back to the task in your assessment workflow and PASS it:
You will find when you PASS this item, it tells the assessment flow that you have submitted to the Funder, and the status will update:
Login to BC Channel
Now that your application is across in the BC channel, you will need to logout of your channel; and login to BC, in order to check and finalise the submission.
To do this, go back to your application dashboard and use the 'channel switch' to switch channels:
When you click this button, you will be taken to the interim login screen, where you can choose the BC channel and then login to it:
When you login, you will now be in the BC channel; and be able to see all your applications to BC, with your new submission having a status of Open: Application Received from Mortgage Manager:
BC does not use Omni for Assessment. You will now need to go to the OMNI record in BC to finalise and submit the application into BC's Loan Assessment platform.
Open BC Omni
Click on the Omni icon on your record:
The Omni record has a very short workflow which is to
do a final check of your BC submission
submit to the BC assessment system
You will see 2 processes. Ignore the first Completed one - this is an automated process that is needed to set your status.
Open the second Process named "Submit application to BC for Final Assessment":
You will see three action items:
Action Item 1: A final check of your Loanapp & Supporting Documents
Your x-channel submission from your own channel will have created.a replica record in BC, so it should be ready to submit. However, BC may have some data differences, so you should do a final check of Loanapp and Supporting documents before submitting to BC. To do this, open the first Action item, and click start, and then Go to Loanapp:
Your BC Loanapp will open. Click through each page and update/add any data that is missing- which will be highlighted as you try to leave each page eg:
When you get to the Submit page, you will see that there is actually no Submit button. This is because you have 'used' the Loanapp submit in your own channel, you will need to use the Omni submit to send the deal to BC systems.
Before you do that, click on "View the Checklist":
This will open the Checklist that has come across from your Loanapp, with all the documents that were attached. Check the checklist, attached documents, and upload/add anything that you now want to add:
When you are satisfied your Loanapp and Supporting Docs are ready to go, go back to Omni and click "Pass" on this Action Item:
Action Item 2: Submit Application to BC Capital
Click Open the next Action Item:
Click Start, then the Submit button at the top of the screen:
You'll see Omni switch to "loading", which will mean that your Loanapp is being packaged up and submitted into the BC Capital systems - creating the final record for BC to assess.
When the submit is successful, you will see the Submit Button change to Info Submitting - this means the application record has been passed into Capital.
You can refresh the screen to update the status to submitted
Complete the Action Item to close it off:
Action Item 3: Submit your supporting documents to BC Capital
You will now need to submit your supporting documents into Capital.
When you submitted the application data, it registered the application in BC Capital.
If you check the Setup Page in Loanapp, you will see the Capital number that has been returned. Note you can only submit your supporting documents successfully once this number is returned:
When you open the last Action item in Omni, you can click through to the Supporting Documents module:
This will launch the supporting documents module for your submission. You will see that 0 of your supporting documents have been submitted to BC:
If you are ready to submit, click the Submit button:
You will see the module working on the submission; and then you will get a changed status noting the number of supporting documents that have been submitted:
Finalise, and close the OMNI process
Please ensure as a final step you PASS the final action item. This will ensure you update the application status to "Application Submitted" in the BC channel:
🤩 You have now submitted to BC
Remember because BC does not use Omni, you will have to manually update the status on this deal in your own Loanapp to keep the assessment status in sync.