Your channel will include a Serviceability Engine, which allows you to build Collections of Serviceability logic that you can then make available to lodgement or assessment journeys, or even make available to external systems via API subscription.
To configure a Serviceability Collection, you first need to configure the Serviceability Metrics that you want to measure serviceability outcomes. To do this, navigate to Account/Setup/Serviceability Metrics:
In this section, you will be able to configure your Serviceability Metrics by defining the metric and formula for the metric outcome:
Once you have set up your metrics, you can set up your actual serviceability logic. To do this, Navigate to Solutions/Loan Data/Serviceability:
Set up a Collection
To configure a Serviceability Collection, you will need to first setup the high-level elements of your Serviceability set. You can build particular calculators for different journeys, networks, product groups etc:
Collection: this is the Primary Name of your serviceability collection. You can build any number of Collections in your serviceability Engine. Each Collection is what is then attached to a lodgement journey, or subscribed to by an external partner such as a CRM
Group: this is a way to segment your calculators. You can create any Groups that you deem suitable, and in fact you can just have the 1 group. Most lenders first Group is 'Standard Serviceability'.
Calculator: the name of this particular calculator, within the group and Collection.
The primary collection for a lender will generally be Residential Mortgages. Remember that it is Collections that Simpology journeys and external parties subscribe to.
Create New Serviceability Engine
Now that you have setup the grouping logic, you can start configuring logic for this Serviceability Collection. First you will want to Edit the high-level logic of the calculator:
A new section will display that allows you to set a number of settings for how you will treat application data.
Next you will want to configure all of your more granular serviceability logic in the following sections:
Indicators
The Indicators element is where you set the pass/warning/fail intervals of the Serviceability Metrics you have set in the initial Metrics section:
For each of these metrics you can set to "Enforce" the metric - which will mean that in a workflow if the metric is not satisfied, the application cannot be submitted or approved. If you choose not to "enforce", the metric will still be calculated, but will not trigger anything if it fails.
Note that you can also configure your Indicators for >1 'set'. This means that you can have different Indicator outcomes and logic, based on (eg) different Application Types.
Income
The Income element is where you set the rules for how any income gathered in a loan application will be treated, from a serviceability perspective.
The Income element has a number of tabs, which covers all the different types of Income that can be collected in an application:
You are able to work through all of these Income Types and set the logic for each one.
Note that for each income type, you can configure >1 'set'. This means that you can have different Indicator outcomes and logic, based on different application characteristics.
Basically any data element that has anything to do with PAYG income can be used to build a new 'set' of logic to be used in serviceability calculations. This functionality means that you can be as granular as you like in your serviceability logic; and the outcomes can be appropriate to the particular application circumstances.
Continuing Financial Commitments
Next you will configure how you treat liabilities that are a part of the application, and will continue.
Once again you can have very granular logic by creating different 'sets' of logic for different liability types.
Expenses - Benchmark or HEM
Next you are able to configure your lender benchmarks, or HEM household expenses. Here the 'set' is used to create bands of Benchmarks based on Income bands, Postcodes, Metro/non-metro or other characteristics:
You are also able to configure your preferred household logic (eg how many dependents you allow).
In the Expenses section you are also able to configure how you categorise expenses, whether you include categories in HEM, and logic such as minimum amounts that each category must have:
New Financial Commitments
Lastly, you are able to configure how you will treat the loan that is being requested, in terms of serviceability
In this (and the other liabilities) section you can also set your logic on allowing negative gearing on existing or new liabilities:
When you have completed each individual section, make sure you click SAVE to save your work. When you have completed your configuration, click the overall SAVE at the top of the page:
Publish your calculator/change to logic:
When you place your calculator in Edit mode, it will create an initial (or new) 'draft' of your calculator logic. When you are satisfied that your changes are correct, you can publish your calculator by Releasing the draft:
When you Release the draft, it will become the Current (live) version of your logic, and any journey, workflow or system that is subscribing to your logic will instantly be updated.