AMP's Loanapp for electronic lodgement of mortgage applications has a set of third party services integrated to allow you to verify and validate all credit-critical data before you submit.
This means that your submission can instantly be assessed to return quick approvals.
Some of the services are mandatory, and some are optional.
And for some verifications, AMP has integrated more than one option to finalise the validation - you will use the one that suits your submission.
This article is a very quick run-through of the AMP Loanapp, with click-throughs to each of the services to get a better idea of how to use them.
You will launch from your Aggregator CRM
You will launch Loanapp from your Aggregator CRM, like you do for other lender e-lodgements. When you select AMP in your CRM for submission, it will create a new Loanapp record for that submission, and it will open in a new browser Tab, populated with all the opportunity data you had in your Aggregator CRM.
Note that AMP has two journeys: Serviceability and Full Application.
For Lodgement, select Full Application:
Your new Loanapp record will open on the Setup Page:
You will be the logged in user
your details - Name, Brokerage, Aggregator - will be populated
your applicants will have been created
once you have finalised the setup page, you can click through via the menu to any other page in the application
or you can click through to the Applicants details page via the navigation buttons
The Applicants Page
The Applicants Page is where you complete the details for your Person Applicants - most of this should be auto-completed from your Aggregator CRM data.
The Applicants Page is also where you trigger/complete the first of the third party verification services - Digital Consent and Digital VOI:
Complete the detail for your applicant's household makeup
Complete the personal details for your applicant/s, including employment details
Trigger the Digital Consent - this is a mandatory step for submission. It will send an email invite to your applicant/s to consent to the third party services and assessment processes to approve the deal
Trigger the Digital VOI - this is a mandatory step for submission. If you have one, you can 'recall' an existing IDVerse report instead of requiring a new one.
The ID Document Verification service will:
auto-skip if you have requested a fresh Digital VOI report
auto-complete if you have recalled an existing Digital VOI report
The Financial Position Page
The Financial Position Page is where you complete the current Financial Position of your applicants - Assets, Liabilities, Income and Expenses.
The Financial Position Page is also where you trigger/complete the third party verification services to confirm liabilities and Income:
Access Seeker - is an optional digital service. It checks your applicant/s credit file and returns to Loanapp all known liabilities (according to their credit file)
The Assets and Liabilities sections - where you add all known current assets and liabilities
The digital services you can use to verify your applicant/s employment income. There are two services you can use:
Income digitally verified by payroll is the preferred service. The AMP Loanapp will automatically try this service as soon as you have completed the digital consent and digital VOI for your applicants. If this service successfully finds/verifies your applicant's income and you use it to reconcile...then you will need to do nothing more to satisfy income verification
Income digitally verified via uploaded documents is your backup service if you don't get a match on the payroll service. You are able to upload payslips, tax returns etc - these documents will be OCR'd with the data returning to Loanapp for reconciling against employment entries.
The Income section which will include:
your employment income entries
(and your digital income reconciliations when you have used the Income verification services)
any other applicant income, including rental income
Rental Income Verification - where your applicants are declaring current rental income, the AMP Loanapp will automatically get a Rental AVM to confirm the declared rental is within an expected range (and therefore verified)
The Living Expenses section - where you capture your categorised living expenses for your applicants
The Loan Page
The Loan page is where you complete the details for this application: details of the security property/ies; the Loan/splits that you are wanting; details of fees (including LMI); and any deposits or contributions made towards the property:
The Securities section. For a refinance application, this will be populated from detail you entered in your Financial Position; otherwise this is where your purchase details are added.
Valuation service - you are able to:
Order a valuation via Corelogic
"recall" an existing valuation that you have already had completed with Corelogic
Rental Income Verification - where your security property is for investment purposes and will have rental income, this service will automatically run to check your declared income against a rental AVM for that property.
Loan Requirement section. This is where you will enter the details of the Loan you are after, selecting interest and repayment preferences and the Product you are wanting. This section has filtering logic so that the product/s that are displayed match your loan amount/LVR/preferences etc.
Fees section. This section will automatically display the fees that apply to the product that you have chosen. You are able to check (and even edit) fees where necessary. Where you require LMI, you are able to add the expected LMI premium and note if it should be capitalised.
Request LMI quote. This is an integration with Helia LMI. Where your application requires LMI, you can trigger this service to get a formal quote from Helia. Where you choose to use this service, the returned quote will auto-populate (or update) the LMI fee in the fees section.
Deposits & Contributions. This is where you will add any deposits or contributions that your applicants have made/will make to finalise the settlement.
The Serviceability Page
The Serviceability Page will automatically calculate Serviceability for your application and present to you the outcomes for review. Note that if you make a change to any of your relevant application data, the serviceability outcome will re-run each time you go back to the page.
The AMP serviceability engine includes a Scenario capability - allowing you to make changes to your application data to see how that affects Serviceability outcomes:
The Serviceability outcomes and metrics, based on AMP logic and the data you have entered in your application
The Scenarios functionality. This allows you to make changes to your application data to see how your serviceability outcomes change.
The Compliance Page
This page captures the usual Borrower Interview detail that is required for a broker submission:
The Documents Section
This section allows you to download a application output. Note that this is only a record for you/your applicant - it is not required to be signed for the submission.
Submit Section
The Submit section allows you to add application comments, generate supporting docs checklist (and request docs from applicants); and submit the application:
This expandable section is where you can add your application notes.
While the AMP e-lodgement is designed to verify and validate as much detail as possible (and therefore require very few supporting documents) - you will still need to generate the Checklist. To do this click the "Generate document checklist" - it will generate in a new browser Tab
Submit your application to AMP
When you have successfully submitted your application to AMP, you will get this final page:
