How to use Loanapp

To start a new application, click New in the right of the top menu ribbon.

This will establish a new Loanapp record.

The Loanapp application is broken up into a number of sections. Keep in mind that the configuration of each section is up to the lender - Loanapps across lenders won't be exactly the same. This article will go through a 'typical' configuration.

The first Setup page collects all the data that establishes this application as a new record.

Setup - Manage participants

In this section, you set the participants to the application, which will at a minimum be you, the broker/administrator; and your applicants.

In the Application management section, you might add other parties like your Loan Admin staff; or even your Lender BDM.

Next, you will want to create your applicants for this application:

When you click Add, you will get a popup that will allow you to select what type of applicant you are adding to the record (types will depend on lender configuration and policy).

Continue to add applicants as you need to. The maximum number of applicants allowed on a record will depend on lender configuration and policy.

You will note as you add applicants, they will also be added to the side panel menu.

Note that many lenders will have "Okay to receive Info Requests" configured for each new applicant. Ticking this means that your applicants can be invited to upload supporting documents via a secure portal. For more detail on Info Requests, click here.

Setup - Correspondence

In the final Setup section, you are able to nominate who/how your applicants would like to receive correspondence such as the Loan Contracts; and statements etc throughout the life of the loan:

The Applicants section is where you capture all of the applicant's personal details.

In this section you capture the make-up of the applicant's household - number of adults, children, marital status etc. The Household makeup is important, as it is used to calculate the Lender HEM, and may have an impact on serviceability.

Note: you can have more than one (1) household, if required.

In this section you capture all of the personal applicant details for each of your applicants such as Personal details, Contact details, Residency and Employment.

The exact configuration of the data set will depend on the lender.

Some sections of the data capture which capture larger amounts of data will require that you add records to the section. An example is Employment, where you will Add a new Employment record.

Which will allow you to select the type of employment:

And then you will be able to complete the Employment income details record:

Where Records are established, they will then appear on your main screen as a Record that can be re-opened at any time:

The Applicants areas for a Company or Trust applicant will capture all the relevant detail about these types of applicants such as Company details, Business details, Contact person, Contact details and details about related persons such as Directors, Shareholders, Trustees, Beneficial owners etc.

The Financial position area will capture the Assets, Liabilities, Income, and Living expenses of the applicants.

In this section, you are able to set the applicants who belong to a Statement of position.

Here you can set a married couple to be on the same Statement of position, or perhaps a brother and sister to be on separate Statements of position.

This section is where you can also note the known/anticipated Credit status of the applicants; and if needed, note any known Credit issues.

In this section, you are able to capture all the Assets owned by the applicants, such as properties, savings and other assets.

This section also has a total asset value or total pool.

In this section, you are able to capture all the liabilities currently owned by the applicants, such as mortgages, credit cards, personal and other loans.

Note: if you have added a property in the Assets section, you may already have captured a related home loan in that section, and it will already be populated into this section. You are able to edit that original record; and also add new records.

Depending on Lender configuration, this section will also have a total repayments per month value, or an Outstanding Balance (total of liabilities) value.

In this section, you are able to capture all the income for the applicants.

Note: Employment income will have already been completed in the Applicants section and will therefore be already populated in this section.

In the Income section, you are able to edit the original Employment income record.

You can also add new records in Employment, Rental and Other income subsections.

Note: this section also shows a total per month income value (Net or Gross).

In the Expenses section, you are able to capture all the household living expenses for the applicants, in categories that will have been defined by the lender.

This section also has a total per month living expense value.

A similar section is created for all Company Applicants to capture Company income, and any Assets and Liabilities owned by the Company:

When you have completed creating the detail of all the applicants, and their Financial Position; you can move on to the Loan and Serviceability Sections.

If your application is a Refinance, the Security Property section will already be completed as the property will have come across from the Financial Position.

If the Application is for a Purchase property, you are able to ADD the details of any new property that is being purchased:

You are then able to capture the detail of the Loan you are applying for. Depending on the Lender configuration, you will be able to create split loans; capture borrowing purpose and any negative gearing; define repayment type, interest type, loan term, features; and select the desired loan:

Any fees configured in your Lender's products engine will automatically populate into the Fees section, which you can then review and even choose to capitalise:

You are then able to capture the detail of any deposits paid, and other contributions that will be used in the funds to complete:

When you have completed the Loan section, Loanapp will have the data it needs to generate a serviceability outcome. Note that if you edit any of the application data the Serviceability will recalculate instantly, based on that new data:

The Compliance section is where a lender will configure to capture Compliance related details for the Application. Note that this section is configurable by the lender - the sections and questions may differ across lenders, so read through them carefully.

Here you will capture detail of where the Application interview was held, who was present, and if all Applicants understand and will benefit from the loan:

Here you will capture detail of the intended Retirement plans of the applicants, and how, if the loan will still be in affect when they retire, they plan to pay out or continue to service the loan:

Here you will capture detail of the Product Feature and Repayment preferences of the applicants, and confirm any risks with preferences or choices have been discussed and are understood:

Here you will capture detail of any Conflicts or any other requirements of the applicants that would affect suitability of the proposed loan structure, and some commentary about how the loan was selected:

Here you will capture your application notes in an expandable notes section; and also attest that all relevant Fees and Charges have been disclosed to the Applicants:

Here you will capture any detail of known significant changes that may impact the Applicant's ability to make repayments; and then planned mitigants for these changes:

Here a summary of the whole application is presented for review. You can click back to any section to edit that detail by clicking the Edit button for that section:

The Documents section is where you can generate any Print Forms that the Lender has configured to be available for auto-generation and download, as part of your submission:

The exact documents made available will depend on Lender configuration, and also your specific application characteristics (eg you will only get a Rate Lock Form where you have nominated you would like to lock the rate).

If a Lender allows digital signatures of these forms, you are able to trigger eSign from this section once you have generated your forms:

The Lodgement section is where you can:

As a final note, a Lender may configure Validation Logic (credit policy) that will be applied to the application data that you enter. This may result in banners across the top of the page; or banners in the submit workflow, that tell you what validation logic (credit policy) has not been satisfied.

Here is an example of validation at the top of a page while you are completing the application:

You are able to click on these types of messages, and you will be taken back to the application section that needs to be worked on.

Note that some lender logic will be set so that you can override the rule (depends on the lender configuration).

The validation in the submit workflow checks the entire application to make sure you have completed all the mandatory fields that your lender requires, in order to get a successful data submission into their loan origination system. If there is anything missing in your application, the validation error will be triggered when you try to Proceed (submit your loan).

When you see this message, click on the section named in the error; and you will be taken back to that section to review and finalise the data.

When you have finished and submitted your application, you will now be able to: