Loanapp has a function called "Attributes", that allow a Lender to configure 'conditional' Loanapp configurations within their standard Loanapp.
As an example, a Lender might use Alt Doc? as an attribute. If a broker selects YES to this Attribute, then the rest of Loanapp will change to reflect Alt Doc requirements: different data capture, only Alt Doc products, different serviceability, print forms and supporting documents requirements.
Where are the Attributes in Loanapp?
The "Attributes" are found at the start of the Loanapp interface, in the Setup section. This is because the Attributes are used to change the rest of Loanapp to match the application type:
What Attributes are available to be used in Lender configurations?
The Attributes that are available for Lender configurations and you may see in the Setup page are:
Fast Refinance: This will flag to the lender that the application is able to be settled with the "Fast Refi" process that some lenders allow
Approval in Principle: This will set the application to be an Approval in Principle and may change the data config (eg TBA address may now be allowed in the security section)
Lo Doc/Alt Doc: This will set the application to be a Lo Doc or Alt Doc application and may change:
the data config: eg not require employment details
the products: filter down to specific Lo Doc or Alt Doc products
the serviceability: if the lender has different serviceability
the print forms: eg might now need an accountant's letter
the supporting documents: will be specific for Lo Doc or Alt Doc applications
Top Up: This will set the application to be a Top Up application and may change:
the data config: eg the customer will be existing, so they may not need to prove their identity
Simple Refinance (sometimes named Easy Refinance): This will set the application to be an Easy Refinance workflow. Often for an Easy Refi, lenders only require that the debt/repayments are equal to/below the current mortgage - so this Loanapp configuration will not require much of the usual data such as employment details, living expenses etc.
Sophisticated Investor: Lenders can use this to require different data, have different logic on the application.
SMSF loan: A Lender can use this so that Loanapp has a configuration that is more appropriate for an SMSF application (as compared to regular application):
configuration and rules in the Trust applicant section, and for managing applicant structure
specific products, serviceability, print forms and supporting docs
Construction: A Lender can use this so that new Construction-specific sections will be made available in Loanapp
Expat: This will flag that the application is for an Expat applicant and the Loanapp configuration will have data and product availability logic refined for Expat applications.
Commercial: A Lender can use this to re-set Loanapp to reflect the requirements for a Commercial application (eg allowable security property types); and related functionality such as Products, Print Forms and Supporting Documents.
Bridging: A Lender can use this so that new Bridging-specific sections will be made available in Loanapp
Non-Resident This will flag that the application is for a Non-Res applicant and the Loanapp configuration will have data and product availability logic refined for Non-Resident applications.
Sharia: This will flag that the application is for a Sharia applicant and the Loanapp configuration will have data and product availability logic refined for Sharia applications.
In particular, the application data set will not use "Interest" as an element, but instead "rental"
How do Attributes work?
You will note that all Attributes are a 'toggle' data type - basically a Yes/No element. Often Lenders will auto-set the Attributes to be switched to No, and you can then change to Yes as you need to.
When you select Yes for an Attribute, this will then trigger the Application Interface, Product and Logic changes that are tied to that toggle selection.
Can Attributes be combined?
Yes. Lenders can set logic on combinations of Attributes, which will then further refine the Loanapp configuration.
You can switch more than one toggle to Yes in the Setup Section.
eg Alt-Doc + Construction, or
Commercial + Alt-Doc
What Attributes will be in your Loanapp?
This will depend on the Lender and their configuration. Some Lenders will have no Attributes, while others will use a number of them. Depending on the Lender's configuration, you will see different Attribute options in the Setup section of Loanapp.