Once we receive the formal approval from any bank, change the status in mercury and do the tasks as prompted:
Check the formal approval - loan amount, LVR, security value and interest rates most importantly.
If everything looks right, please email clients formal approval. Mercury template as "unconditional loan approval" to be used.
If the formal approval we received is for purchase, please also email the solicitor formal approval "formal approval confirmation" along with the formal letter.
Follow up banks for loan documents and let the clients know in the same formal email.
If the formal approval is for refinance, please complete the discharge authority and email clients.
Ensure you have the follow up task to monitor discharge form and lodge with bank as soon as this is received from clients - note that banks take longer to process discharge requests so do this asap when formal approval has been received.