The next step after you get formal approval is to track loan documents - when is this supposed to arrive and how (by post, e-sign, etc.)
Once we get loan documents for clients, the first step is to download the documents and check if everything look correct - most important things to look at is loan balance, interest rate, loan term, security, LVR.
If everything looks correct, we then need to prepare the loan documents instructions for clients. To prepare LODs instructions for specific lender, go to mercury opportunities > select the lender that you are about to prepare loan documents instructions for > select the last settled application with that lender and use that template. Note that there might be additional documents that requires signing which needs to be carefully read and instructions prepared (for special cases such as construction loan, guarantor/trust deals, etc.
Check if building insurance is required - if yes, check if there are any conditions i.e., Bank name to be mentioned as interested party, minimum insured value required, etc.Â
Check if the loan documents needs to be e-signed or wet-signed and confirm to clients accordingly. If needs to be wet-signed and posted back to bank, call bank and get the correct postal address > ask clients to EXPRESS POST the documents always and get tracking number to keep a track at our end.
If the loan documents have to be posted back, we always send through the loan documents template. This document can be found in our dropbox > Bluebird > Templates folder. Make necessary changes and attach in the email.
Please read through each and every line from the template and make the changes accordingly. Once done, send the instructions to clients.
Keep follow up task after about a week to check if the clients haven't yet signed the loan documents. Also follow up re the building insurance if required.
Once clients have signed the loan documents, you will normally get the e-signed version to review otherwise ask clients to send signed page if this needs to be posted back, save the signed LODs to DB and confirm to clients if all good along with SLA of banks for certification.