READ THE PA THAT MIKE HAS COMPLETED FOR THE CLIENT PRIOR TO STARTING AOL
Once the client confirms which lender they are going with, Mike will save the handover notes in the notepad section in the clients mercury file.
Complete the apply online app. You only need to update the information that has a red X next to them. Other details are correct as they have come through from mercury. Complete all tabs, except the compliance tab. Mike will complete a cover note and the compliance tab for every client.
Once you have entered missing information from merc file or documents we have in their drop box folder, print parts of the bank application (to PDF) that the client will need to sign.
Create a new subfolder in the clients drop box folder called “Submit to lender”. Save the lender app docs for signing to this folder. Also save any documents that we already have in dropbox that the bank requires for the application into this folder.
In mercury email templates, draft an email to the client to request documents and signed bank app. This email template is called “Bank application and Credit proposal”.
Check the lender supporting docs checklist to confirm what supporting docs we need to lodge with the application. Check what we have in the clients DB folder and request anything additional needed (updated docs or docs that we do not have) from the client in this email.
Also check if the pricing and valuation has been completed previously, if not done yet, please do this now.
We will also need to send the clients credit proposal, steps below:
Complete compliance tab in mercury (not AOL):
In “know your customer” section, we will have to attach customer IDs here.
In “customers requirements and objectives” section, we will need to attach Mike’s PA email and in notes we will copy paste whatever is written in ‘Your Plans’ and "Your loan features" section in Mike’s PA email
In “product recommendation and selection” section, we need to complete “Final product selection” field. You will need to attach Mikes’ PA email as evidence and copy paste whatever is written in ‘My Recommendation’ section in Mike’s PA email
Complete the “products” tab with the loans and structure we are applying for. Then draft the Credit Proposal as below:
Go to ‘disclosure documents'
Select number 5. Summary of Requirements & Credit Proposal’,
Select Michael N (with or without referrer) and ‘choose’ (this will produce a word doc)
In the word doc, under each ‘proposed product & lender’ section, you will change the product name to say what the purpose is. i.e purchase new home, refinance existing home loan etc
Under ‘commission we may receive’ section, add (incl GST) at the end of the first paragraph
Method of calculation – enter ‘minus the offset balance’ after ‘total loan amount’
On the next paragraph ‘An ongoing commission of’ add “up to”
Save this document to the dropbox client file as YYYY-MM-DD <lender> Credit Proposal. This is then saved to PDF and attached to the email for the clients to sign
Once the email has been drafted, attach the necessary documents that the clients need to sign (bank app, additional bank docs, credit proposal etc) in the “Bank application & credit proposal email” and send to clients
Once signed bank app pages & supporting info received, update apply online where needed and ensure all supporting docs are added to AOL. Please ensure we have all the docs that we requested from clients.
Once the above has been completed, ask Mike/team leader to review AOL, complete compliance tab, cover note and any other task he needs to complete.
Once Mike completes the compliance tab, please reprint the application form from AOL as sometimes this also generates compliance notes so reprint, attach signed pages from clients and attach to supporting documents and amend any other points from Mike (if any error).
Once everything looks good, ask Mike to submit it - this should be submitted by broker for compliance so we wont submit it ourselves.
Once the application has been submitted, change the status in mercury file to “lodged” and follow the tasks as prompted in mercury.