Learn how to structure a top up inside BrokerEngine for Lodgement purposes.
There are two top up options. One is called a principal loan top up, which increases the client's current mortgage. The other is called a new loan spilt, which leaves the current loan intact and adds a loan split for the top up amount. Let's learn how to set up both options.
Contents
Prerequisites
Know how to create a funding position.
Video Walkthrough
This video provides a quick tour of the top up options.
Setting up the baseline record
The first step is to create or update a deal with the required Funding Position settings. Open a deal card, expand the Lodgement folder in the side panel, and double-click the Lodgement Funding link. The Funding Position window displays.
Expand the Security folder and manually fill in the details if missing. Optionally, you can save time by importing a Fact Find, if available. Click the plus (+) icon near the top of the Security folder, click the import link, and complete the workflow.
In this example, we manually added address information. Importantly, set the Ownership Status field to Owned - With Mortgage. Then, enter a value in the Estimated Value field.
Adding a top up
Option 1: Creating a principal loan increase
Open the Lodgement Funding page and expand the Existing Mortgage folder. Click the plus (+) icon and select an option. You can import data from the Fact Find or manually enter the information. If you manually fill in the fields, be sure to click the Transaction field and select Top Up. This step is key.
Next, go to the New Limit field and enter a value. This figure should be greater than the value in the Limit field. The difference between the two figures is the proposed top up amount. Your work on the Lodgement Funding page is complete. Jump down to the Products section to continue the workflow.
Option 2: Creating a new loan split
Instead of increasing the client's existing loan, create a new loan split.
Open the Lodgement Funding page and expand the Existing Mortgage folder. Make sure the Transaction type is set to No Change. This step is key.
Next, expand the Proposed Loans folder and click the Add Proposed Loan button. Enter the new loan amount and select a value for the Purpose field. Your work on this page is complete.
Reviewing the Products page
The next step is to review and update (if required) information on the Products page to ensure commissions are calculated correctly in the credit proposal. This work is the same for either top up option.
Go to the side menu, expand the Strategy folder, and click Products. On the new page, select the Present button, locate the highlighted option (i.e. current mortgage provider), and confirm the value of the proposed top up loan. Open the editor and change the figure in the Loan Amount field if required.
The loan amount for the current mortgage provider should equal the top up amount.
The loan amount for the other products should be the total loan amount (current mortgage plus top up amount) in case the client wants to select a different mortgage company.
Confirming details in the Credit Proposal
The final step is to open the Credit Proposal and confirm the values. Go to the side menu, expand and click Credit Proposal. In the new window, expand the folder and click the Generate and preview Credit Proposal button.
In the open PDF, scroll down to the Our Recommendation section to confirm the top up loan details.
