In this article, learn how to create guarantor records for a deal and manage document requests. We also show you two options that can minimise or eliminate applicant access to guarantor Fact Find responses during the document request process.
Contents
Prerequisites
Fill in the required fields for each deal applicant.
Video walkthrough
Watch the video to get a full view of the new navigation.
Creating a guarantor record
The first step is to create a record for each guarantor. Open a Deal (or Lead) card in full view mode. Go to the left-hand menu, expand the Fact Find folder, and click the Applicants link.
Go to the top right corner of the centre window. Click the plus (+) icon and select Create New Applicant.
Click the Applicant Role field and select Guarantor.
Fill in the required fields. When complete, the form displays a green check next to the guarantor's name and the folder labels. Repeat the above steps to add guarantors.
You can add multiple guarantors. For this article, we add one guarantor.
Sending document requests
Next, open FinanceVault and send the guarantor one or more documents that need to be completed.
To open FinanceVault within a Deal card, go to the left menu and click Overview > DealDash. In the centre window, locate the FinanceVault widget and click the widget name.
If you can't locate the FinanceVault widget in the DealDash window, click the Customization icon in the top right corner. Scroll through the list of widget options, click the +FinanceVault tile, and then click Apply. BrokerEngine adds the FinanceVault widget to the DealDash window.
Locating the guarantor's name
After opening FinanceVault, go to the right side of the page. The guarantor's name should appear under the applicant's name.
If the guarantor's name is not visible, try this hack. Go to the left side of the page and select a document, like Fact Find. Move the file into the DOCUMENT REQUEST window. Hover the mouse on the file name and click the pencil icon.
In Edit mode, click the Shared With field. Remove the applicant tag and select the guarantor tag. Click Save Changes.
The page displays the guarantor's name and the number of requested documents. If you delete that document request, the guarantor's name stays, and the number changes to zero.
Selecting guarantor documents
Go to the left side of the page and select documents for the guarantor. In this example, we select an existing stack (i.e. Guarantor stack) that contains three guarantor-related documents. The DOCUMENT REQUEST window displays each file name and the number of files next to the guarantor's name.
Optionally, you can add applicant documents to the request. In the example below, we want to send the applicant four documents.
Reviewing and editing the share status of a document
You can easily configure settings to send one document, like the Fact Find, to the applicant and guarantor at the same time.
You can use the same workflow to not share a file with an applicant or guarantor.
Locate a file and click the pencil icon.
In Edit mode, click the Shared With field and make sure all required applicant and guarantor names are tagged. Click Save Changes.
To not share a document, click the X icon to remove a name from the Shared With field.
Go to the guarantor's name in the bottom right corner of the page. The page displays a different number next to the guarantor's name because we added the guarantor to the Fact Find.
Sending the document request
After you add files to the DOCUMENT REQUEST window and confirm settings in the Shared With field, click the Review Request button. On the next window, review the list one more time, click the PUBLISH & SEND TO CLIENT button, and then click OK in the confirmation popup.
Previewing document requests
After sending the requests, return to FinanceVault. The page displays a list of file names, all with Pending status. Optionally, you can preview the document requests from the perspective of an applicant or guarantor.
To enable the Preview mode, go to the top of the FinanceVault page and click the Manage Access button.
In the popup, click the Preview button to display an applicant view or guarantor view.
Applicant view
If you open the applicant view, the page displays document requests for the applicant. The page does not display document requests for the guarantor.
In this example, we shared the Fact Find with the applicant and guarantor. That means some guarantor information is visible to the applicant.
Guarantor information about assets, liabilities, and other income is visible to the applicant.
However, guarantor residential and employment information is not visible to the applicant.
Guarantor view
Click the Preview button to display the guarantor view and related document requests. The page does not display document requests for the applicant.
Some applicant information is visible to the guarantor.
Applicant information about dependants, assets, liabilities and other income is visible to the guarantor.
However, applicant residential or employment information is not visible to the guarantor.
Guarantors do not see goals or living expenses as this is not required information.
How to minimise information sharing
As mentioned above, some applicant information on the Fact Find is visible to the guarantor. Plus, some guarantor information on the Fact Find is visible to the applicant.
Some brokers or guarantors might prefer not to expose guarantor information to the applicant. There are two solutions.
FYI, these are temporary measures to address privacy concerns. In practice, the lender will share all Fact Find information if the loan goes ahead.
Option 1 - disable access with the Shared With field
Use this method to prevent the applicant from viewing guarantor Fact Find information. It's a two-step process.
Step 1
Send out the document request as described above. Immediately after publishing the request, click the Fact Find file name. A side panel displays.
In the side panel, click the pencil icon to open the Fact Find document in Edit mode.
Click the X icon to remove the guarantor name from the Shared With field. Click Save Changes.
BrokerEngine removes the Fact Find from the list of documents on the guarantor page (as shown in the screenshot below). While the applicant completes the Fact Find, no guarantor-entered information is exposed because the guarantor does not have an opportunity to enter any data.
Step 2
After the applicant completes the Fact Find document, go back to FinanceVault and open the Fact Find in Edit mode. Go to the Shared With field, remove the applicant name, add the guarantor name, and click Save Changes.
With this new setting, the guarantor can open the Fact Find file, which is no longer visible on the applicant page. The guarantor can complete the Fact Find with a measure of privacy because the applicant does not have access to the document.
If you opt for this method, applicant information about dependants, assets, liabilities and other income is visible to the guarantor.
Option 2 - use the Classic Fact Find
If you don't want to expose any applicant information to the guarantor (and vice versa), there is another option, although it has a downside for the broker team. Basically, you send a different version of the Fact Find to the applicant and guarantor. Because the different file versions do not share fields, it is not possible to expose data from one party to the other party during the document request process.
Step 1
Follow the instructions described above to send the Fact Find to the applicant. Be sure to remove the guarantor name from the Shared With field before sending the document.
Step 2
Send the guarantor a copy of Fact Find Classic (an older version of the Fact Find document).
Go to the top of the FinanceVault page and click the ADD NEW DOC link. Then, fill in the form in the popup.
Enter a unique name for the document.
Go to the Request Type field and select Fact Find Classic. If prompted, select a template in the library window.
In the Shared With field, add the guarantor and remove the applicant.
Click Save Changes.
At the bottom of the page, click the Review Request button and then the Publish button.
The classic version of the Fact Find is visible on the guarantor page.
Step 3
Now comes the downside. Somebody on the broker's team has to open the guarantor Classic Fact Find file, locate the guarantor's information, and manually enter that data in the applicant's Fact Find document. That's the only way to get the guarantor's data into BrokerEngine's integrated system.
If you use this method, be sure to remove the applicant's name from the Fact Find's Shared With field before manually entering the guarantor's data. Otherwise, the applicant could open their Fact Find and view the guarantor's responses.
FAQs
How do I do a servicing guarantee inside BrokerEngine?
Set up the guarantor as an Applicant so you can capture living expenses and other fields.
Can I change an applicant to a guarantor or a guarantor to an applicant?
In theory, that's possible, but you should carefully review the possible impact of that change on data in the Fact Find.