Client Reviews identify ways to improve service and gain better understanding of client needs. An annual review is done by updating the client's loan record, calling the bank to gather the loan’s current detail such as Interest rate, current balance etc., and then a recommendation is made to the client.
Here is the Client Review Checklists for your guidelines followed by the Step by step process for your better understanding.
To begin, go to the contact page of the client you are doing a review for.
Check for the following details:
Check that the Client’s preferred name is properly entered.
Check that the Client’s current address is properly entered.
Check that the Client’s phone number is properly entered.
Check that the client’s email is correct and current.
After updating the client’s personal record, you must now go to the Client review tab and update the following:
Review frequency should be set to 12 Monthly and Next Review date must be a year from the date of review
Fill in the Last Review Date with the review date i.e today’s date if you are doing the review today.
Now it is time to open up the deal you are completing the review on, reactivate the deal and update the following information:
Click on Security Tab and complete following fields if not already entered:
Security Value
Value Reason
Security Property Street
Security Property Suburb
Security Property State
Security Property Postcode
Security Type
Usage
Ownership
Purpose
Next, order an AVM/Desktop Valuation from the Lender for the security Property with these things to consider:
Go to https://www.realestate.com.au to get the current Estimated value of the security property.
If CBA cannot provide an AVM, make a note on the notes tab so the broker will know and decide on what type of Valuation to order.
Please take note that you do not need to send an AVM copy to the broker. They would know the AVM result when they look at the Valuation Tab.
The AVM report will be sent out immediately to the admin or broker's email in which we can immediately update.
Valuation reports may go directly to the broker's email, if so, inform the broker about it so they can forward the AVM reports to the team for updating.
Now update the Valuation tab in BrokerEngine with the new valuation details:
Valuation Type - Always AVM
Status as valuation Received
Date Ordered
Estimate Value value that we used when we ordered the AVM
Value Reason
Lender
Valuation Result - valuation amount on the AVM report
It is now time to update the Funding & Loan structure.
Within the original deal, go to the Funding tab on the side bar.
Clone the default funding position and name it "Review Funding Position".
Call the bank and get the current details of the Loan, update the funding position with these values and save as default.
You need to ask the lender for the following details:
Loan Current Balance
Repayment Amount
Interest rate
Product Type
Package if Applicable
Loan account number if not already there
Loan Type Variable or Fixed Please ask for the Fixed rate term expiry date and make a note on the notes tab if Fixed. There is also a field on the Loan structure tab where we can put the expiry date.
Repayment Type Principal & Interest or Interest Only please ask for Interest Only Term and Expiry date if IO.
Next repayment due date
Next, the team is to make a note against the Contact and notify the Broker that the Review details are all up to date.
It is then up to the Broker to review the contacts deal summary page and make a recommendation ie, pricing, refinance, no change...
The Broker then makes a note with the recommendation (notifying the team member) and moves the card into the appropriate stage on the reviews dashboard.
Finally, the team member runs the report as per the Broker's recommendations. Makes any necessary amendments to the report and forwards to the Broker to send the client.