This feature simplifies information sharing and helps clients get the data they need to make smart decisions - all in one package called the Credit Proposal report.
The Credit Proposal outlines the terms and conditions under which the lender is willing to provide a home loan or mortgage. It also summarizes the applicant's ability to service the loan.
Contents
Prerequisites
Products
If you forget to add a product, go to the prompt and click the link to select one. On the Products page, be sure to add at least four options on the table, and of course, select one as the preferred product. Make sure each option has the same number of loan splits. If not, the Credit Proposal page reports an error, and you won't be able to complete the Affordability step (see below).
Fact Find
Be sure to complete the Fact Find and select a product before opening the Credit Proposal page. Otherwise, many fields in the credit proposal will display zeros, and you won't be able to complete the form.
On the Fact Find > Applicants page, fill in all fields for each applicant related to income, housing history, and employment history (including the employer's address). If incomplete, the Credit Proposal page displays error messages.
Opening the Credit Proposal page
Open a deal or lead card in full-view mode. Scroll down the side menu and expand the Lodgement folder. Select Credit Proposal and then expand the folders to review and update each section.
Selected Products
Go to the top of the Credit Proposal window and expand the Selected Products window. Details about the selected funding product (e.g. loan amount) are visible at the top of the page.
Scroll down to the Requirements & Objectives fields. Fill in the required fields with the minimum number of characters.
Affordability
Click the button to inspect the proposal's affordability. The button is greyed out and unavailable if the Products page has an error.
After you click the button, the table pulls in data from the Fact Find and looks for a cash surplus or deficit according to applicant and lender calculations. If the table displays a deficit, the page unhides a required field. The broker should explain why the proposed deal should move forward.
Deal Summary
Open this folder to review key information about the applicant(s) (e.g. name and income). If you need to update this information, go to the side menu and open the Fact Find > Applicants page.
Funding position
Review funding position details here. It is not possible to change information on this screen. If you need to update a field, go to the side menu and open the Funding Position page.
Referrers / Commission Profile
Select a referrer option (a required field). Select Broker, AFG, or No Referrer.
If you select Broker, you'll be prompted to select and load a profile.
If you select AFG, a window displays multiple fields that you can review and optionally update commissions paid to internal (e.g. percent paid to licensee/organization or representative/loan writer) or outside parties.
Client Education Material
Use the checkboxes to attach pages to the credit proposal. Depending on the information in the funding proposal and Fact Find, some boxes might be auto-checked.
Responsible Lending
Open this folder to document how the broker confirmed the applications's identification. Brokers also need to document an exit strategy if the mortgage term goes beyond the applicant's retirement age. If the credit proposal includes more than one person, a separate exit strategy is required for each applicant. Click a tab to display a form for each applicant.
Credit Proposal
Expand the last folder to review settings. A green checkmark indicates a field has no problems. Orange indicates an error. To troubleshoot the error, click the arrow to expand the folder. Review the error statements and click a link to solve the problem.
Generating a Credit Proposal report
When the Credit Proposal section displays all green checkmarks (see below), the platform displays the Generate and preview Credit Proposal button. Click the button to get your report.
Currently, you can download the PDF and use DocuSign to add a signature to the report. In the near future, you will be able to send the report through BrokerEngine's FinanceVault.
