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Lender Submission Guidelines – 15 minute sanity check

Documents

Our Compliance Team has recently received feedback from our lenders about loan application submission trends from brokers. Taking this feedback on board in your business could significantly reduce turnaround times for your applications, and prevent you from wasting time on re-working.

Please take fifteen minutes to review your current processes and procedures and apply the five key learnings we’ve outlined below.

  1. Ensure your broker details are correct. It’s an easy one to get right – and that’s why it’s an easy one to get wrong! This will help to ensure there are no delays for your clients, or for the payment of your commissions.
  1. Never share your broker ID. If someone else in your team has provided the credit assistance, then the deal must be submitted by that broker with their ID. Sharing ID’s is never OK and may result in disciplinary action.
  1. Follow lender ID requirements. As you know, lenders have vastly different requirements for client ID verification. Make sure you obtain the specific documentation required by your chosen lender. Always check with the lender regarding their policy for non-face-to-face identification, as they may have specific processes to follow, or may not allow it at all.
  1. Follow the lender’s Supporting Document Checklist. As with point 3, get the supporting document requirements right the first time and you’ll breeze through the pre-assessment process! Each lender’s checklist can be found under the ‘Services’ tab in Mercury. Just click on the lender, then ‘Loan Forms’.
  1. Don’t use digital signatures, unless the lender approves. Please ensure the original, hard copy loan application form is signed by the client unless an alternate method is approved by the lender.

Any questions?

If you have any questions about a lender’s application submission requirements you can always contact your Lender BDM, or talk with your local Broker Support Manager. You will also find information from specific lenders on Connective Wiki. As always, if you have any compliance related questions we’re happy to assist. Get in touch by clicking your help icon in Mercury or simply email the Compliance Team directly at compliance@connective.com.au