11. Loan Documents (Issued, Signed, Returned the Bank) | Scribe

11. Loan Documents (Issued, Signed, Returned the Bank)

  • Andre Garcia |
  • 15 steps |
  • 32 seconds
  • BrokerengineBrokerengine
1
Loan Documents are Issued! Note that different Lenders have varying methods for clients to sign the loan documents. Some Lenders accept Electronic Signatures (e.g., DocuSign). Others permit clients to accept documents via Internet banking. In this scenario, ensure clients have their Internet Banking set up. Certain Lenders accept electronic signatures through different platforms, such as KWILL. Some may require the originals, either a full set of documents or specific parts (e.g., the mortgage document).
2
Download the Documents (if applicable), then create a subfolder in the Dropbox, named: "Loan Documents - Post Approval". Save them in the Dropbox folder.
3
Compile the Post Approval Notes from the handover notes using the designated note template: Under: Use note templates, start typing "Post ..." and select "Post Approval Notes". Edit the note with the important information required for settlement.
4
For construction applications, generate Construction Notes from the handover notes using the note template “Construction Notes”.
5
Follow the CHECKLIST "Loan Documents (PAC)".
6
Review the loan documents upon availability. ensuring accuracy in names, ownership, loan amount, purpose, interest rates, repayments, and accounts.
7
Contact the clients to book a 30 minute chat to go over the finance information present in the loan contracts.
8
Review the Loan Documents with the clients, and mainly confirm: \-Deposit Paid \-Shortfall \-Shortfall/Surplus/DDR/Offset account nomination? \-Repayment frequency \-COC required (mortgagee) \-Conveyancer Details
9
Monitor correspondence from the Lender to confirm receipt of the loan documents. Make a note in BE regarding the deadline for accepting the loan docs if not done immediately, and follow up with the client accordingly.
10
Create a task for support to Follow Up Discharge Authority (FUP DA) - If Applicable
11
When you receive communication from the Lender confirming that the Loan Documents were accepted by all borrowers, tick off the last box of the checklist, named "Bank marked Loan Docs as "Returned".
12
A prompt will appear: "Mark the associated task as done?" Click YES.
13
The card will then transition to the next stage "LOAN DOCUMENTS RETURNED".
14
CARD MOVED TO LOAN DOCUMENTS RETURNED - A draft email titled "Conveyancer Instructions" will be generated to greet them and provide instructions for settlement preparation. Additionally, it will inform the conveyancer/solicitor about the progress of the application and the shortfall account. - A MANDATORY TASK\* will be created, signifying that by the end of this stage, the loan contracts have been certified by the settlements team, and there are no outstanding to the file. - (If applicable) Navigate to the EMAIL tab and search for a template. Begin typing “Settlement...” and choose “Settlement Instructions - Post Acceptance”. Adjust the content as needed and send it to the appropriate team. In this case, you'll need to manually enter the email address of the settlements department. - Refer back to the CHECKLIST “LOAN DOCUMENTS RETURNED” - Confirm the COC was received by the bank - Make sure the FHOG was lodged and UIN available - Confirm that Loan Docs were certified - Confirm the outgoing lender is ready to discharge. - When the settlement is booked, mark the final box of the checklist. - A prompt will appear: "Mark the associated task as done?" Click YES. - The card will then transition to the next stage "SETTLEMENT BOOKED".
15
SETTLEMENT BOOKING TO LOAN SETTLED - Monitor Settlement Booking (All parties accepted PEXA invite). - Monitor outstanding to the file, including DA - Instruct client to transfer the shortfall funds. Use BE email template (NAME). - If applicable, send an email to the conveyancer to confirm the transfer of the shortfall funds to their trust account (5 business days prior to settlement). - Utilize the provided Broker Engine template (NAME) to email the client, to follow up transfer of the shortfall funds. Send email 10 days prior to settlement. - Call the bank to confirm they hold authority to debit and ensure sufficient funds are available. - Mark the card as READY TO SETTLE once all necessary steps have been completed.