C.18 Compliance - Refinancing Report

June 13, 2018

Broker Tools - Refinance Analysis

If you are refinancing a loan you must provide the client with a Refinancing Report.  There are a number of fields that need to be entered correctly. However if you are having trouble please make sure the following fields are entered correctly:

 

1. Asset/security needs to be entered correctly

 

2. Liability needs to be entered correctly. Make sure the REFINANCE BUTTON is ticked and the LINKED ASSET is correctly selected. This makes sure the refinance calculator works.

 

3. You must make sure the Loan Purpose is set to Refinance, either Personal or Investment.

 

4. You need to select ADD EXISTING SECURITY and select the property that is being refinanced.  NOTE if the security is already listed it may have been done before the liability was linked. So you may need to delete the security and add it again. 

You will know it is correct if the OTHER MORTGAGE(S) - If refinance box comes up - see below:

  

5. On the Funding Table make sure the Transaction Type is Refinance and the Property Status is Existing.

 

6. Refinance Comparison

If you have selected the purpose as refinance - a new screen in Broker Tools will become available called Refinance Analysis.  To change the settings toggle the Edit button to on (top right hand side). Add Discharge/Break/Other Fee if applicable.


The LOAN TERM should be the same - comparing apples with apples

 

REASONS at the bottom can be ticked. We recommend you always select OTHER as it will open a narrative field which can be used to add a person/specific reason.  This is always preferred to a generic explanations.

 

ADDITIONAL MONTHLY REPAYMENT
Can be used to show the client what the effect of using the savings and paying off the loan early. 

 

7. This will be included in the Credit Quote & Proposal document
or can be a separately created Refinancing Report

 Create the document called "6.PB Refinance Report" and send to the client.

 

 MORE INFORMATION:

 VIDEO TUTORIAL: https://vimeo.com/259659723 

 

 

 

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