C.30 Compliance - Settled Loan Process

June 1, 2018

Post to Commissions

Congratulations you loan has settled.  What should you do next.

1. Obtain the Loan Account Number from your Lenders or client

2. Move the Tile to the Settled Column in VowNet

3. Post to Commissions (this is so you will get paid quicker)

    a) Click Edit Deal

    b) Click Post to Commissions
    c) Add the Loan Account Number
4. The Tile should now have a small green shadinging on the left hand side to confirm it has been sent.

 

VowNet - Post to Commissions

 

Check your Compliance

For Compliance purposes this should be a trigger point to review you file and make sure everything is in order. Below is a guide or some hints that you may follow to make sure your compliance is in order.  

 

1. Updated the clients address - especially if they have purchased an owner occupied property

 

2. Update Loan Account and Offset Numbers in the Summary Page. This will also help in you getting paid correctly.

 

3. Update the Loan Status to Settled - this will notify Vow Commissions and 

 

4. Check you have your files downloaded called:

a) Signed Credit Guide & Privacy
b) Signed - Credit Quote & Proposal

c) Create - A Final Preliminary Assessment (this will be the final assessment completed)

d) Create - A Fact Find (Final Report with most data)

e) Add your brokers notes if you sent these seperately

 

Compliance Checklist

Please save a copy of the completed compliance checklist and save it into VowNet.

Once completed the loan is certified it will be tinted RED or GREEN

 

COMPLIANCE PROCEDURE 

 

 

Loan Maintenance - Post Settlement

 

Update Addresses
If the client was purchasing a new  principal place of residence - please update the clients current  & previous addresses in VowNet 

 

Updated Loan Account Numbers
Add the Loan Account Numbers and Offset Numbers on the Summary Page

 

Add Tasks for Expiry dates

Add a task for Fixed & Interest only Expiry Dates (2 months before expiry)

make sure the task is assigned to the broker owner

 

Update Status to Settled

Change the loan Status of the loan to "SETTLED" - note edit the deal to do this

 

Final reports
Please create a preliminary assessment and a completed Fact Find (this will be a final record of the deal - a backup of the data.

 

Compliance Checklist

Please save a copy of the completed compliance checklist and save it into VowNet.

Once completed the loan is certified it will be tinted RED or GREEN
 

 

 

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