The Loan Summary tab in Apply Online is to be used as a guide only. It is calculating the NMS based on your data entry and calculations provided to NextGen by the lender.
What should I do?
First double check your data entry for any data entry errors.
Common errors include:
Home or Post Settlement address duplicated
Dependents added to all Applicants
Existing mortgage loans which are clearing not selected as clearing.
Look at the warning message at the bottom of the Loan Summary tab, which is put there by Apply Online on behalf of the Lender:
If you see a negative Net Monthly Surplus
or any other calculation, continue to submit the application through to the lender. As long as there are no validation errors, and you have entered the financial details into the application, this summary will not impact servicing.
The Apply Online summary calculations use default Assessment Rates which can push a servicing application into a negative NMS. This is especially true if the applicants have multiple existing mortgages.
NextGen offers free training to users. Register via their website.
If you are unable to find the error or if it is not clear, please contact Mercury Helpdesk via email [email protected] or clicking the Wait for the team button in an active chat and the team will be happy to assist.