Apply Online works slightly differently with Virtual Branches. If you're using Virtual Branches in Mercury, it's important to understand the differences when it comes to Apply Online.
Master Branch
Master Branch users can view each other's Apply Online applications within Apply Online.
Access Apply Online by clicking the link on the Dashboard.
Click the View menu a select Find All Applications.
Click the Loan Writer drop-down list and select any other Loan Writer in your company.
Using Apply Online from a Virtual Branch
Within a Virtual Branch, you can only search for your own Applications within Apply Online and you will only see your own name in the Loan Writer drop-down box.
As a rule, all Apply Online applications should start in Mercury and then be pushed across to Apply Online. Once you have completed your opportunity, click on Submit to ApplyOnline.
You will only be able to click on Submit to ApplyOnline if you have first chosen an applicable lender. If not, the button will be greyed out.
Virtual Branch users will be able to find all Apply Online applications via the Opportunity in Mercury.
To view an existing Apply Online application, open the opportunity it is in and click on Edit in ApplyOnline
This will log in the admin user in to Apply Online as the Loan Writer.
Cloning Applications
Cloning is allowed inside a virtual branch. However, due to Virtual branch limitations, Loan Writers can only clone their own applications. Cloning does not overwrite or delete the original record. Both the original opportunity and any related applications remain intact after cloning.
When cloning an opportunity in Connective, the following data is copied to the new record:
Opportunity details (e.g., name, Broker, Admin, Supervisor, Lead Source, Opportunity Type)
Linked people records (contacts)
Financials information
However, certain data is not copied to the new opportunity, including:
Opportunity notes
Attachments
Questionnaires (and responses)
Tasks
Calculators
As a result, old questionnaires, calculations, and products are not transferred. If needed, you must re-enter questionnaires and calculations in the new opportunity or send a new Client Centre request. Duplicating questionnaire answers between opportunities is not supported to maintain security.
If you are required to clone the application to a different Loan Writer, below are the two recommended options: For example, cloning is particularly useful for expired pre-approvals. In such cases, you can clone the previous application and submit the cloned application. However, ensure all compliance documents are valid before submission. If documents like the credit guide were sent more than 90 days ago, resend them to maintain compliance.
Option 1: Create a New Application
You will need to start the Apply Online application again by removing the ApplyOnline ID from the Opportunity. Change the Loan writer in Mercury and click Save. Then click on Submit to ApplyOnline. Note: If you only need to change the lender for an application, you can keep the same opportunity, update the lender details, and issue a new Credit Proposal before submitting. This avoids the need to clone the application.
Option 2: Request the Parent Company to clone the application
You can request someone in the parent company to clone the application for you.
When cloning from the Parent company, they need to Assign the application to the new loan writer within your virtual branch. Additionally, questionnaire responses are not duplicated during cloning to ensure security. Always verify and re-enter critical information in the new opportunity as needed.
Adjusting Pre-Approvals
If a client has a pre-approval for a higher amount than their current purchase and wishes to retain the remaining amount for future use, follow these steps:
Adjust the Loan Amount: Reduce the existing pre-approval application’s loan amount in the internal system to match the required amount for the current purchase. Update the application details accordingly.
Notify the Client: Inform the applicants of their updated loan details via email and save this communication as evidence.
Create a New Opportunity: For the remaining amount to be kept as pre-approval, create a new opportunity in the system and complete all standard application steps.
Update Compliance Documents: Send an updated Credit Proposal Disclosure (CPD) reflecting the lower loan amount and update any necessary notes.
Pre-Approval Extensions
For extending a pre-approval, it is crucial to confirm that the client’s financial position remains unchanged. Follow these steps:
Collect Updated Bank Statements: Obtain the latest three months of bank statements to verify the client’s financial stability.
Review Financial Position: Ensure there are no significant changes in the client’s financial situation before proceeding with the extension.
Documentation and Compliance Requirements
Throughout all processes, ensure compliance with documentation requirements:
Verify the validity of all compliance documents before submission.
Resend any documents that are older than 90 days, such as the credit guide.
Maintain clear and organized records of all communications and updates in the internal system.
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