What is a Rate Review?
The Rate Review feature in Mercury Nexus allows brokers to capture and track rate reviews for their customers directly within each opportunity.
By recording rate reviews in a structured table view, brokers can build a clear history of rate changes and repayments over the life of a loan and easily schedule follow-up tasks for future reviews. This helps improve customer retention by ensuring regular engagement and proactive service before clients start exploring alternatives.
Important: Remember your responsible lending obligations. See Rate reductions – responsible lending and BID requirements for more information.
How it works
Accessing Rate Reviews
Navigate to the Rate Reviews section in the side navigation within an opportunity.
This module displays all linked loan accounts for that opportunity in a single table, allowing brokers to track reviews across multiple loan products or splits.
If a loan account is not linked, you will be prompted to link it via “Products” in the Opportunity. Please make sure your products are added from the Product Comparison.
View loan rate review details
The table displays loan data including:
Product name and account number
Settlement amount
Term of the loan
Current rate
Loan type (fixed or variable)
Repayment amount and repayment type
For variable loans, brokers can add, view, and update rate reviews. Fixed rate loans are displayed but cannot be reviewed.
Adding a Rate Review
Click the Review button in the Actions column to open the Add Rate Review window.
In the form, brokers can:
Add/Update the Rate Review Date and Current Balance
Add optional Notes to record negotiation outcomes or client discussions
Select which loan portions (splits) to review
Enter the Rate, Discount, and Repayment for each selected portion. Effective Rate will automatically calculate if a discount is applied.
After saving, the new rate review appears in the Rate Review table and a corresponding note is automatically created within the opportunity.
Expanded previous reviews
Setting follow-up tasks
At any time, brokers can set a task against the rate review. To create a task, click on the more actions button, you will see Edit rate review, Add task and Delete. Edit and Delete are only available if a Rate Review has already been done.
This task helps ensure future rate reviews are completed on time and is automatically linked to the same opportunity.
To set a reminder:
Click Add Task from the More actions menu
Choose the future date for the next review.
Save the task to have it appear in the opportunity’s task list.
Editing or deleting reviews
Brokers can edit or delete the most recent review for a loan account if adjustments are required. Historical reviews are locked to preserve a full record of rate changes and review history.
Getting the most out of Rate Reviews
To make the most of Rate Review:
Complete a rate review for every variable loan after settlement.
Add clear notes outlining negotiation results and future plans.
Set a follow-up task for each review to maintain consistent client contact.
Regularly updating Rate Reviews helps brokers:
Build stronger client relationships through proactive communication.
Maintain a clear record of rate movements and lender discussions.
Protect their trail commissions by staying ahead of refinancing opportunities.