ApplyOnline / CommApply

Transcription

1 ApplyOnline / CommApply Frequently Asked Questions General Q: What are the changes associated with the updated version of ApplyOnline / CommApply and are other Financial Institutions using this new functionality? A: A revised Submission / Approval Checklist (upload document facility) has been introduced for CBA home loan applications. This will advise you what supporting documentation is required based on the particulars of the application. Optical Character Recognition (OCR) technology will now be used with the following forms: - Home Loan On-Boarding Application; - Pricing Request where applicable - Home Loan Supplementary Details Guarantor where applicable. OCR technology will be used to associate documents with the loan application and perform basic verification e.g. The Home Loan On-Boarding Application form will be checked for signatures and the correct version of the form. Mandatory submission of the Home Loan On-Boarding Application form, Home Loan Supplementary Details Guarantor form and Pricing Request forms where applicable has also been introduced. CBA will be the first Financial Institution to use OCR technology and implement the mandatory forms. Where a document is requested by the system, but a valid reason is available as to why the document is unavailable for this specific application submission, you can select an exception or defer at the Submission / Approval Checklist (document upload facility) and include comments as to why the document is not uploaded in this circumstance. Please note this exception or defer doesn t provide a blanket exception for that form it merely requests that it be excepted. Exceptions / Defers and any comments that you have requested / provided will display on the PDF Checklist that will be provided to CommBank. Please note that the application will not process to a credit decision until the requested document or documents are provided. Q: Can I still submit application comments to the CommBank? A: Yes, there is no change to the current state, application comments will continue to be sent in the same way as they are sent today. Page 1 of 9

2 Q: Can multiple borrowers be submitted on the application? A: Yes, this functionality is existing and remains unchanged. The revised Submission / Approval Checklist (document upload facility) will provide you with the document requirements for all applicants. The Coversheet provides a summary of all relevant documents required to process the application. Q: How do I complete a multiple application for the same borrower / borrowers? A: When submitting a multiple application for the same borrower / borrowers be sure to complete the Multi-Part Application section in the Summary tab. This will ensure all related applications can be identified by the system, and the applications can be processed together. Hints: The following steps will assist you when submitting a Multi-application: 1. Complete the first application and select the Multi-Part Application checkbox and select save. 2. Complete the second application and link all related applications by selecting the Multi- Part Application check box and select the relevant application number from the drop down list. 3. Submit both applications. Q: How do I apply an Approved Home Loan Pricing Request? A: When submitting an Approved Home Loan Pricing Request with your application, make sure that you check the Pricing Discount dropdown located under Features & Discounts as well as attaching the Pricing Discount Approval document. Q: If I upload documents do I still need to them using CBA paperless as well? A: No, there is no need to these documents as the Submission / Approval Checklist (upload document) functionality will send the documents direct to CommBank. If the same documents are resent to the CommBank, then this increases processing time unnecessarily and results in delays to the customer decision. Q: Can I still documents rather than use the upload facility? A: Yes you can, however loans will not be eligible for fast track processing of a credit decision for that application. As a minimum ApplyOnline / CommApply will request mandatory documents such as the Home Loan On-Boarding Application, Pricing Request and Home Loan Supplementary Details Guarantor forms as required to be attached to the application prior to submission to the CommBank. Q: What are the benefits associated with these changes? A: There are numerous benefits however listed below are some of the more important ones: The Submission / Approval Checklist (document upload facility) provides you with the complete documentation requirements for that specific loan and completing it and uploading all the required documents will improve the time to process a decision on this loan. Page 2 of 9

3 The Submission / Approval Checklist (document upload facility) is the one source of truth from submission through to credit assessment. Both the Broker and CommBank are using the same Submission / Approval Checklist. Providing there are no errors in the data input into the application this will help support faster decisioning and therefore provide a better Broker and Customer experience. The Submission / Approval Checklist (document upload facility) enables you to send all documents to CommBank in one file and removing file size issues that can be experienced uploading documents via paperless. It also provides a control sheet (Checklist) to verify all documents that have been submitted and supports faster processing for the credit decision. Cloud and Google storage facilities can be accessed when attaching documents to the application form, plus there is no restriction on the size of documents that are required to be attached. If there are multiple documents in a PDF, pages can be segregated and specific areas on a document can be highlighted and / or redacted e.g. Tax File Number. Q: As a result of these changes aren t the Brokers just taking on the work on behalf of the CommBank? A: There are no new forms that are being requested for Brokers to submit with the application. CommBank are simply making it clearer to the Broker what is required and to what standard so that CommBank can improve the Broker and Customer experience. Additionally, use of the Submission / Approval Checklist (document upload facility) will reduce rework due to supporting documentation requirements being clearer and aligned to CommBank s verification policy requirements. Q: Will I still obtain a Bank Reference Number (BRN)? A: Yes this can be found in the Application Status Tracking tab. Q: Why is the BRN field present on the On-Boarding Form when I don t obtain the BRN until after I ve submitted the application and attaching the On-Boarding form? A: From the 14 November this is no longer the case, the BRN field will state Not Required. Q: What does the colour coding mean on the Submission / Approval Checklist? A: Blue for yet to action, amber for attached, green for verified and red for exception. Checklists, Exception / Defer and Submission Q: If a broker has attached documents via the application checklist, do they need to self-verify each document & its corresponding pages to ensure the document is sent to the application? I understand they must self-verify documents sent via the Submission Checklist. A: The Self Verify button MUST be clicked on for the On Boarding form, Guarantor form where required and the Pricing form where required these documents are displayed in the Page 3 of 9

4 Submission Checklist via an!. The Broker will not be able to submit the application unless this has been done. For the non mandatory documents on the Approval Checklist the Broker has the option of either Self Verify or select Exception/Defer. If they select the latter, the application can be submitted but the application will not be processed pending receipt of the missing documents, therefore slowing the time to decision. If the Brokers selects Self Verify then this ensures quicker processing of the application. The Broker can send the other documents by selecting the Exception /Defer option (therefore not click on the Self Verify button for these documents). Please note that we would prefer that this is not done as it will delay the time to decision for the customer and exceptions will be raised back to the Broker for those documents that are outstanding. Q: Can a Broker complete the Submission Checklist & Approval Checklist documents at the same time, allowing them to submit the application & supporting docs all at once? The Submission Checklist and attached documents can be submitted via the Submit button. The Approval Checklist and attached documents is submitted via the Send Checklist To Lender button. Or do they need to submit via the Submission Checklist & then go back to the application to upload the supporting docs to the application checklist & click on Submit to lender to ensure documents are received? i/e Must the deal be submitted prior to loading documents via the application checklist? A: The checklists that exist in CommApply / ApplyOnline are: The Submission / Approval Checklist screen contains three sections: - The Submission Checklist - The Approval Checklist and - Additional Submission Documents (Optional). To ensure a faster time to decision it s important that you follow the correct steps when submitting your supporting documents to CommBank. The Submission Checklist: For all applications you must action all 'mandatory items' (signified by! see the screen shot below) on the Submission Checklist prior to submitting the deal including self-verification. Page 4 of 9

5 Ensure that you self-verify all documents in the Submission checklist when you submit the deal via the Submit button (located at the top right hand section of the screen) these documents will be automatically sent to CommBank. The Approval Checklist: This checklist contains all document requirements not already completed and must be completed POST deal submission to obtain full approval. Once all requirements are completed (attached / self-verified), a pop-up box will appear to submit the document package to CommBank - remember to select the Send Checklist To Lender at the pop-up box, alternatively if this pop up message is missed you can click on the Send Checklist To Lender button located next to the Approval Checklist section. Make sure you self-verify all items in the Approval checklist. The Additional Submission Documents (Optional): Additional documents can be attached in this section. Select Send Checklist To Lender to forward the documents to CommBank. For a faster time to decision and a great outcome for you and your clients, ensure that you: 1. Complete mandatory and non-mandatory items shown on 'Submission Checklist ensuring that self-verification has been performed with each document 2. Submit the loan application via the Submit button (located in the top right hand section of the screen). Any documents uploaded will be automatically sent to CommBank with the submission. 3. Complete the 'Approval Checklist', uploading all outstanding document requirements ensuring that self-verification has been performed with each document 4. Select the Send Checklist To Lender button 5. Upload any other documents to the Additional Documents' section. 6. Select the Send Checklist To Lender button. Note: If an Exception or Defer is selected please ensure that a note to the Lender is provided wherever possible - having this additional information will assist CommBank when raising an exception. Q: When an amendment is submitted on an application (where the Supporting Documents module was previously used), what is the process? Am I required to self-verify the Submission Checklist again (which would have already been completed upon initial submission of the application)? A: No you don t have to modify the Submission Checklist to resubmit. If however the changes made between submit and resubmit trigger the requirements for any new document types they will be listed in the Approval Checklist as non-mandatory documents. Page 5 of 9

6 Q: When an amendment is submitted on an application (where the Supporting Documents module was not previously used), what is the process? A: The system will ask you to upload all required documentation, irrespective of what you previously provided to the CommBank. When this occurs, the steps to follow are: 1. Attach and complete self-verification of all mandatory documents: Home Loan On-Boarding Application Pricing Request where applicable Home Loan Supplementary Details Guarantor where applicable Note: The previous Home Loan On-boarding and Home Loan Supplementary Details Guarantor forms can be attached. Additionally, if a previous Pricing Request is still valid (e.g. it has not expired) this can also be attached. 2. For all other required supporting documentation, if previously submitted documents are still valid (i.e. verification acceptance dates have not expired) then Request an Exception of Other is to be selected. Note: There is no need for an additional note to the lender in this scenario. 3. For all other supporting documentation that do need to be sent to the Bank (e.g. the Contract of Sale if a Home Seeker application is being converted to a firm application, or updated verification documents), upload the document to the Approval Checklist or Additional Submission Documents (optional), as applicable Q: Common feedback is that attaching docs via ApplyOnline to other lenders (Bank of Melb, St George & NAB) is simple. Why is CBA different? A: We are the first Bank to make the On Boarding, Guarantor and Pricing forms mandatory as well as use OCR technology to verify information such as applicant signatures and names on the On Boarding form, that the right version of the On Boarding form has been sent and that the credit limit matches what is on the On Boarding form matches the application form. The benefit of this approach is ensuring faster processing of the application through back-end processes as we have introduced automated processes that rely on the upfront completion of these tasks. So it is beneficial to the Broker to complete these tasks to ensure faster processing of the application. The other banks will also follow us upgrading to this version. Q: What are the consequences if I forget to click on the Send Checklist to Lender button after I have attached documents and self-verified at the Approval Checklist? A: CommBank will not receive the documents that you have attached in the Approval Checklist and as such will raise an exception to request the outstanding documents. Q: What are the consequences if I forget to click on the Send Checklist to Lender button after I have attached documents in the Additional Documents section? A: CommBank will not receive the documents that you have attached in the Additional Documents and as such will raise an exception to request the outstanding documents. Q: What s the difference between an Exception and a Defer? A: You re able to select the option of Exception for documents where there is an incorrect requirement, document is unavailable or other. A further option of 'Defer' (see screen shots below) is now available for Brokers to select when they know that they will be receiving the Page 6 of 9

7 document(s) in the future. You are encouraged to enter a note in the Add a note to the lender field (see screen shot below) when an exception or defer is selected. Documents Q: What are the mandatory documents and what happens if I don t submit them with the application form? A: The mandatory documents are as follows: - Home Loan On-Boarding Application; - Pricing Request where applicable - Home Loan Supplementary Details Guarantor where applicable. If you don t attach these mandatory documents you re not able to submit the application to CommBank. Q: How do I know what documents are mandatory? A: All mandatory documents within the Submission Checklist are signified by! next to the condition's name. Q: How do Brokers know if all of the supporting documents have been received? A: In CommApply / ApplyOnline you can click on the Status Tracking tab to see if a BRN is displayed, if the BRN is displayed then the supporting documents have been received. You will no longer receive an notification. Q What is the impact if I don t submit all documents at time of the application submission? A: If you are unable to provide the documents at application submission then the application cannot be fast tracked for decisioning and will be held pending the receipt of the outstanding documents. To ensure your application gets a fast credit decision, please upload all required documents when submitting the application. Page 7 of 9

8 Q: Can I partially submit some documents with the application and provide the remainder at a later date? A: Yes this is an option however best practice to ensure you are eligible for fast track processing is to upload all documents as per the Submission / Approval checklist (document upload facility). If you do not submit all documents that are needed for the application (as per the Submission / Approval Checklist) then your loan decision will be delayed until we get the information. At the time of application lodgment, if there are some documents of which you re waiting on from the customer you can nominate an exception or defer in ApplyOnline / CommApply and provide relevant comments such as pay slips to be obtained at a later date. However, if the document is required for verification or assessment, as per current process an Application Exception will be raised by the Validation team. Subsequent documents can be uploaded through ApplyOnline / CommApply by retrieving the application, selecting the Supporting Documents tab, attaching the relevant documents and clicking submit. Alternatively the documents can be sent via (paperless). Q: Is there a restriction on the document size for documents that I need to attach to an application form? A: No, using the Submission / Approval Checklist (document upload facility) means that you can either bulk upload the documents or individually in ApplyOnline / CommApply and avoid the 8 megabyte restriction associated with uploading documents to CBA Paperless . Q: What is Optical Character Recognition (OCR) and why are we using this technology? A: OCR technology extracts text from an image or scanned documents so that it can be edited, formatted, searched or indexed. OCR technology enables the documents to be checked up front to ensure requirements are met and as a result able to be processed faster by CommBank for a credit decision. CommBank are using this technology to cross reference various information e.g. that the On- Boarding Application form has signatures and if a credit card has been requested that the details of the credit limit match what s on the Application and On- Boarding Application form. The correct version of the On Boarding Application form will also be checked. Over time, CommBank will be extending the use of OCR to other forms so that we can limit the amount of time taken to manually check specific information. Q: Can I split numerous grouped documents that have been PDF d? A: If you have bundled numerous documents together as one PDF or numerous PDF s, yes you re able to split the documents. You can also highlight specific areas of a document for the Lender as well as redact information such as Tax File numbers. Q: When attaching documents to an application is there a restriction on the type of file that can be attached? A: Common file types such as PNG, TIF and Bitmap are accepted Page 8 of 9

9 Q: I have uploaded a document which has numerous pages and only one page was received by CommBank why is this? A: When uploading a single multi page document which has also been self-verified you must also select the Select All feature at the top of the Self Verification screen. If only one page is selected then only that page will be sent. Q: When I m attaching documents, do I have to scan each document separately? As this is time consuming especially since more often than not they are large documents. A: CommApply / ApplyOnline has the ability to upload a multi-page file, therefore you do not need to scan all documents individually. You can scan them all in one hit then upload the one file and self-verify. Time Q: How long does it take to submit an application utilising the Submission / Approval Checklist (document upload) functionality? A: Until you become familiar with the updated system, it may take approximately minutes to complete an initial application with supporting documents, after this approximately 5-10 minutes. What if something goes wrong? Q: What happens if an incorrect document e.g. pay slip is submitted with the application? A: As per the current process our CommBank Validation, Verification and Credit Decisioning teams will still be checking the documents that are submitted with all applications, as pay slips are not OCR d. In regards to pay slips, the system will prompt for Base, Dividend, Bonuses and Commission if relevant. Support Q: What support will I receive for the changes? A: ApplyOnline / CommApply and will have online support materials such as a How To video and Reference material available. Q: Who can I contact should I have technical problems? A: For technical problems with ApplyOnline / CommApply please follow your current Head Group contact process. Page 9 of 9