Loanapp is a third-party system acting as a gateway between the Broker, Mercury and the Lender. It is an alternative channel to ApplyOnline for e-lodgement of applications. Each Lender configures Loanapp to match their products and policies.
So as a Loanapp user, it is important that you aware of, and understand, the direct relationship between Lenders and Loanapp.
Lenders manage the data set that is presented to you for completion in a dynamic fashion. They can control, update and maintain all aspects of Loanapp, including:
- Any lender business logic that affects the run-time behaviour of that data
- Validation rules applied to the data which tell you what data is required or acceptable
- Products, and the features and rules which affect their availability
- Supporting documents checklist based on lender business logic
- Version controlled print forms that are required with an application, with pre-population of data
- Serviceability rules for the lender
- Pre-submission rules for the lender which run credit-like rules across the whole application
The capability of Lenders to manage their requirements dynamically means that the data set presented to you in Loanapp is guaranteed to reflect exactly what the Lender requires at that point in time.
Lenders may be seen to offer priority processing to Loanapp applications because of their ‘approval ready’ status.