From identifying an opportunity through to submission and post settlement.
Connective Affinity is the first digital home loan available exclusively to Connective brokers and provides their clients exceptionally fast service with a decision to unconditional approval in minutes.
Connective Affinity is integrated into Mercury Nexus, so you can easily identify if a client meets the lending criteria on the opportunity record. This clever feature enables you to identify eligibility gaps and trigger requests for further information required with a simple click of a button, without leaving the opportunity.
When an opportunity meets the minimum criteria, it will be assessed for eligibility with Connective Affinity as you are entering data into the opportunity fields.
This is an automatic process that happens in the background, so if your client(s) decides to proceed with Connective Affinity, the work is already done and a formal verification just needs to take place.
The formal verification can take as little as 10 minutes or up to 3 business hours, and is done online using a secure link to an online portal which your client will be prompted to access once you and your client have agreed to proceed with Connective Affinity by selecting the ‘Send Verification to Application’ button in Mercury.
The following article will cover the Automatic Assessment, Verification, and Decision and Settlement.
If your Opportunity is…
- applicants > 0
- loan type = Refinance or Purchase
- applicant has valid address
- applicant has loan amount
Connective Affinity will start the automatic assessment.
As the opportunity is being assessed you will be provided with instant feedback to inform you how the deal is progressing, including if the deal currently meets criteria, could remain eligible if certain actions were to take place or if the deal becomes ineligible.
An easy way to tell the status of the opportunity is to view the traffic light on the Connective Affinity button.
Located on the details tab of your opportunity, the Connective Affinity button will display:
- Grey: when the minimum criteria has not been met and the deal is not being assessed.
- Green: when the deal is being assessed and the fields that have been assessed so far are eligible.
- Orange: when the deal is being assessed but one or more actions would need to be taken to make the deal eligible.
- Red: the deal has been assessed and is not eligible for Connective Affinity.
You can get more detailed feedback through the Connective Affinity Slider.
From the details tab of your opportunity, click the 'Connective Affinity' button and the Connective Affinity Slider will pop out from the right-hand side of your screen.
The first four sections in the Connective Affinity Slider are the sections of the Opportunity that are being assessed. These are:
- Applicant Details
- Loan Details
- Property Details
As the opportunity is being assessed these sections will change colour. They will be:
- Grey when there is no data to assess
- Orange when there are actions
- Green when they have been assessed and meet Connective Affinity Criteria
- Red when they do not eligible.
Where there are actions or feedback when a section does not meet the criteria, there will be an arrow next to the section traffic light. By clicking down on this arrow you will be able to see the action or feedback.
If you have found Connective affinity to be suitable for your client, and during their product selection they chose Connective Affinity, you will be able to proceed to the verification step. All four sections in the Connective Affinity Slider will need to be green for the verification step to be available.
You will also be required to agree to the Terms and Conditions of Connective Affinity for each opportunity you proceed to verification. Once the ‘Send Verification to Application’ button is selected, a pop-up will display with the Terms and Conditions which you will need to read and agree to.
Once you have agreed to the T&Cs an SMS will be sent to your client.
It is important to note that every applicant must have a unique mobile number and email address to proceed.
The verification step will immediately trigger an automated SMS to each client with a secure link to facilitate access to their financial information and complete their identification verification..
When all applicants have completed their verification of financial details and ID:
- You and your client will receive a unconditional approval and MSA will be immediately instructed to prepare mortgage and loan documents.
- You may get a further conditional approval if the financial information derived from the bank statements was insufficient to fully clarify information for a full approval.
In the event of a further conditional approval, you will need to work with the client to satisfy any of Connective Affinity’s requests for information via email@example.com or Broker Support (02) 9692 3298.
The following diagram further details the journey once the verification process begins.
You can also watch the following video, which provides an overview of the broker experience in Mercury: