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Broker Guide
July 2006
Table of Contents
Introduction ... 3
The Online Submission Process ... 4
Which supporting documents do I need to send?... 5
Decision Notifications... 6
Decisioning Times... 7
Error Notifications ... 9
Status Updates and Notifications ... 10
FAQs ... 12
Contact Details ... 13
Introduction
The Commonwealth Bank Online Home Loan Application functionality provides a facility for brokers to submit applications electronically via internal software that is used within your Broker Head Group. One of the main benefits of submitting online is that you will receive a conditional decision within minutes.
The aim of this guide is to explain the home loan process with the online system. It is important to note that while the online process provides an alternative means of data capture, the underlying information requirements of the Bank are the same. The system will actually enforce business rules to ensure that all required information is captured, and that certain requests are prohibited. It is
Which supporting documents do I need to send?
Depending on your application, you may need to provide the following documents to support your online application (all forms, except FHOG applications, are available via your Broker Head Group or on the Colonial Adviser site). See Attachment 1 for a list of all Bank forms.
Fax the supporting documents to the Bank’s Loan Processing Centre, using the BRN as reference. (If you have not received a BRN, use your Application Id) as soon as you receive conditional notification from the Bank.
Send supporting documents within 2 hours of application submission. If the Bank has not received the supporting information within 24 hours, we will send an error update via a “request for missing
information”.
The documents required are:
•
Third Party Home Loan Application – Coversheet Documentation Checklist.
This coversheet includes BRN (if not, please note BILO Application No at the top) and
checklist of all supporting documents and full name of the first applicant (eg Christine
Jane White rather than C J White).
•
Privacy – Acknowledgement and Consent (Borrower)
•
Privacy – Acknowledgement and Consent (Guarantor)
•
Application for a Colonial Line of Credit
•
Third Party Banking Home Loan Credit Card Application
•
Low Documentation Loan Declaration
•
Direct Debit Request (DDR) and Direct Debit Service Agreement (For Rate Lock only)
•
Mortgage Advantage (MAV) Application
•
Mortgage Advantage Plus (MAVPlus) Application
•
Director Guarantor’s Election Form
•
First Home Owners Grant Scheme (FHOGS) Application
•
Guarantor’s Acknowledgement that Guarantor’s Income is Required to Service and/or
Repay the Facility
•
Borrower’s Acknowledgement that Guarantor’s Income is Required to Service and/or
Repay the Facility
•
Borrower/Guarantor Translation Certificate
Decision Notifications
You will receive a decision notification via email within minutes of submitting your application. The notification will include a BRN and coversheet (Third Party Home Loan Application – Coversheet Documentation Checklist).
If the BRN is not included in the initial notification, you need to use your Application ID as the identifier until you receive BRN in subsequent notifications.
The notification will confirm one of the following status’, along with a detailed description:
Decision Definition Action Required
Conditionally Eligible
Conditional until all Bank requirements are met, including verification of all information provided confirmed as being adequate and correct.
Send Third Party Home Loan Application – Coversheet Documentation Checklist and supporting documentation.
Referred Application needs further assessment of
data received.
Send Third Party Home Loan Application – Coversheet Documentation Checklist and supporting documentation to the Bank to enable the application to be manually assessed.
Declined Application does not meet the Bank’s
approval conditions.
If application details change, please resubmit.
Invalid Application
Application does not pass the Bank’s validations, i.e. may contain an incorrect product combination or similar.
Please amend incorrect details and resubmit.
Technical Error
An error has occurred in the automated system process. The application will be forwarded for manual assessment.
Send Third Party Home Loan Application – Coversheet Documentation Checklist and supporting documentation to the Bank to enable us to manually assess (use your BILO Application Id as the identifier).
You will only receive these notifications when external credit bureau systems are available (times may change and are not controlled by the Bank). Currently these times are:
AEST AEDT (Daylight Savings)
Mon-Fri Sat-Sun Mon-Fri Sat-Sun
06:00 – 02:00 (next day) 08:00 - 20:00 06:00 – 03:00 (next day) 08:00 - 21:00 If you submit an application outside these hours, you will receive a Referred notification and the application will be manually decisioned by the Bank.
Decisioning Times
We offer instant conditional decisions for Online Loan Home Loan Applications, 24 hours a day, 7 days a week. No more waiting for loan decisions.
The following table outlines how long a decision will take. Please note that all other timeframes are unchanged.
Decision Timeframe Comments
Initial Decisions Minutes After submitting your application, you will receive a decision (outlined on previous page) within minutes, 24 hours a day, 7 days a week. Included with the decision is the Third Party Home Loan Application – Coversheet Documentation Checklist and Bank Reference Number (BRN) for submission of the supporting documentation. If Conditionally Eligible Four hours Matching and Verification of Conditionally Eligible
applications will be completed within 4 hours of receipt of the Third Party Home Loan Application – Coversheet Documentation Checklist and satisfactory supporting documentation during the hours of 8am to 8pm Monday to Friday (excludes public holidays).
Confirmation of the unconditional approval is provided with receipt of the following milestones:
•
Security Documents Issued (if external valuation is not required)•
TP Valuation Approved (if an external valuation/s were required)For multiple valuations all approvals must be completed. If Referred Same Day Matching, Verification and Assessment of Referred
applications will be completed by 5:00pm same business day, if the Third Party Home Loan Application – Coversheet Documentation Checklist and satisfactory supporting documents have been received by 12:00pm. Documents received after 12:00pm, will be assessed by 12:00pm the next business day.
Confirmation of the unconditional approval is provided with receipt of the following milestones:
•
Security Documents Issued (if external valuation is not required)•
TP Valuation Approved (if an external valuation/s were required)For multiple valuations all approvals must be completed.
If you need to make an amendment to an already submitted application or for a Home Seeker application, we encourage you to amend the application and resubmit online to also receive an instant decision within minutes.
To assist us validate the amended application promptly, you will need to ensure any changes are recorded in the ‘Comments’ section of the application.
Please note amendments processed via facsimile will result in a delayed decision and will follow the existing manual service levels.
Error Notifications
You will receive an error notification if:
• you do not send the Third Party Home Loan Application – Coversheet Documentation Checklist and satisfactory supporting documents within 24 hours of submission (or they are not signed as required);
• assessment verification cannot be completed due to error/missing mandatory documents on ‘Referred’ or ‘Conditionally Eligible’ applications;
• the application cannot be validated due to missing or incorrect information.
If the error is not resolved within 8 days of the initial error notification being issued, you will receive a Follow up Error Notification. If not resolved within a further 2 days, you will receive an update that the application is 'Not Proceeded With'.
The error notification email will contain an attachment which is a return fax coversheet. It will have the pre-populated references and return fax details to reply when the error is resolved also included is a section to record any comments back to the Bank.
Status Updates and Notifications
You will receive an update regarding the following milestones throughout the loan process.
The new updates that have been introduced with the online enhancements have been shaded grey.
ACTIVITY DESCRIPTION NOTIFICATION
Application Received
Application has been received by the Bank. This activity records the date and time that the application has been received.
Application Received
Decision
Captures the application decision and decision conditions. Where required, Decision notes will be added listing additional requirements.
Notes related to the following Decision conditions/reasons will also print on the decision notification sent to the Broker:
• ‘Subject to other conditions – Refer Notes’
• ‘Subject to repayment/reduction of other loans – refer notes’
• ‘Other – Refer Notes’
Decision
Valuation Approved Valuation has been approved by the Bank to service the
loan. Valuation Approved
Validation Complete
Application and supporting information has been validated by the Bank. The completion of this activity automatically issues the Pre Offer letter to the Broker.
Pre Offer Notification
Schedule Issued
Applicable only where the Schedule is being issued at a separate time to the full loan document pack.
A note will advise reason Schedule is being issued separate to the other loan documents.
Schedule Issued
Security Documents Issued
Documents will be deemed to have been sent direct to the customer via standard delivery method unless a note is recorded otherwise.
The instances a note may be required are where the documents have NOT been sent to the customer or where the documents have been sent via a non-standard method.
Documents Issued
Additional Security Documents Issued
Documents will be deemed to have been sent direct to the customer via standard delivery method unless a note is recorded otherwise.
The instances a note may be required are where the documents have NOT been sent to the customer or where the documents have been sent via a non-standard method.
ACTIVITY DESCRIPTION NOTIFICATION Documents Re-Issued Only used where the documents are being re-issued without
change. Documents Re-Issued
Executed Documents Returned
The executed loan documents have been received by the processing centre.
Executed Documents Returned
Ready for Settlement Completion of this activity is the same as ‘certifying’ the file is
ready for settlement. Ready for Settlement
Settlement Completed Disbursement details will be recorded within the notes. Settlement Complete
Ready for Funding Completion of this activity is the same as ‘certifying’ the file is
ready for funding Ready For Funding
Funding Completed Disbursement details will be recorded within the notes. Funding Completed
SLOD Funded Streamline Overdraft has been funded SLOD Funded
Error
Notes will only be added where the Error description & category do not clearly advise the error details. Notes attached to errors will be provided with the error update that is sent to the BHG.
Error Notification
Error Follow Up
The error follow up is an automated update that issues 8 days from the date that the initial error was logged and remains incomplete.
Error Advice Follow Up
Callback A call from the broker has been logged by the Call Centre
FAQs
What are the benefits to me applying online?
You will enjoy preferential treatment in terms of processing which means you will get a faster decision than if you were to submit manually. Re-entry of information is also minimised as the system is designed to pre-populate as much information as possible (e.g. your agent details, assets which are also securities, liabilities against securities)
Why does CBA ask for information upfront not relating to initial credit decision such as
title details of security property or information required for settlement?
This information is required to continue processing the application through to settlement, which is when commission is paid. While it may appear onerous upfront, you will benefit by not having to go back to your customer for extra information after conditional approval and CBA can process the complete application through to settlement quicker, and with less hassles to you.
How do I submit supporting documentation?
Identify which supporting documents you need to provide. Download from the Colonial Adviser Website (excluding FHOGS applications) along with the Cover page or from your internal system. On the Third Party Home Loan Application Coversheet Checklist tick off the forms you are faxing, as well as noting BRN advised with the first decision (or Online Application number if you have not received a BRN). This will enable the supporting documentation to be matched to the online application. Fax them to the Bank (refer Contacts section for relevant online fax numbers).
Who can I call if I have problems with the application process?
It depends on the nature of the question. Refer to the Contacts section of this document.
How do I complete an application for a top up to an existing Commonwealth Bank
Home Loan or an increase to an existing Commonwealth Bank Line of Credit Limit?
You should enter the amount of the increase as the proposed loan amount and the term as the remaining term. In addition you should record the existing loan details in the liabilities section, record the details of these loans when asked for details of existing loans secured by this property and select “Top Up” as an Extra Feature.
Contact Details
Support
Service
For assistance with…
Contact Details
Broker Assist
Completing the Online Home Loan application.
Loans structure, products serviceability, policy issues,
refused/deferred/withdrawn loan advice
[email protected] 13 25 88 (select option 3)
8.00am – 7.00pm Monday to Friday (EST )
General Enquiries Loan status updates on tracking
system.
13 25 88 (select option 1)
8.00am – 8.00pm Monday to Friday 9.00am – 5.00pm Saturday
Adviser
Technology Help Desk
Logging onto the Colonial Adviser Site or navigation through it.
1800 240 405
8:30am - 5:00pm Monday to Friday (EST)
Please always refer to the weekly Edge for correct contact details as numbers may change.
Contact Details – Online Applications
Supporting
Documentation
Fax to: Post Original to: Deliver Original to:
NSW/ACT 02 8837 1415 PO Box 3846
Parramatta NSW 2150
Level 8, 150 George St Parramatta
QLD 07 3225 4663 GPO Box 2444
Brisbane QLD 4001
Level 1, 240 Queen St Brisbane VIC/TAS 03 8327 0287 Level 10, 385 Bourke St
Melbourne VIC 3000
Level 10, 385 Bourke St Melbourne SA/NT 08 8203 1190 PO Box 1551
Adelaide SA 5001
Level 1, 63 Pirie St Adelaide
WA 08 9422 2157 PO Box A32
Perth WA 6000
Level 3, 1 William St Perth
Additional / Supporting / Missing Information
Section Fax No.
NSW/ACT Amendment 02 8837 1595
Pre Offer 02 8837 1435
Post Offer 02 8837 1440
Construction 02 8837 1590
QLD 07 3225 4641
VIC/TAS 03 8327 0220
SA/NT Amendment 08 8203 1190
Supporting info/docs for online applications 02 8203 1190 Additional info (for Credit) 08 8220 4499
Progress payment requests 08 8220 4455
WA 08 9422 2196
Miscellaneous Applications, Switches, Variations and General Account
Maintenance
Attachment 1 - Forms
Forms are available from the Colonial Adviser Site under Sales Materials / Ordering / Admin / Forms Catalogue (excluding FHOGS applications).
The table also details when and if the Bank requires original (signature) versions of the documents.
Form name Form code Fax required Original (with Customer’s signatures) required before contract issued Original (with Customer’s signatures) required before Settlement
Home Loan Application COL2024 No – replaced by Online App and forms listed below
No – replaced by Online App and forms listed below
No – replaced by Online App and forms listed below Annexure for Company/
Trust Home Loans
COL2035 No – replaced by Online App
No – replaced by Online App
No – replaced by Online App Equity Advantage – New
Money
RL54 No – replaced by Online App
No – replaced by Online App
No – replaced by Online App Guarantor(s) Statement COL2034 No –
replaced by Online App
No – replaced by Online App
No – replaced by Online App Third Party Home Loan
Application – Coversheet Documentation Checklist from Agent
001-286 Yes *Yes *Yes
Privacy – Acknowledgement and Consent (Borrower)
TLS125 Yes No Yes Privacy – Acknowledgement
and Consent (Guarantor)
TLS126 Yes No Yes Streamline Account
Application
001-340 Yes – if applicable
No Yes – if applicable Application for a Colonial Line
of Credit
COL2214 Yes – if applicable
No Yes – if applicable Third Party Banking Home
Loan Credit Card Application
002-419 Yes – if applicable
Yes – if applicable (Credit Card Contract not Home Loan contract)
Yes – if applicable
Low Documentation Loan Declaration
COL2122 Yes – if applicable
No Yes – if applicable Mortgage Advantage (MAV)
Application
COL2077 Yes – if applicable
No Yes – if applicable Mortgage Advantage Plus
(MAVPlus) Application
001-827 Yes – if applicable
No Yes – if applicable Director Guarantor’s Election
Form
001-791 Yes – if applicable
No Yes – if applicable First Home Owners Grant
Scheme Application (FHOGS)
As per State Yes – if applicable
No Yes – if applicable Guarantor’s
Acknowledgement that Guarantor’s Income is Required to Service and/or
001-622 Yes – if applicable
No Yes – if applicable
Form name Form code Fax required Original (with Customer’s signatures) required before contract issued Original (with Customer’s signatures) required before Settlement Borrower’s Acknowledgement that Guarantor’s Income is Required to Service and/or Repay the Facility
001-619 Yes – if applicable
No Yes – if applicable Borrower/Guarantor
Translation Certificate
001-618 Yes – if applicable
No Yes – if applicable Direct Debit Request (DDR)
and Direct Debit Service Agreement (For Rate Lock only)
000-258 Yes – if applicable
Yes Yes – if applicable
Statutory Declaration for Mortgages
NSW – CBH460NSW NT – CBH461NT SA – CBH462SA WA – CBH463WA VIC – CBH465VIC ACT – CBH466ACT TAS – CBH464TAS QLD – CBH467QLD
Yes – if applicable
No Yes – if applicable
*
This is not a legal requirement, however the Bank request that this be provided so that we can better service your applicationPlease note that as you (and not the Bank) will be responsible for checking FTRA, copies of identification documents are not required.
