GATHERING CLIENT’S INFORMATION
Depending on how you like to work, you can collect your client’s information in different ways. Infynity gives you different options when it comes to collecting your clients personal and financial information.
Everyone works differently, you can use the way that works best for you and the way that is going to make you more efficient in completing your information gathering tasks.
Face to Face Appointments or Manual Data collection
• If you are doing a face-to-face appointment, or together as a phone or video appointment with your client, you can gather the data from the clients and complete the information by entering it straight into Infynity yourself.
• You can also use a manual PDF Fact Find document to email to your clients for them to complete and then once you receive it back, you again need to enter in the data manually into Infynity.
Fact Find Options via Infynity
Within Infynity, you have the option of requesting the client complete their details via an electronic fact find document. The data can then be imported into Infynity for your review and discussions with your clients.
This step enables you to have good customer conversations to understand your client’s financial position and their needs and objectives going forward.
We have a few options for you when it comes to requesting an electronic fact find from your clients.
1. Client Form Fact Find – a basic and simple way of gathering your client’s information.
• Clients get a link to Infynity via email, they enter their mobile number and password.
• Clients complete their personal and financial details by completing all the relevant fields. They will see similar tabs that you see being the Client Details and Financial tabs.
• Once they are finished entering in their data, they save/submit their completed
information.
• As the Broker you will receive an email to advise when the form has been submitted, you will be able to go into the fact find tab and import the information into your Infynity for review.
2. Middle Digital Journey - This is an advanced client facing fact find application, that will help you, to seamlessly collect client personal and financial information. Middle is available via a subscription.
Middle has a client facing application and a broker facing platform.
The Client facing application will help client’s complete the full suite of client information such as:
• Property details (Supported by CoreLogic)
• Personal details (Supported by instant e-KYC ID verification)
• Financial details (Income, Expenses, Assets and Liabilities supported by secure digital bank account collection and Equifax integration)
• Clients can select initial Loan preferences
• Uploading of supporting documents
The Broker platform provides brokers with access to manage and request supporting documents and view third party information such as:
• Requesting specific supporting documents to be uploaded
• Completed credit reports
• CoreLogic Property data
• Equifax identified financial information
• KYC-ID verification results
How to request a Fact Find
Fact Find options are available via the “Fact Find” tab within the Client Account
• Click on to start the process
• A Fact Find option will automatically default, use the “change” button to make your selection from the fact find options available.
• Toggle on your applicants, enter in a message/instruction to the clients where required and send the invitation.
• Your credit guide will automatically attach to the invitation.
How to import data from a submitted Fact Find
Go back into the Fact Find tab and the status of the fact find should be marked as ‘’completed’’, you can then use your action tabs to import the information into the client’s file in Infynity.
Entering Client Data into Infynity
So regardless how you collect the information, either via an electronic fact find or manually yourself, you need to make sure that all the information relating to the client, has been supported, verified and entered into Infinity.
Summarised below are the different tabs that need to be completed within a Client Account.
Overview tab: once you have entered your client details the overview tab gives you a summary of your client’s position with key financials, notes, and tailored information about the client at your fingertips.
Client Details tab: Standard personal information about the client is entered here.
• Make sure that you have completed the client’s marital status correctly and if in a married or de facto relationship make sure that you enter who the related spouse is. This helps calculate the HEM values in Infynity.
• If there are shared dependents, you only need to enter under one applicant.
Financials Tab: under the financials make sure that you capture all the clients’ assets, liabilities, incomes, and expenses.
• Make sure that you enter in the correct ownership against each entry. This is important so that the information is captured correctly in the SOCA but also so that it flows across to ApplyOnline correctly as well.
• Pay special attention to the living expenses that have been disclosed to ensure expenses are reasonable for that client structure.
• There are several expense categories, use the drop-down options available to capture all the different categories. If the expenses are below HEM (household expenditure monthly) make sure you have verified and make appropriate commentary and complete Lender’s servicing calculator based on lender’s min living costs requirements.
Loans and Products: here is where you will create the Statement of Credit Assistance (SOCA) and mortgage application. You can generate the SOCA from the Client Forms tab.
• SOCA must be signed by the clients
• SOCA is valid for 90 days
Notes tab: It is so important to keep good notes about your interactions and discussions with your clients. Good, detailed notes throughout the loan process will demonstrate that you understood the client’s needs and objectives and that you acted in their best interest. Make note to also demonstrate that you made relevant enquiries and verifications as required.
Documents tab: here is where you need to upload all your clients’ compliance and supporting documents. Upload documents under ‘’client documents’’ or ‘’loan documents’’. Also, when you create product comparison reports, they will be displayed in this section, and you can email the report to the clients from here as well.
All compliance and supporting documents need to be uploaded into Infynity with correct document names/titles. Documents should be separated into the appropriate folders as shown below:
Compliance Documents: Fact Find; Refinance Summary Report/Comparison; Signed SOCA; Credit Quote (if applicable). If changes made to the application a SOCA short form may be used where applicable.
Application Documents: All supporting documents that you used, i.e., Income Evidence; Identification; Servicing Calculator; Existing Facility Statements, Contract of Sale, Valuations, etc Also below is a table with the required BID compliance documents.
Verifying Client Information
Collecting supporting documents from clients is essential to help you review and verify your client’s information is true and correct and that they can service the new proposed loans without hardship.
Just collecting documents is not enough, as the Broker you must verify the information received. Thorough checking of information will also assist with fraud prevention.
If something doesn’t look right, then question it, seek clarification, and validate the information before you proceed further.
If you suspect fraud or need to discuss and red flags, please contact Compliance Team on [email protected] or on 1800 010 001 (option 3).
Disclaimer: This information is current as at the time of each QRG publication. It is a general information
guide only.