Edition #13

Update on the new MyCRM 3.0 platform

The development of MyCRM 3.0 platform is progressing well. Some brokers have already helped test and we will be asking more of you to check it out starting next week in what we call our User Acceptance phase.

User Acceptance testing is when the team believe it's ready to be rolled out for everyday use, but just before we do that, we ask a selection of our users to test drive it by processing typical day-to-day work and to sign it off as being "production ready".

Then we can announce general availability and start onboarding those users who are keen to get started - our early adopters - ahead of the major release event which will be happening at the Power Up Conference on Monday September 11.

All the data from Symmetry and Connect Leads Manager will be automatically transferred over into MyCRM 3.0 so getting underway on the new platform will be quite straightforward, with all your existing data already in place when you're ready to make the move from Symmetry and Connect.

We have also developed a library of short tutorial videos on all the different aspects of the MyCRM 3.0 system and these will be posted shortly on Springboard but more importantly they are linked directly into the MyCRM 3.0 platform itself at the appropriate points, and are just one click away should you need help anywhere in the system. The early stages we will be running on-demand "getting started" interactive webinars to assist users and teams as they start onboarding onto the new platform.

And don't forget, this is not a platform that is just for use from within the office. We've designed MyCRM 3.0 from the ground up to work a treat on mobile devices. So work when and where you want to work, on your iPad or Samsung tablet, on you iPhone or Samsung smartphone, or on the PC in your office - the choice is yours.

It's exciting times for Loan Market to be on the cusp of a move to this powerful new platform. And a platform that's under our own control which will be continually enhanced with new features and innovations that we are confident you will help us identify and design.

On the communications side, we'll start posting weekly updates via email once we start the User Acceptance phase next week. That way you'll always know where we're at as we head towards General Availability. The User Acceptance phase will run for between two or four weeks depending on the speed of sign-offs coming back, and then we're ready to roll.

In the meantime, if you would like any further information please just pop us an email to mycrmsupport@loanmarket.com.

Know the facts about living expenses

The level of inquiries you need to make depends on the circumstances. The National Consumer Credit Protection (NCCP) legislation requires that you make reasonable inquiries about the consumer, and verify information obtained about their financial situation to a reasonable standard.

The purpose for undertaking reasonable inquiries into the consumer’s financial situation is to ascertain a reasonable understanding of the consumer’s ability to meet all the repayments, fees, charges and transaction costs of complying with the proposed credit contract. The general position is that consumers should be able to meet the contract’s obligations from income rather than equity in an asset.

What you need to do to meet these obligations in relation to a particular consumer will vary depending on the circumstances.

More extensive enquiries need to be conducted where:

  • There is potential for serious negative impact on consumer if the credit contract or consumer lease is unsuitable—for example, if the size of a loan is large relative to the consumer’s capacity to repay the loan.
  • The credit contract or consumer lease has complex terms, e.g. Reverse mortgage
  • The consumer has limited capacity to understand
  • Customer is new to the business
  • Certain specific services (debt consolidation/switch/refinance) are required
  • The customer is in arrears

The ‘Compliance Living Expenses Sheet- Nov 16’ is available via Salesforce OneView Info Hub, and Symmetry Doc Search, under Business Documents’.

All brokers should be using this document to supplement their Client Preliminary Assessment.

The detailed breakdown of this document will be implemented into the new MyCRM system, making the documentation of living expenses a more seamless experience for both the consumer and broker.

ASIC has advised that the more comprehensive the list of expenditure items, the less likely it is that a consumer will unintentionally underestimate particular individual items.

Expense benchmarks (such as the HEM figure used by many lenders) are not a replacement for reasonable inquiries into a consumer’s actual expenses.

Where living expenses are lower than benchmarks, additional evidence to accompany your notes should be provided on file, e.g. declarations affirming certain facts, 3 months of bank statements, etc.

A podcast on living expenses was recorded on Friday 7 July 2017 and has been uploaded to Springboard. Please access the podcast via this link for a discussion on some of the more important points around living expenses.

New material available on Springboard

Log into Springboard today to find all the new video workshops, podcasts and other resources that have become available across a number of channels.

What’s new:

Sales & Business Channel

Business Planning: Are you locked and loaded for FY 17/18 (Video Workshop)
Compliance: Living Expenses (Podcast)
Leads, Leads and More Leads... (Video Workshop)
Part 2: Top broker goals for the 17/18 financial year (Podcast)

Marketing

Websites: Getting set up! (Video Workshop)
Facebook: The Basics (Video Workshop)

Sam's Updates

Sam White interviews Steve Kane, GM NAB (Podcast)

Remember, if you haven't already done so, make sure you check out the existing learning plans "Loan Market Way" and "Compliance".

If you have any Springboard related inquiries, please reach out at any time and email learning@loanmarket.com.au.

Adjustments to fees for financial year 2017/18

Every year, our fees are reviewed in line with the Consumer Price Index (CPI) and adjusted to suit. This is covered in Clause 5 of the Loan Market Mortgage Broker Agreement. The fees will automatically be applied from July 2017.

If you have any questions, please email agreements@loanmarket.com.au

What’s new at Wealth Market?

You know how your customers can benefit from personal protection, but do you know what else you will be able to offer them soon?

Now that the Personal Protection pilot has finished, Wealth Market advisers will be providing financial advice and assistance on more areas. If you have clients ready to benefit from an no-obligation free meeting, now’s the time to get in touch with your local Wealth Market adviser.

Find out how you can work with the Wealth Market team and help your clients in more ways with personal and strategic financial advice that helps clients reach their financial goals...

Superannuation
Retirement Planning
Investment Strategy
Estate Planning
Budgeting & Savings

It’s all coming - Watch this Space…

Haven’t referred before? It’s easy via Connect. If you’re ready to get involved - contact Andrew.ash@wealthmarket.comfor details.

SPECIAL OFFER July Bonus - Wealth Market have extended their MONSTER 30 Double Referral fee offer until the end of the month. Simply refer 15 leads throughout June & July and you’ll earn 30% referral fees on all clients that elect to take up advice.

Help support Ken MacLennan as he drives for MND

Renamed the Drive for MND (formerly the MND Drive), this event promises to be just as much (if not more)adventure and fun to raise much needed funds and awareness for people living with Motor Neurone Disease. Unfortunately there is still no known cause and no cure for this ghastly disease (so aptly named “The Beast” by football legend Neale Daniher).

As many of you know, Ray White Western Australia and the Whiteman Family have been sponsors of the Drive for MND (formerly the MND Drive) for the past four years. Ken MacLennan continues to be the drive Director, this will be his 5th Drive!!

In 2017 we will again help “Drive” this key initiative in the hope of providing care, one day a cure and for now the obvious much needed support for people living with MND and their families.

The Drive is scheduled to run from November 10th to 12th and it will work our way north, from Perth to Dongara and back to raise much needed funds and awareness. All proceeds of this year’s Drive will be directed back through the Motor Neurone Disease Association WA.

If you want to donate, please click here