Q&A from Smartr / Concert case walkthrough sessions
1. Smartr Budget Planner for Joint Clients – question around if one completes the budget planer will it overwrite when the other party updates the budget planner?
a. You can either ask one client to complete the budget planner for them jointly, remember that any credit commitments are keyed separately for individual clients OR you select either client in Smartr and you will see a border around their name and this is how you know which client the expenditure is for.
b. It also depends on the conversation with the clients if it’s a joint case as they will both receive a fact find to complete if shared via the client portal. You can filter which parts of the fact find to share. If one person is going to complete joint expenditure then only share that part of the fact find with them.
2. Budget Planner – Can I just use my excel budget planner?
Preference is to use the Smartr Expenditure section as this is also useful if you are completing a straight through processing application. Haven’t seen any fails for using the excel budget planner. Please be aware that the excel version of the budget planner is mandatory on Debt Con cases
3. Do we still need to add notes if client using more than 75% of net income on the budget planner?
Yes, this hasn’t changed although you won’t see a % on the Smartr expenditure budget planner so please remember to sense check this and add the note. Remember that you only use the excel version of the budget planner on debt con cases where this is mandatory.
4. Does existing properties cover remortgages?
Yes, when you show the current property as their existing property, Smartr will ask if there is any mortgage on it and also asks if it is going to be repaid before this new mortgage starts which of course would be a YES!
5. If we add all of the notes on Smartr, do we need to add a separate notes document?
If ALL of the notes are included in the factfind then when you add a copy of the factfind to Concert, the explanations will be there. You would need to add additional notes if there was anything else that isn’t covered already.
6. What are we supposed to put for the fee if they are going to add the fees to the case?
Mortgage Considerations should show the preference to add the fee and the fee tab in Concert should say PRODUCT FEE added to loan. Take real care that the advice fee (broker fee) says FROM OWN FUNDS.
7. What are the Lender Codes?
a. Lender Product code - You don’t need to add a lender code in Smartr if sourced via Sourcing Brain (in Smartr) as the code will pull back automatically. Lender codes are only required to be keyed for manual illustrations and you will find the information in the lender codes spreadsheet, if you don’t have this, please ask your Supervisor.
b. Lender reference number – this should be a reference from the DIP or mortgage account number.
8. What is the minimum you put to protection so you can simply get the quotes?
a. Top 3 needs for Mortgage Life / Mortgage CIC and IP are the standard. If you start with these for info purposes and add these quotes to the document store in Smartr. When you revisit protection later on and have the full discussion with the client, you will need to revisit the needs and update them based on the client discussion and proceed from there.
9. In the protection tab in Concert do we leave these as NOT IDENTIFIED? No, please see above.
10. Is there a requirement to add ID to Smartr and do we have to add the ZOOM screenshot? No need to add ID / Zoom to Smartr, add both to the ID screen in Concert.
11. If we have a DL for ID, do we key that to Smartr as duplicating again in Concert? There is nowhere in Smartr to add a DL so no need to key / add, just add to Concert.
12. Do the protection quotes from solution builder, saved on Smartr disappear after 24 hours? Not if you have pulled them back to Smartr and saved them correctly, they will stay in the Document store.
13. GDPR – can you use a print screen of the portal acknowledgement? Yes, there are 3 ways you can verify the GDPR:
a. Signed forms from the client with their wet signatures.
b. When you invite the client to the Client portal they will be able to see the proposition brochure, JM GDPR and Openwork GDPR documents. Ask the client to acknowledge them, screenshot the acknowledgement and upload this screenshot to Concert.
c. Use the remote working guidelines email template wording and send the email to the client with the documents attached, ask the client to reply with the CORRECT wording and add this email to Concert. This is needed for each applicant on a joint case.
14. Do we have to merge statements any more?
It isn’t mandatory but is it so much better to merge and add one document, be aware that the maximum document size is 20mb though.
15. If you are deferring the protection, Concert will ask for a follow up date, what if I am waiting to do this post offer?
a. Add the date you will follow up by and when the word version of the SR is created, it will say you are following up on xx/xx/xx – amend this to by xx/xx/xx. OR
b. Don’t add a date, other advisers report that the case will still progress without a date added.
16. Can I add the rest of the documents at the end under general? Yes.
17. Can we get a report or an overview on the reason for the fails?
This was shared recently via email.
18. What if I haven’t completed a protection factfind or created the fully protected quotes on Smartr?
Just start to do this from now and ensure you add the quotes from solution builder back to the document store by selecting ADD DOCUMENT PACK only. You will then be able to revisit the protection later with a client. The needs validation in Concert on your mortgage case should ask you what is happening with protection and this will feed into your SR eg client needs more time / rejected recommendation etc.
19. Is it still just Mortgage Application and Offer than need to be added to Smartr? Yes.
20. When a case completes how do we tell Concert?
You update this in Smartr only. Under no circumstances should a completion / on risk date be updated in Concert.
21. I have been adding the deposit amount to the savings section in Smartr, do I need to go back and amend?
No, just only include what the client will have remaining after the completion on your future cases.
22. Can I just check that when submitting to concert it should be pre offer processing and only amend to post offer processing if it has been offered? Yes.
23. Do we need to add proof of address to any screens in Concert?
No – you will be adding bank statements to your mortgage cases and this will cover it.
24. Regarding ID, what is the process for adding if you have used call validate to ID the client? This answer is still to be confirmed and we are in discussion with Openwork about how to do this.
25. Will the expenditure need to match the budget figure we have in Concert?
If you fully complete the expenditure in Smartr, it will automatically map across the total expenditure figure excluding the mortgage payment so it will match your expenditure in the Smartr factfind.
26. Client filled in the budget planner on the portal and I can’t remove their information?
You will always be able to amend the budget planner as long as you have not moved the case to pre offer processing.
27. Are we basing the budget planner in Smartr on current or future costs?
Always future costs as they will be when the mortgage completes.
28. If we add Student Loan in income / deductions section in Smartr, do we also need to add in commitments?
If this is added in the payslip deductions section in Smartr, it is then accounted for in a lower net salary per month so adding again in the commitments is likely to double count this. Please make sure that the student loan is only counted once on your case.
29. Do we have to add in a mortgage and protection budget figure in Smartr?
The budget figure is important as there is a question in the needs and preferences that asks if the payments came in under budget, would the client reduce the term. Without a budget figure keyed, there is no way of evidencing that the correct term has been advised, always update the client budget figures.
30. What about properties in the background, I have been putting the mortgage payments on the budget planner in Smartr?
You don’t need to include on the budget planner as when you key an existing property, Smartr will ask if there is a mortgage on the property and ask for the mortgage details if there is one, it will then ask if this needs to be included in the expenditure, so if it is going to remain in the background on completion, select YES to be included and Smartr will update this in the total expenditure. Please note that this will only work if you key the existing property / existing mortgage information fully and correctly.
31. If we have a lender that isn’t on the lender code spreadsheet, what do we key in?
New lender and protection code sheet has been issued with full details.
32. If I refer my protection cases to a protection only adviser, what do I need to do with protection factfind / quotes on my mortgage case and what do I put in the SR?
If you referring your clients to a protection only adviser, you don’t need to create any protection quotes in Smartr. When you push the case through to Concert and are building your mortgage SR, in the first instance select that the client needs more time. When you open up the word version if your SR, you should amend this section to confirm that the client is being referred to XXXX to review their protection needs.
33. What documents do I need to add to Smartr?
Your ESIS and Sourcing will add automatically when you pull then back from sourcing brain, the only other documents you ned to add to Smartr is the Lender Application and the Offer.
34. Is there a time frame for how long everything needs to be completed on Smartr and Concert from the date of the Mortgage Offer?
Yes, ideally, the best practice is to update the case on Smartr and Concert as soon as possible after lender application whilst knowledge is fresh. The time frame hasn’t changed in that the SR must be dated NO LATER than 7 working days after the mortgage offer and your SR should reflect the details in the offer not the ESIS, if the offer has already been issued. Usually, the monthly payment can change slightly on the offer.
35. Concert Screen for Fees is showing as adding the broker fee to the loan, does this happen every time? This is driven by answering the question that client has a preference to add fees to the loan and Concert doesn’t distinguish between broker fee and product fee. It is important that you ALWAYS check the fees screen in Concert to check that this is correct and amend as needed, before you build the SR. Otherwise your SR will have the wrong fee statements included and would be an issue on any AQT check.
36. If you haven’t had an offer yet, what do you do with the offer date question in Concert? Leave it blank.
37. We have been told to select “Recommendation on another engagement” for protection on our mortgage cases, is that not right?
This option should only be used if you are doing the protection AT THE SAME TIME as the mortgage as it will update the mortgage SR by asking the client to refer to their other SR. If the client has deferred / rejected the advice, there won’t be another SR yet so this is the issue. Use the same drop down options you have always done to explain why protection is not proceeding yet and only use recommendation on another engagement if you are going back to process the protection application through Smartr / Concert at the same time as the mortgage.