To assist in finding the right loan for your client we’ve integrated lender DTI Policy and created a traffic light status system. Currently available for CBA, Westpac, NAB, Macquarie and Bankwest; the new status allows you to identify with a glance, the loans your client meets requirements for.
Linked to individual lender policies, we've introduced four new features:
- Debt to Income (DTI) Status: A traffic light system (red, orange, green) that indicates whether your client’s DTI meets the lender policy.
- Debt to Income (DTI) Policy: Available when hovering your mouse over the DTI ratio.
- Max Amount Status: A green/red light system that indicates if the requested loan amount is below the lenders maximum.
- Servicing Status: A traffic light system (red, orange, green) that allows you to easily determine serviceability, based on DTI policy and max amount.
When are these new features available?
These new features will be released into production this evening so they are ready for you tomorrow morning (March 9th).
How does it work?
DTI Status takes the DTI ratio and compares it to the lender policy. Hovering over it will display the lender-specific DTI policy:
- If the DTI ratio is within the lender's policy the status will appear green.
- If the DTI ratio is outside the lender's policy the status will appear red.
- If the DTI ratio is not within policy, but there may be further actions that can be taken the status will appear orange. It is advisable you contact the lender in this case.
DTI Policy can be found by hovering your mouse over the DTO Ratio.
Max Amount Status takes the loan requested amount (as determined by asset value and LVR) and compares it to the lender's max amount:
- If the loan requested is below the Max Amount, the status will appear green.
- If the loan requested is above the Max Amount, the status will appear red.
Servicing status looks at the status of DTI ratio and Max Amount:
- If either the DTI or Max Amount is red, the servicing status will be red.
- If both the DTI and Max Amount are green, the servicing status will be green.
- If the Max Amount is green and the DTI is orange, the servicing status will be orange.
As we continue to roll out additional lender-specific calculators as part of our Nexus Servicing Engine updates, the servicing status will become available for more lenders. To learn more about calculators visit the Connective Wiki.
As we continue to roll out additional lender-specific calculators into the Nexus Servicing Engine, the DTI policy and servicing status will become available for more lenders.
In the next release we also display the DTI and Income Policies for each lender in a larger slide-out panel, so you can get a clearer more informative overview of lender policy.
We will also expand the incomes types and introduce an income wizard that helps you to calculate self-employed income.
Keep an eye on Nexus News for more updates.