COMP9110 : Mortgage Broker Management System - Aussie Best Loan Portal - Assignment Help

Assignment Task :

Overview of the Mortgage Broker Management system by the  Aussie Best Loan Portal (ABLP)  

Aussie Best Loan Portal (ABLP) is a mortgage broker company whose main activity is in  offering full-service to provide everything from finding the right loan, to following up the  paperwork to completion. ABLP reaches its customer base through a distribution channel,  consisting of member organisations ranging from real estate agencies, accountants, financial  advisors, and conveyancers to solicitors. As a mortgage broker, ABLP receives commissions  from the lenders –both upfront and “trailing” commissions that last for the life of the loan.  ABLP shares a percentage of its commissions with its members. A member is appointed by  ABLP. According to the Member’s Agreement, members can introduce their clients to  ABLP as potential customers for loan products that are offered by lenders. The client is the  individual(s) or trust that will make an application for a loan product to finance the purchase  of a property or other investments. The client is also known as an applicant or customer.  Lenders are the financial institutions that provide loan products to the potential clients. In  each member organisation, normally there is a principal (owner of the organisation who apply  membership with ABLP) and employed loan processors whose roles are to perform the  introduction to potential clients and to process any inquiry about the loan applications.  Normally, memberships are approved and maintained by the ABLP accountants.  

An application for a loan takes the form of a paper-based document that is created once a  ABLP member organisation receives a request from the client. The document is stored locally  within the organisation and is updated by the loan processors manually until the full set of  information and other documentation required by the lenders becomes available. The  Principal of member organisations will conduct prequalification and selection before lodge an  application to ABLP. The application will be sent together with all supporting documentation  to ABLP accountants and also to the lenders for approval. After receiving the full  documentation, ABLP accountants will mark the applications by 6 states. At any time during  its lifetime, the client can only access this status by consulting the ABLP staff. The 6 states  are:  

? Preliminary-The application has been lodged and is waiting for processing.  ? In progress- ABLP has received the application and has commenced work on  processing it.  

? Final approval- The lender has approved the application.  

? Settled- The loan has been settled and a settlement letter has been sent to the client.  ? Withdrawn - The client has withdrawn the application.  

? Discharged – The loan has been discharged.  

The issue of potential clients not apply for a loan product that they need has recently attracted  unwelcome publicity for ABLP. To make it even worse, the manual work done by the ABLP  and the low quality interactions between ABLP and its member organisations dramatically  increase the overheads and therefore financially challenge the ABLP working patterns. In  order to eliminate the above-mentioned drawbacks and support attractive services to the  clients, ABLP is planning to implement a new IT system to support the management of loans.  The new system should be convenient for the clients to find proper loan products, easy to  apply and easy to check the status. Additionally, the new system should facilitate the  communication between ABLP and the member organisations, including the membership  services and the applications, also can liberate the loan processors and ABLP working  accountants from the paper-based manual work. 

The ABLP has given the contract to SIT Consulting (by the way – that’s you!!) a new and  very promising Sydney IT consulting business. 

Business Need:  

To enhance the quality of ABLP services and to reasonably minimise the  overheads. The strategy to achieve this includes: simplifying the manual  work done by the local member organisations by providing an integrated  system with ABLP; simplifying the loan application and status-check  process; and offering direct communications between the member  organisations and the ABLP central system.  

Business Requirements:  

1. Allow the clients to apply for a loan product and check the application  status conveniently.  

2. Support the sharing of information between local member  organisations and ABLP.  

3. Allow the local loan processors to minimise the manual work.

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