| Redress Manager 2023 Multi-Lender Comparison |
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This screen is completed as follows (either TAB or clicking using the mouse may be used to move between entry fields):
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a) |
Clients
name as you wish to see on printouts |
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b) |
Common
adjustment set to be used in calculations (Added to other selected adjustments) |
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c) |
Clients
Mortgage/Loan Reference as you wish to see on printouts |
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d) |
Actual
adjustments, includes all adjustments for actual calculations (over one or
more lenders) |
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e) |
Notional
adjustments, includes all adjustments for notional calculations (over one or
more lenders) |
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f) |
Policy
Ref for current calculation |
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g) |
Policy
provider for current calculation |
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h) |
Action
of this tab |
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■ Mortgage Related |
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■ Premiums + Interest |
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■ Redress + Interest |
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■ Redress + Premiums + Interest |
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■ Redress + Mortgage Payments + Interest |
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■ Redress + Premiums + Mortgage Payments +
Interest |
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■ Interest Only |
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■ Redress - No Interest |
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■ Loan Related |
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■ Redress + Loan Payments + Interest |
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■ Redress + Premiums + Loan Payments +
Interest |
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i) |
Ignore
balance/Ignore payments. If selected from the dropdown these will exclude the
balance/payment difference from the mortgage/loan related redress. |
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j) |
From
date for this lender (the first day of recalculation / comparison) |
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k) |
To
date for this lender (the date the recalculation / comparison should work to
e.g. today or end of mortgage/loan term. If this is not entered then the
system will add the term onto the start date) |
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l) |
First
payment for this lender (date the first payment was made) |
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m) |
Add
uncollected interest. If selected (tick in box) this will add in any
uncollected interest to the first payment made. |
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n) |
Balance type -
initial for first mortgage/loan or CFWD (Carry forward), Increase (Carry
forward and increase), Decrease (carry forward and decrease), Set Amount
(Actual start balance) for second lender. |
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o) |
Balance
£, is the amount for original mortgage/loan or increase / decrease amount |
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p) |
MIRAS
table to be used for calculation |
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q) |
Include
savings option for comparison calculation |
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Actual & Notional calculation
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a) |
Mortgage/loan type (Interest only or Repayment) |
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b) |
Lender table - financial institution funds borrowed from (e.g. Bank, Building Society…). When selecting the lender a number of them have multiple options, depending on the lender (i.e. Annual, Daily). Care is needed when selecting the correct lender. |
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c) |
Interest rate table (place highlighted bar on relevant entry for this particular recalculation (see Interest Rate Setup)). You
can use the match icon |
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d) |
Mortgage/loan term (period, years and months) |
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e) |
Reduced interest rate lists option to filter interest rates applicable only to the selected lender |
to
match the interest rate to the same name as the lender. The ‘tick’ box
situated next to the dropdown will allow for a reduced list (methods
associated with the selected lender only).
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Run wizard |
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Add calculation (policy) to case (Can have 10 calculations per case). Option to copy lenders from previous policy. |
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Remove calculation from case |
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Calculate and display comparison or detailed analysis (top row - comparison) |
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Calculate and print comparison or detailed analysis (top row - comparison). Note printed comparisons will include a new summary page when multiple calculations are included. |
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Create PDF file. When selecting this option you will be requested to enter a file name for the file. PDF files replicate printed output and FREE readers are available. |
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Refresh interest and lender lists |
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Add new lender (up to 25 per policy), option to calculate term based on previous lender. The previous lender and interest table will be carried forward. |
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Insert new lender prior to selected entry |
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Delete selected item |
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Save current comparison data for client |
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Add redress information |
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Validate information entered (Checks various items to ensure data is correct - this feature is highly recommended) |
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Mail Merge (Optional extra, considerable time saving when producing letters) |
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Exit current screen |
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Open/Edit the corresponding adjustment set |
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Recalculate term (very useful when gap between mortgages) |
Related Topics
Calculators
Verify Screen
Comparison Screen Display
Redress Information
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