How do I reprice a loan?
Hound’s repricing feature is specifically designed for brokers to approach the existing lender so they can apply for a discount. It isn’t designed to fully automate the function, but rather to assist brokers to make the request.
The repricing feature works differently depending on which method the lender uses to receive repricing applications from brokers:
1. Where a lender requests brokers to use an online portal:
• Hound redirects the broker to the lender’s login page, and makes available all the data required to complete a repricing application.
• Hound does not sign the broker into the portal, nor do we ask the broker to disclose their confidential password or login details.
2. Where a lender requests brokers to submit applications via email:
• Hound creates an email in the form to the lender’s address, and populates it with the required information, ready for the broker to send.
• The broker can alter the email before sending.
3. Where a lender requires a phone call from the broker:
• Hound displays the phone number to be called and makes available all the data required to complete a repricing application, ready for the broker to make the call.
All repricing applications are recorded by Hound against the loan involved. Once a response is received from the lender, the broker can update the interest rate on the loan and archive the repricing record.
Should a broker approach a different lender, this transaction would need to be done separately from Hound by following their current business process.