Key Takeaways for Brokers:
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As a Mortgage Broker using Frollo, understanding the Financial Passport 'Insights' document is crucial for having meaningful "fit for finance" conversations with your Clients. In addition to Open Banking generated transaction report and (real-time) account statements, you can access this comprehensive document. Here's a breakdown of its features:
Holistic Financial View
The Insights document provides a holistic financial overview of your Client, enabling you to have informed discussions about their financial situation.
Credible Information
The document contains credible information generated by Frollo, using data sourced directly from each Connected Data Holder (bank).
Summary Information
The document includes a summary of:
- Linked Bank Accounts.
- Employment and other income, with consistency and regularity insights.
- Liabilities and expenses.
- A date range and view of living expenses by:
- Monthly average
- Last 3-month monthly average
- Last 12-month monthly average
Comprehensive Bank Account Data
Detailed bank account information is provided, such as:
- Institution name
- Bank account name
- Bank State Branch (BSB)
- Account number
- Repayment type
- Repayment frequency
- Interest rate
- Available balance (transaction accounts)
- Current balance (loans/credit)
- Limit (calculation of balance plus available redraw)
- Loan term expiry date
Financial Insights for Discussion
The document includes financial insights for discussion, such as Buy Now Pay Later (BNPL) spending, takeaway/gambling spending, account conduct, and more.
Frequently Asked Questions
1. Where expenses are paid yearly (such as council rates and insurance) and the payment falls within the past 3 months, how is this averaged out over 12 months instead of 3?
- The Financial Passport Insights PDF is designed to support a range of average calculations, giving flexibility to choose the method most relevant to needs.
- The 12-month average calculation is dynamic, it adjusts to match the duration of the report. For example, if a Financial Passport is are generated for a 6-month period, the "12-month average" automatically becomes a 6-month average.
- In cases involving one-off yearly or quarterly payments, a 12-month average may not be meaningful. In such instances, using a 3-month average, or the transaction period average, would be more accurate. For example:
Sample document