Repricing
Keep your Sherlok Profile Active
This covers information as to when the system identifies that your profile is inactive, what happens during your inactive profile status, and how to get your profile active. Why am I receiving an email stating that my Sherlok profile is inactive? If ...
What Lenders not compatible with Sherlok?
Some lenders are not compatible with Sherlok due to the convoluted nature of their repricing process. Below are a list of lenders that Sherlok does not reprice: 86 400 Hume Bank MyState Bank Teacher's Mutual Bank Qudos Mutual Bank
How do you update the loan's Current Value or the Estimated Property Value in Sherlok?
To update a loan's current value or estimated property value in Sherlok, please follow these steps: 1. Access the broker’s portal in Sherlok. 2. Locate and select the Clients Menu. 3. Search for the specific client whose Current property value you ...
Can I schedule a future reprice?
Brokers have the option to set a future reprice date for the client. To do this, search the client in the client's menu and click the cog icon in the Actions menu on the right-hand side. See below.
How do I move Lender Reprice Responses to completed?
If you do not wish to send the client an email once the reprice has been completed, Click Send Email > Select your email template > Move to Completed. (See Below)
Sherlok Text Messages
When brokers send emails out of the Sherlok system, it will include a text message version. See below for text message content. 1. Approved - Exclude Comparisons Hi {CustomerFirstName}, Home loan review complete, potential savings ...
What's the basis for Sherlok's weekly queues?
Sherlok’s proprietary AI monitors your entire loan book, using over 150 data points to predict which clients have the highest churn risk and adds them to the queue for repricing as a priority. With the highest risk first and lowest last on a weekly ...
Which lenders require a TPA?
Below is a table of lenders that require TPAs (Third Party Authority): Lenders Wet signature Docu-sign Requirements Process ING TRUE TPA required with every reprice Sherlok manages the process from start to finish. All the broker needs to do is ...
How to Open Lender portals through Sherlok
To access the Lender Portal in the Sherlok follow these steps: Navigate to the Nav menu. Scroll down to find the pricing request you are interested in viewing the lender. Click on the "Reprice details" button, which is represented by a pencil icon. ...
How do I get Sherlok to reprice a specific client?
To reprice specific clients on Sherlok, follow these steps: Go to the "Client" section in the navigation menu. Use the search function to find the desired client by either their name or loan number. If the client has multiple loans, you can filter ...
How do I restart a reprice? (From In Progress and Require Action tab)
In order to restart a loan for repricing you must first ensure that the loan is in the completed tab and manually trigger Sherlok to reprice. If the pricing request you wish to restart is sitting in "In Progress", click the orange cross button, ...
How many reprices can i submit during a trial?
During the Sherlok trial, brokers receive a credit of 10 reprices. This allows them to enhance their understanding of Sherlok's functionality while achieving excellent reprice results.
Can Sherlok reprice orphan book clients?
Sherlok may be able to reprice Orphan book loans based on the lender's policy. Refer to the list below to identify lenders that reprice orphan book loans: ANZ Commonwealth Bank NAB Westpac Macquarie ING AFG AMP Suncorp ME Bank Bank of Melbourne St. ...
Sherlok's Data Collection Methods
When you approve Sherlok to reprice, a pop-up will appear, presenting the options that Sherlok can take to collect the data. Option 1 - Client Portal Sherlok will send your clients an SMS and email asking them to provide updated loan information via ...
What do the different icons refer to next to my clients' names?
How does Sherlok collect the data on my behalf? What am I paying for?
A Sherlok team member will act on your behalf and contact the lender directly, either in their portal or by phone and collect the loan info.
What if the lender doesn’t reduce the rate do I still have to pay for data collection?
You will be charged for the data collection, which needs to happen before we receive the pricing outcome. It's unfortunate if the lender doesn’t reduce the rate, but rest assured, Sherlok will challenge and escalate rates that are not competitive to ...
What if I change my mind after I select Sherlok to collect data will I still get charged?
Yes. You will be charged as soon as you select the option for Sherlok to collect loan data.
When will I get charged for data collection?
If you select the option for a Sherlok team member to collect loan info on your behalf, you will be debited from your nominated credit card immediately. Sherlok will collate these transactions and send you a statement at the end of the month.
What does "Cancelled - No Client Response" mean?
If a customer fails to finish the process on the Customer Portal within 8 days after submitting a reprice request, Sherlok will move the reprice to the Lender Response Tab. See below. You can archive this request by clicking 'Preview and send email'. ...
How to turn Client Portal email reminders On/Off
Brokers can turn email reminders off for all clients. To do this, click the Broker Name in the top right-hand corner > Control Panel. See below.
Sherlok's Pre-Reprice Email Reminder Schedule
Once a broker approves a reprice, if the client has not consented to Open Banking in the last 12 months, Sherlok will send a Client Portal Pre-Reprice Data Collection email within one minute of approval. Sherlok will continue to send the client ...
Is there an option for brokers to input loan details to trigger a reprice?
Not at the moment. We are working on some updates that will give brokers the option of multiple repricing methods. You can expect this update to be available in mid-2023.
My clients are concerned about clicking the pre-reprice data collection email link due to increased awareness of scams.
Given the increased number of data breaches in the past year, it is understandable that some clients are wary of clicking on email links. However, there are features within Sherlok that can help build trust in the credibility of the Client Portal. ...
How can I resend the Client Portal link to my Client
Resending the Client Portal Invitation link is a great option if clients: Experiencing an issue with the portal Have changed their email address Can't find the initial email Step 1: Cancel the Reprice Brokers can cancel a reprice at any time. To do ...
Sherlok repricing process, a detailed look at what happens.
Sherlok repricing process, a look at what happens.. Each week, Sherlok queues your highest retention risk loans for you to approve for repricing. This is based on our AI technology that predicts client churn. Click here to read more on our A.I. ...
How can I check the status of a reprice?
You can view what Sherlok is waiting on in the left-hand column "Sherlok Waiting On" This will outline whether Sherlok is waiting on the Client or the Lender. Sherlok is waiting on the Client: If Sherlok is waiting on the Client, it means the ...
What email address does Sherlok Send from?
Sherlok’s stock email sender domain is hello@sherlok.com.au. This means that when the client views this, it will display as the broker name in the icon bubble, If the broker's name is clicked, hello@sherlok.com.au will be displayed. Sherlok gives ...
How does Sherlok deal with Lenders that require Third Party Authority (TPA)?
If a Lender requires Third party Authority to reprice a loan, Sherlok will send a Third-Party Authority form to the client to collect their signature. Once a response is received, Sherlok will continue with the Reprice.
How often does Sherlok Queue reprices?
Every Friday evening is when Sherlok will queue some new reprices for you, so by Monday, you should have some fresh Reprices to approve.
How can I change the type of response email after a reprice?
Brokers have the option to decide which email they want to send their clients. The two emails after the repricing are the included comparisons and excluded comparisons. To switch between the two, click Preview and Send email > Include / Exclude ...
Can I schedule a future reprice?
Brokers have the option to set a future reprice date for the client. To do this, search the client in the client's menu and click the cog icon in the Actions menu on the right-hand side. See below.
Can I disable a client from Sherlok?
Sherlok does have the option of disabling clients. Sherlok will not queue up clients that are disabled. You can disable a client by searching them in the Clients menu > Status > Enable / Disabled. See below.
Does Sherlok do bulk repricing?
No, Sherlok will not allow you to bulk reprice. For two reasons You’d be inundated with work and Sherlok is trying to make your life easier not harder and Sherlok doesn’t want to overload the lenders systems and impact their SLAs Our DTTP policy ...
When should I send a lender response email?
We recommend ASAP because you want to be the one to share the good news with your own client! Usually the lender will send a communication within 48 hours after completion, so ideally you want to get in before that.
Why was my client’s reprice cancelled?
When a reprice is cancelled, it either means that the loan was cancelled by yourself, or it was cancelled by Sherlok. If it was cancelled by Sherlok, you can find the reason in the comments section as shown below.
How long does a reprice take?
In most cases, once you click ‘approve’ for repricing, you will see an outcome within a few days, however, some lenders can take up to 10 business days.
What does Sherlok base my weekly reprice queue on?
Sherlok’s proprietary AI monitors over your loan book, using over 150 data points to predict which clients have the highest churn risk and adds them to the queue for repricing as a priority. You can always manually trigger a reprice for other ...