How Sherlok works
When you’re seeking growth, it can be easy to focus your attention on new leads and forget about the opportunities that could come from refinancing your existing clients, not to mention the benefits of protecting your loan book income. Sherlok solves this problem by automatically comparing your clients’ rates against other lender rates, and sending these valuable leads straight to your inbox.
First you connect Sherlok to your existing client list.
Sherlok then analyses your client loans.
Rates that are too high are automatically repriced.
Clients who are readyto refinance are presented back to you.
You then takeover to refinance your client.
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Sherlok uses advanced technologies and API integrations to connect to broker CRM systems, aggregator software and eventually the open banking platform. If you’d like us to integrate with your system or workflow process, please contact us to discuss your requirements. There may be a cost to this depending on the complexity of your requirements and the integration. In the meantime, the Sherlok platform automatically manages all the notifications, workflow and communication for repricing and refinancing offers on your behalf.
Sherlok will notify you via email and SMS when one of your clients is ready to refinance. We recommend calling them within 24hours to start the process. It’s from this point forward that your manage the client through your normal process within your CRM system or aggregator software.
Sherlok will deliver refinance leads to you each week depending on what monthly subscription package you’re on and your loan book size.
Sherlok’s algorithm monitors all the loans in your loan book and prioritises each loan according to the risk of that loan being refinanced with another broker or lender. The high risk loans are repriced first followed by the medium risk and low risk loans.
Sherlok’s own little black box uses complex algorithms to categorise each loan as high, medium and low risk. Then we automatically request the existing lender reprice your clients loan to a lower rate.
If the reprice is successful the new rate will be applied to your clients loan within 30 days and we let them know how much money you (their broker) has saved them. If the lender isn’t willing to reprice your clients loan, we communicate this to your client on your behalf and present them with the 3 lowest offers in the market that match their loan profile.
Sherlok has access to the majority of lender products and interest rates, which are updated on a daily basis.
This helps us make sure we get the lowest reprice possible and have the lowest rates to present to your clients to refinance through you.
When presenting the lowest rates to your clients, Sherlok presents the lowest 3 rates with a mix of variable and fixed rates. We also include the lender and product name so they can discuss this with you.
Once the client has selected the lowest rate to discuss with you, we’ll notify you via SMS and email. You can also log into the Sherlok portal to view the low rates we offered your client with the lender name, loan type, product information and annual savings being available.
It’s then over to you to call the client and review their needs, requirements and refinance their loan.
You don’t need to refinance with the lender they have selected, we’ve only presented the lowest rates they may be eligible for. It’s your role as the trusted broker to do the important part and make suitable recommendations.
Sherlok does not provide advice to your clients, and we are not a broker. That’s your role and the value you add as their trusted broker.
We make sure they are on the lowest rate possible with the current lender and present the lowest interest rates if the cost savings are high enough to refinance.
We are therefore exempt from BID, however, we think it’s in the clients best interest to make sure they get a low rate after settlement and for every year they have the loan.