Automated refinancing and repricing tool, built by brokers for brokers.
Sherlok’s AI-engine monitors your clients’ existing home loan rates, automatically reprices the rate with their current lender, detects quality refinancing opportunities, and delivers those leads straight to your inbox.
This is how it works
1. Upload your client list to our secure platform
Sit back and relax as Sherlok analyses your client list. We monitor your clients’ interest rates to detect when your clients could be getting a lower rate.
2. If Sherlok detects a loan that can be repriced, we’ll send a request to the lender
If the rate’s approved, we’ll send your client an SMS and email on your behalf to let them know the good news. The mortgage repricing will happen automatically (with your approval), and you won’t need to do a thing.
We’ve mapped over 50 lenders’ repricing processes to make sure the majority of loans in your trail book can be repriced automatically. If we need your client to sign a form, Sherlok will also handle that by pre-filling the form and emailing it to your client for their signature, before we send the reprice request to the lender.
3. If the repriced rate isn’t competitive or low enough, Sherlok will look for mortgage refinancing options
If a new rate comes in, our algorithm will run a refinance comparison to see if there are lower rates that match your clients’ loan profile. The two best new rates – one lowest variable rate and one lowest fixed rate – are then sent to your client via SMS and emailed on your behalf.
This will only happen if it’s financially viable for the homeowner to refinance to another lender. For example, if it’s only a savings of $100 a year, they won’t be presented with refinance options. If it’s $1,000 a year, they will be presented with refinance options.
4. If a client expresses interest in these new rates, the leads are sent straight to your inbox
Every time a client is interested in refinancing, we’ll send this lead straight to your inbox, so you can follow up with them directly.
5. Sherlok will continue to monitor your clients’ rates
This means we’ll automatically request lower rates on your clients’ loans if we find one that’s cheaper. We’ll also continue to analyse your client lists for refinancing opportunities, and these will be sent straight to your inbox on a weekly basis.
The Sherlok retention score
The Sherlok retention score is similar to a credit score. It’s an algorithm that looks at a whole range of different parameters, and then produces a score for each loan in your trail book.
The higher the score, the higher the risk of losing that loan. A very high score suggests that the client will leave you in the next 12 months if you don’t do anything.
Once we know what loans are at risk, we’ll automatically reprice those loans with the same lender to get a cheaper interest rate.
Need broker support? Get in touch via email@example.com