Sherlok combines RateTraker for monitoring settled loans with InstantAPPLY for preparing mortgage applications. New-broker onboarding is paused while Sherlok rolls InstantAPPLY out to existing customers. Brokers who want to join can register on Sherlok’s waitlist.
Hound Group has joined forces with Sherlok. For former Hound users, Sherlok is the destination for the combined business.
How Sherlok Works Day to Day
RateTraker monitors settled loans and flags rates that need a review. Sherlok’s queueing guide describes a machine-learning model that predicts which clients are likely to leave for a better rate.
The model scores loans and puts higher-priority clients into a weekly review queue. Its inputs include potential refinance savings, loan size and time since settlement. Fixed-rate expiry and previous repricing history also affect the score.
You can delay a client’s review or request a reprice immediately. Lender selection and accreditation remain your responsibility, as does assessing whether a product suits the client.
For example, a flag on a large settled loan gives you a reason to review its rate. You still assess the client’s circumstances before recommending a change. A client retention routine gives those alerts an owner and a follow-up time.
RateTraker and InstantAPPLY
RateTraker monitors rates and sends refinance alerts. InstantAPPLY collects the information needed for a new loan or refinance application.
With InstantAPPLY, the client opens your branded link, completes a fact-find and connects bank accounts. Sherlok gathers statements, runs credit reports and categorises expenses. The product page lists pre-populated Quickli scenarios and an automatic push to AFG CRM.
That named AFG connection is the documented application-data destination. RateTraker’s support for brokers from any aggregator does not establish an InstantAPPLY connection to every aggregator’s CRM.
Data, Consent and Known Limits
Sherlok accepts loan information through Open Banking and manual updates. Its data-processing guide describes client-entered loan details as a fallback, with brokers also able to enter missing information.
Before activating either path, confirm that the client has given the required consent and permissions. Open Banking consent controls the data shared, its purpose and its duration. Manual entry still needs authority to share the client’s information.
The Open Banking guide for mortgage brokers explains the consent process behind that data access.
Sherlok’s RateTraker agreement does not guarantee accurate repricing assessments or refinance savings. It also says identified loan products “may not be suitable to you”. Scores and flagged products need your assessment of the client’s circumstances.
InstantAPPLY’s agreement and privacy policy cover personal information shared with the broker and service providers. The policy also requires consent when someone supplies another person’s information, including a co-applicant’s.
Application preparation does not complete your credit assessment. Review the collected information and product suitability before lodging.
Availability and Pricing Reality
Sherlok has paused new onboarding and directs interested brokers to its waitlist. Existing customers can open InstantAPPLY in their portal.
Sherlok says every active subscription includes RateTraker and InstantAPPLY at no extra cost. Published InstantAPPLY inclusions include unlimited bank statements and 10 Experian credit reports per month.
The current subscription page lists no public broker subscription price. Joining the waitlist does not provide immediate access to a trial.
Hound Group is Now Part of Sherlok
Hound Group’s former platform monitored settled loans through consented bank data. It showed clients’ current products and interest rates without calls to lenders, then generated annual-review reports and client-service prompts.
That monitoring addressed a problem for brokerages with large back books: pay-downs and refinances can go unnoticed between client reviews. A brokerage with 800 settled loans needs a repeatable way to identify who needs contact.
Hound’s own website says Hound and Sherlok “have joined forces” and directs brokers to Sherlok. It publishes no date for the combination.
Older descriptions of Hound’s monitoring describe the former platform. They do not establish that a particular feature works the same way in Sherlok today. Sherlok’s current product descriptions distinguish RateTraker’s monitoring from InstantAPPLY’s application preparation.
Whether It Earns Its Place
Judge Sherlok over a review cycle by what happens after a flag. Count flagged loans that were genuinely exposed, then record how many repriced or refinanced and how many clients stayed with you.
Weigh that queue against the relationship and trail value of each client. A longstanding client with modest potential savings can deserve attention even when another loan ranks higher.
List the ten largest loans in your back book with their current rates and fixed-term expiry positions. If you have trial access, compare Sherlok’s flags with your assessment of those files.
If you can only join the waitlist, prepare that list and record your assessment now. Use it for the same comparison when access becomes available. An existing customer can apply the exercise to the next review cycle.
For another approach to settled-loan monitoring, read how Stryd works for mortgage brokers.
If you want trail analysis instead of, or beside, Sherlok, the Sherlok alternative comparison explains how Track My Trail fits.
