Financial Executive

Sections : Credit Reference Agency, Lending Criteria, Loan Application, Loan Payment Schedule, Mortgage Loan

Reviewing the mortgage loan
The common process for mortgage loan reviews is updated depending on the different lending criteria that the company is facing. For example some customers will get faster mortgage loan reviews than others while some of them might not get reviewed for a very long time. Here is a list of things that should take place:

• The mortgage loan application reviews should confirm the identity of the borrower. This is because this is an ongoing process. If the original application contained some false information then this is the time to call out on it and in many instances the liars are unable to sustain the deceit for repeated periods of time. On the other hand the person may be deceased and it is important to ensure that the mortgage loan is properly closed.
• If there is an estate then the lender will try to recoup their money through the executor. It might be that they have a guarantor that can be contacted to help close the mortgage loan process. The reviewer will need to have all these details at hand to ensure that there is no repeat of the process. If that is the case then there are specific procedures that have to be followed in order to conclude the account.
• The mortgage loan reviews should also look at the address to ensure that it is still the same. These are small details but the can be very important for debt collection purposes. There are people that just disappear when the loans become too much for them. The mortgage loan reviews should be able to keep an eye on the address status of the applicant so that they do not have the leeway to disappear from the agreement that they have made. In fact the electoral register is very useful in the mortgage loan reviews. It is used to identify the different address movements for the person.



• There should be a review of the mortgage loan status in terms of the payment schedule. This is all about looking at the payment patterns to ensure that they are right. For example the people that have limited payment schedules might be restricted if they fail to clear the direct debit. If there is a reasonable explanation then a note will be made on the credit file. However the credit reference agencies will know exactly what has happened and they will be able to check out the different systems that are going on. If there are problems then they will be highlighted in due course.
• Any other relevant matters should be raised and discussed with the client. If they anticipate that they will be struggling with the payments then this is the time to bring these matters forward.
• If there is a possibility for a bigger loan on the mortgage then this should also be highlighted to the client. This is normally the marketing element of the process and it will depend on the confidence they have in that customer.