Professional network and loan settlement process Name three (3) parties, who are not directly involved in the
Question:
Professional network and loan settlement process
Name three (3) parties, who are not directly involved in the processing of a loan and what their role is. Explain how you would communicate with them in an efficient and effective manner so that they understand pre-settlement conditions and their involvement required.
Explain how you would develop and maintain relevant networks with professionals such as those you detailed above or other professionals to ensure you are up to date with the products or services they provide.
You want to ensure that borrowers have all the key insurance protections in place in case something unfortunate was to happen to one of them. What process would you follow during your discussion with the clients to ensure you have a good assessment of their needs?
Briefly explain why it is important for the broker to remain informed of developments in the lending process despite not being actively involved at every stage.
Application form and related documents have now been signed and forwarded to the Lender for approval. Borrowers have agreed that you will keep their Solicitor informed of progress if/when the loan is approved.
explain what the service standards and timelines are up to and including the issue of offer letter and mortgage documents.
Clients have now called to execute loan offer and mortgage documents and are nervous that their Solicitor is very busy and difficult to contact. They want to know who will be responsible for what tasks from this point in the lead up to settlement and immediately following settlement.
Explain to clients who is responsible for completion of what tasks once the loan documents have been returned to the lender and in the lead up to settlement and once settlement occurs. Focuson the lending organization and the client's solicitor/conveyancer roles in this part of the lending process.