Underwriting is vital to the business of lending as it is a thorough check and assessment of a prospective borrower’s ability to pay back the requested loan and serve interest payments on it. The lender does an extensive check on the credit health, behaviour of the borrower, and on the property that is being mortgaged against the loan to make…
The decision to finance a property for a borrower is a critical judgement. It entails a lot of risks one of which is issues that may arise due to incorrect property titles. In such a case the buyer stands to lose their rights over the property and the lender stands to lose the money they invest. Because of the huge…
Every industry operates under some standard practices that can ensure quality over an extended period. For mortgage lenders to have successful operations, a sturdy and efficient quality control system must be in place. Having an established quality control program helps mortgage organizations to ensure that every aspect of their business, from application through processing, is carried out in a manner…