8. Mortgage Processing Flashcards
1
Q
What does the underwriter do?
A
Ensure application is within policy
Ensure documentation has been checked
2
Q
When does the mortgage take legal effect
A
Completion date
3
Q
PPI
A
Payment protection insurance can be taken out to cover mortgage payments for a specific period
4
Q
What 2 disclaimers does the lender state in the offer of advance
A
Take no responsibility for value of property
Take no responsibility of the conditions of property
5
Q
When should you arrange buildings insurance
A
By exchange of contracts
Covers the value of property if damaged
6
Q
Define Engrossment
A
When solicitor brings money together
7
Q
What system does the solicitor use to move large funds
A
CHAPS
