8. Mortgage Processing

Question 1

What does the underwriter do?

Answer 1

Ensure application is within policy

Ensure documentation has been checked

Question 2

When does the mortgage take legal effect

Answer 2

Completion date

Question 3

PPI

Answer 3

Payment protection insurance can be taken out to cover mortgage payments for a specific period

Question 4

What 2 disclaimers does the lender state in the offer of advance

Answer 4

Take no responsibility for value of property

Take no responsibility of the conditions of property

Question 5

When should you arrange buildings insurance

Answer 5

By exchange of contracts

Covers the value of property if damaged

Question 6

Define Engrossment

Answer 6

When solicitor brings money together

Question 7

What system does the solicitor use to move large funds

Answer 7

CHAPS