The second charge loan process

Although not set in stone, the process with most packagers is fairly similar and follows the steps below.

Step 1: Once you have identified a second charge loan enquiry, the process is simple; by passing the enquiry to a packager, you can concentrate on your core activities.

Step 2: Introducing broker provides loan packager with basic enquiry details (loan amount, purpose, term and contact) by telephone, email or sourcing system.

Step 3: Packager provides quotations and mortgage illustration (ESIS), and if acceptable to the broker, goes through detailed application process over the telephone. Compliance checks carried out.

Step 4: Once the client is happy with the deal, a mutually convenient time is agreed upon for a document courier to collect signatures and evidences.

Step 5: Following receipt of the client’s signed documents and evidences at the packager’s office, references and valuations are organised. Case is rechecked for compliance.

Step 6: With references and valuation received, the case is packaged and once a final compliance check is completed, case is sent to lender for final packaging and offer.

Step 7: With references and valuation received, the case is packaged and once a final compliance check is completed, the case is sent to lender for final packaging and offer.

Step 8: At Y3S Loans, following completion of the loan, the procuration fee is sent to the introducing broker within 24 hours. For other brokers this can take several days or sometimes weeks.

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