Avoiding litigation within the mortgage industry can be a daunting task, but it is possible nonetheless. Knowing where to start is key to successful preventing of legal issues; underwriting is the essential first step. By doing thorough research, making sure all paperwork is correct and by diligently following regulations, you will be able to ensure that your loan files will be lawsuit proof.
In addition, you may need to employ other strategies, such as checking the customer’s credit history properly and monitoring any fluctuations in the client’s financial circumstances. Pay attention to the panorama around the borrower obligations, since any significant changes may negatively affect them. If they default on repayment, a lawsuit may follow. A way to prevent this is by creating a back-up plan with the customer to head off any practical problems that could crop up.
Main Points:
-Underwriting is the essential first step to lawsuit proof the loan files
-Need to check customer’s credit history properly and monitor any fluctuations in the financial circumstances
-Creating a back-up plan with the customer to prevent any practical problems that may crop up
You can read this full article at: https://geracilawfirm.com/how-to-keep-yourself-out-of-court-and-away-from-me/(subscription required)
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