Post by emoney on Oct 30, 2014 11:14:19 GMT
As all eMoneyUnion loans are deemed personal, i.e. individuals or sole traders and not LTD companies, consumer data protection rules apply.
We have listed the following secured loan www.emoneyunion.com/marketplace and a new lender has asked me to explain the process undertaken before and after listing. Unsecured and personal guarantor loans complete within a matter of days, however secured loans can take considerably longer as detailed below.
Initial Day 1 Underwriting
Following the initial online application, the borrower is telephoned and data protection, security and verification completed.
Loan request details discussed and Equifax credit check carried out to obtain credit score and view personal payment history and money management.
As the property is offered as security we carry out a Land Registry check to validate the title of the property to ensure we can use the property as security.
A full income and expenditure is carried out with the borrower to ensure the loan is affordable and attain a monthly disposable income figure.
We then carry out a google earth and right move check for estimated valuation.
A senior underwriter then assesses the application, subject to validation of income and security provides an eMoneyUnion Risk Grade and a verbal loan offer in principle.
Documentary evidence process 1- 7 days
All borrowers have to provide 3 months bank statements to prove affordability and income proof.
For secured loans, all borrowers have to provide original passports or driving licenses via the post.
We issue a legal charge via the post for the borrowers to sign and have witnessed by an independent person, the detail of which mirrors the Land Registry.
A Chartered surveyor was instructed to carry out a valuation on this property, this is not required in all instances as an online valuation can be used by an online surveying tool. Once completed this determines the LTV Loan to value. This figure is made up from the existing mortgage, plus the gross new loan, divided by the Property value, in this instance there’s free equity of 41%
The first mortgage company have no restrictions to the registration of a second charge so we do not need to obtain their permission to complete the loan.
Lawyers are instructed to ensure the property is suitable legal security, obtaining local searches etc.
Listing of the Loan 1 – 2 weeks
Once we are happy that the borrower can afford the loan and the security is sound we list the loan.
At the time of listing, we apply the auto eBidPal bids that lenders have created, i.e. if Borrower i.d 1234 says he will lend £1000 to every Risk Grade S2, this bid is applied and will show in the % funded bar. The lender is then able to increase their bids as many times as they like and in any denomination until the loan is 100% funded.
We will then market the loan (i.e. this email) to encourage new and existing lenders to participate.
Completion and Funding
Once the loan is 100% funded, an email is sent to the borrower to confirm his loan is ready to complete. The borrower then logs into the platform to accept the Peer to Peer loan terms and create a standing order for payment.
Funds are deducted from the lenders cash to the value of their individual bids.
Lawyers confirm that the loan is suitable for funding and place a priority on Land Registry to allow the loan to complete with the legal charge registration to follow.
The loan is finally signed off by a senior underwriter and a director.
Payments to any creditors are made and the proceeds sent to the borrower directly from the eMoneyUnion client account
I hope you found this informative and many thanks for your continued support.
We have listed the following secured loan www.emoneyunion.com/marketplace and a new lender has asked me to explain the process undertaken before and after listing. Unsecured and personal guarantor loans complete within a matter of days, however secured loans can take considerably longer as detailed below.
Initial Day 1 Underwriting
Following the initial online application, the borrower is telephoned and data protection, security and verification completed.
Loan request details discussed and Equifax credit check carried out to obtain credit score and view personal payment history and money management.
As the property is offered as security we carry out a Land Registry check to validate the title of the property to ensure we can use the property as security.
A full income and expenditure is carried out with the borrower to ensure the loan is affordable and attain a monthly disposable income figure.
We then carry out a google earth and right move check for estimated valuation.
A senior underwriter then assesses the application, subject to validation of income and security provides an eMoneyUnion Risk Grade and a verbal loan offer in principle.
Documentary evidence process 1- 7 days
All borrowers have to provide 3 months bank statements to prove affordability and income proof.
For secured loans, all borrowers have to provide original passports or driving licenses via the post.
We issue a legal charge via the post for the borrowers to sign and have witnessed by an independent person, the detail of which mirrors the Land Registry.
A Chartered surveyor was instructed to carry out a valuation on this property, this is not required in all instances as an online valuation can be used by an online surveying tool. Once completed this determines the LTV Loan to value. This figure is made up from the existing mortgage, plus the gross new loan, divided by the Property value, in this instance there’s free equity of 41%
The first mortgage company have no restrictions to the registration of a second charge so we do not need to obtain their permission to complete the loan.
Lawyers are instructed to ensure the property is suitable legal security, obtaining local searches etc.
Listing of the Loan 1 – 2 weeks
Once we are happy that the borrower can afford the loan and the security is sound we list the loan.
At the time of listing, we apply the auto eBidPal bids that lenders have created, i.e. if Borrower i.d 1234 says he will lend £1000 to every Risk Grade S2, this bid is applied and will show in the % funded bar. The lender is then able to increase their bids as many times as they like and in any denomination until the loan is 100% funded.
We will then market the loan (i.e. this email) to encourage new and existing lenders to participate.
Completion and Funding
Once the loan is 100% funded, an email is sent to the borrower to confirm his loan is ready to complete. The borrower then logs into the platform to accept the Peer to Peer loan terms and create a standing order for payment.
Funds are deducted from the lenders cash to the value of their individual bids.
Lawyers confirm that the loan is suitable for funding and place a priority on Land Registry to allow the loan to complete with the legal charge registration to follow.
The loan is finally signed off by a senior underwriter and a director.
Payments to any creditors are made and the proceeds sent to the borrower directly from the eMoneyUnion client account
I hope you found this informative and many thanks for your continued support.