freedom
mortgage bad credit. Credit is the amount of funds lent by the bank to another party,
whether it is an individual or a business entity, in which in the process made
a credit agreement that will bind both parties with various provisions and
obligations that have the power of law. In the credit agreement, a debtor
(borrower) will be required to make repayments and repay all of the loan along
with interest and various fees charged by the bank, which must be done on time
and in accordance with the initial agreement set forth in the credit agreement.
In the
process of submitting credit, will be done several stages as below:
freedom
mortgage bad credit. Prospective debtor applying for credit to the bank. This can be
done after all conditions determined by the bank, can be fulfilled and attached
in the application of credit application.
The bank
will conduct verification, either via telephone or by conducting a survey
directly to the residence and workplace of prospective borrowers. This is done
to ensure the correctness of data that has been given by the debtor and check
the debtor's eligibility in receiving the credit.
The Bank
will make a decision regarding the credit application, if the debtor is found
to be feasible and meet all sorts of criteria that have been established, then
the bank will approve the credit application.
When the
loan will be disbursed by the bank, then both parties will make a credit
agreement that aims to bind both parties in a credit agreement. In this
agreement will be loaded various credit conditions, such as: credit period, the
amount of installments to be paid by the debtor, interest on credit, penalty
fees, penalties and various other expenses. This Agreement shall also contain
all sorts of obligations of both parties and any other consequences if at any
time one party is negligent and / or does not perform its obligations.
As a
party acting as a creditor, it is fitting for banks to have criteria and
classification of the quality of credit they spend. This is intended to
facilitate the process of classification and handling of various problems that
may arise in a credit agreement that has been done. The classification of
credit quality conducted by banks aims to calculate potential loss reserves
that will affect the bank portfolio and become one of the indicators of bank
health assessment conducted by Bank Indonesia (BI) and the Financial Services
Authority (OJK).
About Freedom
Mortgage
Freedom
Mortgage Corporation is a full-service national mortgage banker with retail
operations, wholesale, correspondent, and commercial origination and services.
The company is licensed in all 50 states, DC and Puerto Rico. Freedom Mortgage
maintains an A + rating with the Better Business Bureau and is known to use the
most advanced technology and deliver world-class services to its clients,
borrowers and partners. The company was founded in 1990 and is headquartered in
Mount Laurel, New Jersey. For more information, please visit
www.FreedomMortgage.com. 800-220-3333
Forward-looking
Statement
Freedom
Mortgage Corporation is a private company. This press release may be deemed to
contain forward-looking statements, subject to the safe harbor terms of the Private
Securities Litigation Law Reform Act of 1995, including a statement regarding
the expected benefits to consumers from using the Freedom Mortgage Corporation
service. Readers are cautioned that these forward-looking statements are
predictions and may differ materially from future events or actual results due
to risks and uncertainties. Any forward-looking statements in this release are
based on the limited information currently available to the Mortgage Free
Corporation, which is subject to change, and Freedom Mortgage Corporation will
not always update the information.
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