Borrower Notifications

Any modifications to a mortgage, as a result of product or legislative changes, must immediately be communicated to the borrower. Regular mortgage service updates will primarily involve, or be triggered by, the following:

• Interest rate changes
• Changes in privacy laws or other legislative requirements
• Changes in existing originator products (i.e. inclusion of credit card facilities)
• Insurance renewal requirements
• Notification of Internet / Telephone Banking features & updates

Repayment management

Borrowers, required to maintain a satisfactory repayment history on their loan, have a wide range of payment options available to them. To help borrowers manage their repayments in the most efficient manner, loanPACK offer assistance in the following areas;

• Loan payment calculations;
• Loan payment dates;
• Change of payment frequencies;
• Bank account DDR set-up & maintenance;
• Additional repayments;
• Redraw / Drawdown functions;
• Cheque Book or Debit Card use;
• BPay, Salary credits etc.

Arrears management

Delinquent loans require special care and handling. loanPACK has an expert team in place to achieve faster, surer recovery of delinquent loans.  All loanPACKs’ efforts are focused on restoring loans to a performing state and minimising any potential losses.  Arrears management services include:

• Maintenance of the lenders arrears policy
• Direct telephone contact with borrowers to ensure payments are rectified
• Follow-up confirmation letters to the borrower
• Complete record keeping of all conversations in the event of legal actions
• Processing of “missed” payments (ie : insufficient funds, bank account errors etc.)
• Actioning dishonour reports and liaising with borrowers & the lender to reach suitable outcome
• Ongoing arrears notification campaign.  Monthly contact with each borrower in arrears (based on lenders reports) and setting up suitable repayment arrangements
• Assisting in any legal proceedings that the Lender may require upon recovery action (i.e. arranging for sale of property, loss submissions to insurers etc.)

Security property management

At any time, the borrower may require their security property documents for a number of reasons.  In accordance with internal security management systems, loanPACK will perform the following:

• Annual notification/reminder to borrowers to renew building insurance policies
• Substitution of security transactions in the event of sale
• Consents for subdivision of security
• Arrange for presentation of title documents upon request
• Second mortgage processing

Loan increases and Variations

Borrower requests for loan increases are common. In response, loanPACK can arrange the following:

• Obtain full credit package from borrowers (including application forms, financials etc.)
• Arrange for valuations to be carried out
• Obtain updated mortgage insurance approval
• Issue instructions to settlement agents to prepare mortgage documents
• Maintain contact with borrower to ensure loan proceeds to settlement
• Assist the borrower with any query they may have

Loan Retention Programs

Once a borrower notifies your company, loanPACK or the Lender of their intention to discharge their loan, loanPACK perform a number of functions in order to maintain their patronage to your company:

• Contact borrower and ascertain reason for discharge
• Suggest alternative to discharge and attempt to retain business (i.e. offer security substitution, rate decrease, product swap)
• Arrange to process loan according to outcome of rescue attempt

Construction progress payment management

In order to ensure that a Lender can quickly and efficiently process payments to a builder, loanPACK perform the following services:

• Liaise with builders to ensure progress payment is correct
• Obtain progress valuation inspection reports
• Ensure that construction conditions (insurances, occupancy certificates etc.) are in order
• Determine progress payment figures based on valuations, invoices and cost to complete.