When you register for funding updates VMC will notify you when a funding request shows on your client's credit search - this helps to understand where their mortgage application is in the overall process of being reviewed.
Feature:
- Experian are one of our data partners and when you register for mortgage updates, they will send VMC a notification when a funding request has been registered against your customers credit history. This provides a better understanding of where their mortgage application is in the overall process.
- Note: this does not affect your customers credit history and there is no cost for this service
- All you need to do is click register for mortgage updates, fill out the form and let Experian and ViewMyChain do the rest.
- A date in the ‘funding applied’ milestone will be populated when information is received.
- Experian will monitor the request for 3 months. If no request for funding is registered during this time they will close the case - Experian are not the only credit reference agency so may not capture everyone, but there is a high percentage they will.
Benefits:
- Understand where your client's mortgage application is in the overall process
- Provides a better indication as to when you may hear from a surveyor
- Makes it easier to know when to chase
- Easier to identify potential problems
- Click ‘Register for mortgage updates’.
- Complete all mandatory fields on the funding information form.
Note: this does not affect your customer's credit history and there is no cost for this service
'Funding Applied' Milestone
When the funding update has been applied, the ‘Mortgage applied’ milestone will populate and the funding heading will turn green, presenting the funding details at a glance. Refer to the image below for a visual reference.