- 1 Which of the following can be a valid reason for complaint under the Banking Ombudsman Scheme?
- 2 How do you release a Modt?
- 3 What to do if you have a complaint about a mortgage company?
- 4 What happens when a mortgage loan is closed?
- 5 What to do if you have a problem with your mortgage broker?
- 6 What to do if your mortgage company is illegal?
Which of the following can be a valid reason for complaint under the Banking Ombudsman Scheme?
Here are the grounds under which you can raise a complaint with the banking ombudsman; Inordinate delay in the payment, or non-payment, delay in collection of cheques, drafts, bills etc. Bank not accepting, small denomination notes, and/or coins without any sufficient cause, and charging commission in respect thereof.
How do you release a Modt?
The documents required are:
- Original MODT.
- NOC certificate.
- Bank representative (Mortgagee – Executant) Office ID.
- Aadhaar Card.
- Authorisation Letter from the bank that bank representative is the authorised person for executing the cancellation of MODT (if applicable)
- PAN & Aadhar of Borrowers (Mortgagors – Claimant)
What to do if you have a complaint about a mortgage company?
Complaints About Mortgage Companies. If you have a complaint against a mortgage company, try to resolve it with the company first. Several government agencies accept complaints about mortgage lenders. In some cases, you should file your complaint with more than one agency, especially at the federal and state level.
What happens when a mortgage loan is closed?
When a mortgage loan is closed, the origination file is closed and a servicing file is opened. It remains open for the life of the loan. Whether the process goes smoothly or badly depends on both the borrower and the servicing agent.
What to do if you have a problem with your mortgage broker?
Complaints about your mortgage lender or broker often concern your interest rate, prepayment penalties, fraud, deception, or other matters about your home. Taking these steps can help troubleshoot the problem and get results more quickly: Documenting the problem clearly (emails, paperwork, and dates of the issues)
What to do if your mortgage company is illegal?
If you feel that your mortgage company is engaging in illegal or unfair lending practices, you can file a complaint with the California Department of Business Oversight, the Attorney General’s office and other state and federal regulatory bodies.