Mortgage and commercial lenders incur special risks in underwriting loans and they are particularly vulnerable to application fraud, misrepresentation, conversion and theft.
Because the security offered for commercial loans is generally not on deposit in the financial institution, field inspections are required to verify the condition and completeness of inventories and real estate offered as collateral. A delinquency interview may be warranted to assure proper delivery of notice to the borrower and to document adequate insurance and the satisfactory maintenance of any pledged assets.
In cases where mortgaged property has become abandoned or foreclosed by the lender, it may be necessary to periodically update inspection reports for the site location in order to quickly detect and report any occurrence of damage, trespass or intrusion.
Judicial judgment proceedings may require the lender to locate missing debtors and to identify and locate other resources belonging to them in order for the bank to enforce collection of any past due debts.
Additionally, financial institutions must screen potential job applicants, authenticate credentials and thoroughly investigate allegations of employee misconduct.
Regardless of the need, Underwriters Bureau and our agents have many years of experience in protecting creditor’s interests against the threat of loss.
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Once given as collateral, the completeness, location and insured condition of inventories must be recertified by commercial lenders in order to satisfy quality control audits.
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