Thu | Aug 17, 2017

VMBS launches online mortgage centre

Published:Friday | July 1, 2016 | 7:00 AMKeisha Hill
Courtney Campbell

The Victoria Mutual Building Society (VMBS) has made it easier for members to make mortgage applications and check their mortgage status through a new online service.

The centre now offers first-time buyers online access to apply for a mortgage, check the status of their application and acquire updates on their current mortgage accounts.

President and CEO of the Victoria Mutual Group, Courtney Campbell, made the announce-ment while addressing the Jamaica Mortgage Bank (JMB) 40th anniversary Housing Seminar held at the Jamaica Pegasus hotel recently.

According to Peter Reid, senior vice-president and chief operating officer at VMBS, the online service was designed to make it easier for members to apply online and get a credit decision without having to visit any of the company's branches.

"Persons know what they want to purchase and what their price point is. You will still have to provide the required information, but all of these things can be provided to us online, and we use the exhibits to make a credit decision. It also sends out reminders if all the required documents have not been submitted," Reid said.

"A common complaint of applicants is that the process is too lengthy or there are too many requirements. The process is shortened online and can be tracked, and the experience of the applicant is further enhanced," Reid added.

 

NEW AND CURRENT MORTGAGORS

 

The VMBS Mortgage Centre is for both new applications and current mortgage holders. Members can also request consultations, following which a VMBS representative will contact them regarding their concerns.

Members submitting an application must have the necessary information for the desired property before going online. If they have difficulty deciding on a property, agents at the Victoria Mutual Property Services will assist to make it easier.

When submitting a mortgage application, in addition to opening and closing costs, applicants should submit a VMBS loan application form, a sale agreement, a valuation report, a copy of the title, proof of income, and a letter from your employer.

Self-employed persons will also need to submit their audited financial statements - if informal, they can include a personal statement of affairs and substantiate this with bank records to show they have the required level of financial inflows.

For more information, visit www.mortgagecenter.vmbs.com.

keisha.hill@gleanerjm.com