The ‘Transfer of Property Act 1882’ says “A mortgage is the transfer of an interest in specific immovable property to secure the payment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to a pecuniary liability”.
To advance home loans and loans against properties, banks and HFCs (Housing Finance Companies) seek security in the form of a mortgage of the property to be funded. In case of default of loan repayment, lenders will have the legal right to enforce the security to order to recover outstanding debt along with interest and other charges.
As there are only two types are mortgages in practice, viz., mortgage by deposit of title deeds, and registration of the memorandum of deposit of title deeds, let us analyze the pros and cons of both. The first is commercially known as ‘equitable mortgage’. Thanks to the simple, easy, and less expensive procedure involved in creating an ‘equitable mortgage’, today a majority of home loans are backed by an equitable mortgage.
Benefits of doing this Online Course from IALM:
An equitable mortgage is a popular mode of securing a loan nowadays.
- Home loan lenders, bankers, and others find this method of securing the loan easy, less complicated, and cost-effective.
- The present program seeks to impart awareness about this mode of loan security and its legal implications.
- Those working in home loan companies, real estate companies, real estate builders, banks, and financial institutions will find this course of immense use to increase their productivity at the workplace.
- The students of law, advocates, and legal executives will also get benefited from this course. Lastly, anyone loving knowledge of the law can get enlightened by doing this course.
Jobs & Career Opportunities:
One of the most common positions in the mortgage industry is a loan officer. This can be an excellent choice for someone who wants to help homebuyers or entrepreneurs achieve their dreams. Loan officers are well-versed in all loan products provided by the financial institution they represent. They are aware of the eligibility criteria like first time home buyer requirements to apply for each product and can work with applicants to increase their chances of approval.
Mortgage brokers are in charge of helping people understand all the different ins and outs of buying and selling homes. They guide borrowers through the process, including figuring out how much they can afford, negotiating with lenders and finding a home loan that suits them.
Mortgage Processors are the glue that holds a mortgage application together. They work closely with loan officers to ensure that all necessary documentation for a mortgage application is intact and accurate before submission.
A mortgage underwriting career path is a great career choice for those who are detail-oriented, want to work in finance and have an analytical mindset. After the information from applicants has been collected from the loan officer and submitted by the mortgage processors, underwriters take over from here.
It is the job of the underwriter to verify all information in order to make a determination as to whether or not the applicant meets all the bank’s requirements to get approved for a loan.
Other Important Information About This Online Course:
- Maximum Duration to complete the Course: 35 Days
- Course Fees: Rs. 4000/- (Several Payment Options Available: Credit & Debit Cards, Cheque, Demand Draft, Cash, Wire Transfer – NEFT, PAYTM)
- Online Evaluation Method: Based on “Multiple Choice Question (MCQs)” and an “Assignment Submission” of 500 words.
- The score of the online examination will be taken as the final result and Grade will be assigned as per the following scheme: Grade A – 80-100, Grade B – 65-79, Grade C – 50-64, Reattempt – Below 50
- Next Batch: Each IALM course starts immediately after payment. Students can register online for the course at any time. Upon payment of fees and registration, the present Course will start immediately.