There are 3 PHASES:
1. Initiation Stage- Covers marketing the loan product, prospecting, discussing loan packages, negotiation of loan terms and conditions, credit investigation, property appraisal, credit evaluation and loan approval.2. Documentation and Closing - After approval is obtained, the terms and conditions agreed with the borrower is documented into a Loan Agreement.
3. Portfolio Management - These phase includes credit administration, regular credit review, billing and collection, loan restructuring or remedial. If client with a collateral mortgaged defaults on payment and collection is impossible, the account ends up in foreclosure or dacion en pago or the voluntary surrender of the property mortgaged.
