Why Your FMBN Loan May Be Delayed

Why Your FMBN Loan May Be Delayed

In today's latest loan news, we will be talking about Why Your Federal Mortgage Bank of Nigeria FMBN Loan may be Delayed. So keep reading!

The latest update given by FMBN stated that they are working hard to ensure improved service delivery and a faster turnaround time for mortgage processing so that more NHF subscribers can benefit from the affordable portfolio of FMBN housing products.

According to FMBN, the following are some reasons why your mortgage loan application may be delayed.

1) INCOMPLETE DOCUMENTATION: You may have failed to include all documents required for processing the loan application.

2) DELAYED SUBMISSION OF LOAN APPLICATION TO FMBN: Your Primary Mortgage Bank may have experienced delays in submitting your loan application to FMBN for further processing.

3) FAILURE OF LOAN AFFORDABILITY TEST: Analysis of your income may have shown that you may not have the financial capacity to pay back the loan that you applied for.

4) IMPROPER FILING BY YOUR PRIMARY MORTGAGE BANK: Your Primary Mortgage Bank may have failed to properly meet FMBN’s conditions for reprocessing the loan application.

5) PROCESSING OF LOAN DISBURSEMENTS BY 3RD PARTIES: Your loan may have been approved by FMBN but could be undergoing processing by your Primary Mortgage Bank or Federal Housing Loans Board before final disbursement to you.

You may want to also check Authorized Banks For Applying For FMBN NHF Mortgage Loans

6) PENDING QUERIES ON YOUR LOAN APPLICATION: Queries raised by FMBN on your loan application may not have been responded to by you or adequately answered or your Primary Mortgage Bank.

For more information, call FMBN via O9 292 0690, 0817 023 7904, 0908 797 3000, or visit an FMBN branch office near you