If the bank returns documents, usually the study identified gaps or inconsistencies documents out of format; to act fast with a checklist reduces rework and accelerates the decision of the credit. This article offers a practical guide to review, complete and submit paperwork correctly and minimise returns during the study mortgage.
- Check first identity and traceability of income: check signatures, dates, and consistency with the application.
- Prepare legible copies, permissions notary and brackets tax or bank requested by the bank.
- Prevents the sending expired documents, scans incomplete or corrupted files that generate returns.
- Defines responsible for each document and takes control of versions to avoid rework.
Why the bank returns documents
The teams of risk analysis and return documents when they detect incomplete information, discrepancies between what is declared and what's supported, or formats that prevent the check. You can also request clarification on legalization, signatures or certifications. To understand the most common causes help to prepare a folder solid and reduces study time.
When you receive the notification that the bank returns documents, the important thing is to identify the exact reason: lack of signature, inconsistent information, lack of legalization or scanned documents so unreadable.
An initial step is effective to compare the list required by the advisor actually sent and prioritize settings according to the impact on the risk analysis.
Documents and requirements revised
Although the lists vary by entity and product, there are documents that the banks will verify with the greatest thoroughness: identification, proof of income, labor certification, financial statements for a separate peace, and except for taxes and scripture if applicable. The bank team validates traceability, dates, and signatures; for this reason the presentation influences if the bank returns documents.
To provide proof of income, prevents formats trimmed, PDFs with water marks hidden data or images with angles that prevent see stamps and signatures. If your record includes contributions by its own account or money from outside, brings bank vouchers clear and explanatory notes linking movements with the operation.
Documents typically requested
- Valid identity document and readable.
- Proof of income (payroll, income statement or financial statements).
- Bank statement, recent movements clear.
- Certificates working with dates and signatures.
- Documentation of the property: promise, registration of real estate or writing.
Checklist handy before sending
Use this checklist as a final check before submitting the folder to the bank to avoid the bank to return documents from preventable causes.
- Compare the official list of the bank with the documents gathered.
- Verify that all the pages have the seal or signature when required.
- Confirm validity of the documents (dates and periods required).
- Scan in high quality and check readability on the screen.
- Naming files in a consistent manner to facilitate review by the analyst.
In addition, it assigned a responsible internal verification that act as a single point of contact to respond to additional requests of the bank; this avoids rework for communications crusades or duplicate submissions.
The role of the adviser and the broker
An adviser or broker mortgage helps to reduce the frequency with which the bank returns documents that provides guidance on formats, priorities and validations prior. If you have questions about procedures or requirements, a broker can do prevalidaciones of the folder before submitting it to the bank.
If you want to better understand what makes a broker and how you can improve the presentation of your papers, query, what does a broker mortgage and what is their contribution in the document management: what is a broker mortgage?.
After you send the folder, keep a log of communications and delivery dates, because when the bank returns documents you will need to respond quickly and with the correct documentation so as not to delay the study.
Common mistakes and how to avoid them
The errors that give the best returns are often simple to correct if you know time. Here are the most common and practical measures to avoid them.
- Send expired documents: check dates and replaces anything that is not within the time period accepted.
- Lack of signatures or signatures that do not match: in contrast with the identity document and signature in the pages required.
- Scans illegible or trimmed: perform a visual check prior to dispatch and, if necessary, re-scanned.
- Not to prove traceability of funds: attached excerpts and explanatory notes to connect twists with source of funds.
- Not legalize documents where required: query if the bank asks for apostille or consular legalization, especially for papers from outside.
How to avoid: organize folders by topic, use clear naming, creates a version control (for example, Documento_Version1.pdf) and request a pre-review of the record before final shipment.
Steps in the process and time variables
The typical process includes the submission of documents, preliminary review, request add-ons, risk assessment and decision-making. Each stage has times that depend on the bank, the complexity of the profile and the clarity of the documentation submitted. The fact that the bank return documents usually prolongs the review stage; that is why it is key to avoid rework.
Recommended steps to manage the return quickly:
- Receive and sort the notification of the bank identifying documents requested and the reason for your return.
- Assign responsible for collecting, legalize, or to correct the papers.
- Re-sending with a cover letter explaining corrections or attach additional certifications.
Below a table with synthetic elements in common, reason for revision, and how to verify before sending.
| Item | Why you ask | How to verify |
|---|---|---|
| Document identity | Proof of identity and signatures | Compare photo, number and signature on all pages |
| Proof of income | Credited ability to pay | Verify periods, seals, and accord with the request |
| Property documents | Warranty and its legal status | Confirm registration and the absence of liens |
Buy property in Colombia from the outside
We accompany you from the moment you decide to buy a home in Colombia up to the signing and delivery of your property. We arrange loans with financing of up to 85 %, terms up to 20 years and a fixed fee in colombian pesos.
How to validate before signing
Before signing the promise of sale or any document linked to credit, verify that the personal information and financial data are consistent with what you surrendered to the bank. Errors in names, document numbers or amounts that generate returns, and can affect your final approval.
In addition, corroborates credit terms and conditions that depend on the documentation delivered: if your approval is subject to submit an additional document or to the legalization of a title, leave a margin to meet before the deadlines that you report the bank.
Purchase from the outside and traceability
When either the buyer or contributions come from the outside, the banks are more demanding in terms of traceability and certification of the source of funds; therefore, the bank returns documents with frequency in these cases if there are missing legalizations or clarifications. Provides original extracts, records of international transfers and, where applicable, notes that explain the movements.
If you make money from another country, save proof of the issuing bank and the recipient; in some cases it requires apostille or certification consular for certain documents.
To avoid rework, prepare a letter explaining the operation and pair of backups bank that demonstrate the overlap between the source and destination resources.
How to correct a return of the bank
Upon receipt of the notification, acting with a clear process: identifies the document accurate, correct or complete the request, and forwards indicating the improvements. Keep a controlled version of the file and communicated to the analyst, each shipment so that it is log of the response and of the new state of the record.
If you have doubts on how to submit a correction or how long it may take the new analysis, consultation with your advisor or broker to prioritize the type of document that the bank will review with more rigor; this avoids sending papers that do not change the decision.
Procedures and key concepts
Understand key concepts avoid returns for confusion: legalization, apostille, certification, banking, peace and except tax and registration of real estate are terms that often appear in applications complementary. If you're not sure of the meaning or of the procedure, ask for guidance and supporting documentation before submitting.
To know more about what it means for a mortgage credit in Colombia and what documentation is typically required at each stage, review the content that explains what is a mortgage credit: what is a mortgage?.
Practical tips
Before submitting the folder to the bank, it performs these validations end: verify that the names and numbers match on all the documents, check signatures, verify that the extracts cover the period requested, and that the property documents are up to date. An internal quality control avoids most of the returns.
If the bank returns documents relating to a property, ask the exact list and sends a letter of presentation to explain each correction. This makes it easier for the analyst to identify the changes without the need to seek additional clarification.
How to successfully submit the credit of housing
When managing a credit housing, the orderly presentation and complete is crucial to prevent the bank returns documents, and delayed the approval. Meets all the support-financial, legal, and property into a coherent package, and with indexes or covers that allow for a quick review.
If you need a practical guide on types of credit, and steps to apply for a credit housing, you can refer to an explanation dedicated to the product that will guide you on the requirements and process: credit housing.
Checklist of control and final steps
Summary of operational steps to prevent the bank's return of documents:
- Make a master list of documents required by the bank.
- Assign responsibilities and deadlines internal.
- Scan and verify readability on the screen.
- Attach explanatory notes when there are movements atypical or input from the outside.
- Request pre-review of the record on the part of the adviser, or broker.
If you apply the flow and keep fluid communication with the analyst of the bank, decreasing the probability of rework and shorten periods in the study stage.
Buy property in Colombia from the outside
We accompany you from the moment you decide to buy a home in Colombia up to the signing and delivery of your property. We arrange loans with financing of up to 85 %, terms up to 20 years and a fixed fee in colombian pesos.
Case studies and examples
Example 1: An applicant received the refund for the extracts incomplete; the solution was to attach a copy with the full range requested and a letter explaining deposits atypical. Example 2: A person from the outside had to legalize a certificate of income; after the apostille and the shipment of the corrected document, the bank continued the study. These examples show that the rapid response and documented reduces the extra time that generates a return.
Practical recommendations: - keep a written record of each shipment and the response of the bank, including the date and content of the application for a refund, to measure and improve your times internal response.
So...What to do when the bank returns the documents?
If you receive a notice that the bank returns documents, avoid sending incomplete versions and organizes a plan of correction immediately. To an accompaniment that includes diagnostic profile, route of credit, banks allies, document review and closure, requested the support of You About Home; our team can guide you in the preparation and delivery of the folder without guarantee specific results or automatic approvals.
