The My Loan Detail website has comprehensive information about a new homeowner's mortgage agreement, including details on payments, fees and responsibilities of the borrower and lender, reports Carrington Mortgage Services. Accessing and completing the My Loan Detail question and answer program is an obligatory part of the mortgage approval process.
Besides the details of the individual borrower's loan, the My Loan Detail program contains an explanation of the general mortgage process, according to Carrington Mortgage Services. The program is available to borrowers within an hour after the loan clears. The lender sends the borrower an email with instructions on how to access the My Loan Detail website, register and complete the program, which is available in English only. If the borrower needs assistance, he can click on a link to a program guide. When the borrower successfully answers all the questions, the program generates a certificate of completion, but the borrower is not obligated to send it to Carrington Mortgage Services or print it out.
Going over the intricacies of their mortgage through the My Loan Detail program educates borrowers and enhances their sense of financial responsibility, explains Carrington Mortgage Services. Additionally, lenders fulfill their ethical requirement of clarifying all the details of the loan.