Financial and Mortgage Portfolio Overview
Fyrirtæki
Application process is streamlined
Response is normally delivered within 1 to 5 days
The application process for a mortgage is fully digital, with 99% of applications being made digitally
Information required: All necessary data is retrieved digitally through a third party, such as credit rating and debt statement from Credit
Info, and information on salary income at the tax authority, when performing an automatic credit assessment. The credit assessment is the
first step in the process before the client chooses a loan form, an amount, etc.
Risk profile considerations: The ability to pay can affect the form of the loan choice. The product offering to customers in some cases
varies by risk profile; for instance, lower income individuals cannot take out non-indexed loans because the debt burden is too high or in
excess of 30% of their disposable income
Timeline: It normally takes 1-5 days to finalize a credit decision on behalf of the Bank
Rejection rate and type: The rejection rate has been in the range of 1-5% of all loan applications in recent years. Examples of rejections
can be insufficient completion of a property in construction stage, inadequate credit rating, missing cost estimates for improvements or
deficiencies in the property, the borrower not being domiciled in the property, etc.
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August-September 2022View entire presentation