When you see the notification "Your client's mortgage has matured", it means the client's mortgage has reached the end of its term.
To continue monitoring their mortgage - whether they've renewed with their existing lender or moved to a new one - we strongly recommend updating their mortgage details in Ownwell. This ensures you can continue providing them with valuable insights through the Ownwell report.
Resolution
Obtain the New Mortgage Details: Ideally, get this information from the client’s new mortgage agreement or a similar document.
Update the Mortgage Information in Ownwell: Navigate to the "Original Mortgage" tab in Ownwell and update the following fields with the new details:
Closing Date
Term Start Date (or Interest Adjustment Date): This, along with the Term field, determines the new maturity date.
Mortgage Amount: The total amount of the new mortgage.
Mortgage Property Value: This is the property value used by the lender to determine the mortgage terms - an estimate is fine.
Note: This value is used for setting up the Loan-to-Value (LTV) ratio at the time of the mortgage. It does not affect the current estimated property value but helps track changes in LTV over time.
Rate
Rate Type
Payment Frequency
Amortization Period
Term: The length of the new mortgage term.
By keeping these details up-to-date, you’ll ensure the most accurate tracking and insights for your clients.