La Hipoteca Inversa de Santander MAPFRE has received AENOR certification which accredits proper performance of its entire marketing process. The "Reverse Mortgage Management System" certificate has been awarded after a meticulous evaluation process carried out by AENOR, which has thoroughly analysed the reference documentation on the product and conducted on-site audits on a representative sample of cases.
The AENOR team reviewed all the stages of the process, starting with commercialisation and marketing. External and independent advice plus compliance with the milestones prior to the conclusion of the mortgage before a notary have been especially highly rated in this stage. These milestones include the obligation to provide the customer with clear and detailed information not only on the product but also about other financial alternatives available.
The certification additionally covered the after-sales period, making sure Santander MAPFRE complies with its ongoing information obligations to both customers and their heirs. This involves reporting on the status of the loan and keeping key documentation up to date such as insurance, proof of life documents and certificates of dependency. The last aspect assessed was the termination phase of the contract, either due to early repayment or death of the holder(s). On this point, AENOR checked that the institution advises the heirs correctly and within the appropriate timeframe of the options available and how to use them.
Santander MAPFRE's Reverse Mortgage thus becomes the first product of its kind to receive certification from AENOR which has developed a specific verification model based on current legislation, industry guidelines and recognised best practices.
Please find more information in the press release attached.
In the photo, Trinidad Martín-Orozco, Managing Director of Santander MAPFRE Reverse Mortgage, and Javier Mejía, AENOR's Director of Strategic Marketing and Business Development.
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