We’re working on simplifying our application process so that there is minimal involvement required from your client, and this will be reflected on this page in due course. During the application journey, your client will receive progress updates via the Nomo app.
Because Nomo provides Sharia-compliant Property Finance, the amount of documents that your client will receive for signature is different than for conventional mortgage finance, hence we have explained the steps below so that you can support your client through the process.
Once you're satisfied that Nomo Property Finance is right for your clients:
You submit application in the Broker Portal
Submit your client's full property finance application via the Nomo Broker Portal, providing all necessary data and documents. Our full list of packaging requirements can be found here. If the client does not already have a Nomo current account, we will trigger an account to be created, and you will provide their onboarding requirements as part of packaging.
Property Finance Officer is assigned to the case
Once the property finance application has been received by Nomo, a Property Finance Officer from Nomo will be assigned to the case.
Client reviews and approves the application
If the client already has a Nomo current account, please inform them that they will receive a notification to review and approve the application in the app – please skip to Step 6. If they don’t already have an account, the onboarding process will be initiated.
Client completes liveness and passport scan
The client will receive a liveness and passport scan link to their email via the Nomo Onboarding team. They will need to follow this link, complete their liveness scan and upload their passport.
Log in to Broker Portal
Client claims their account
If the client is approved in line with our KYC requirements, they will receive an email allowing them to claim their account set up using the information you have provided as their broker.
| Push notification heading | Push notification content |
|---|---|
| Review Application | Your broker has submitted a Nomo Property Finance application on your behalf. Open Nomo to review it in the app. |
Property Finance Officer collects additional documents
The Property Finance Officer from Nomo will be in touch with you to collect any additional documents required.
Underwriters review the case
Once we have received the documents required, and the case is fully packaged and has passed completeness checks, our underwriters will review the case. Your client will receive a notification as well.
| Push notification heading | Push notification content |
|---|---|
| Documents reviewed | We've received and reviewed all the required documents for your Nomo Property Finance application. You can now continue the journey! |
Your Property Finance Officer will inform you of any additional requirements our Underwriting Team require.
Valuation is instructed
Following credit approval, a valuation is instructed by Nomo. On new-build properties, a re-inspection will be required once the construction has been completed.
Offer Pack is sent via DocuSign
Subject to a satisfactory valuation, we will send your client an Offer Pack via DocuSign for e-signature. Your client is notified as well.
| Push notification heading | Push notification content |
|---|---|
| Congratulations, you have received an offer | Please check your email for more details |
A copy of the offer is sent to you as well.
| Document | Purpose | Requires client signature? |
|---|---|---|
| Offer Letter (for the finance amount) | This is the formal offer from Nomo to your client to provide Property Finance | Yes |
| Property Finance Terms | This sets out the terms on which we are providing Property Finance. Schedule 2 and 3 are documents that are used for the Murabaha Trade. | No |
| Agency Agreement | This authorises Nomo to execute the Murabaha Trade for your client. | Yes |
| Fees Withdrawal | Authority to debit Nomo current account with application fees. | Yes |
Client pays application fee and legal costs
Upon acceptance of the offer, the client is required to pay the application fee and Nomo’s legal representation costs. Your client will get a Nomo app notification for this as well.
| Push notification heading | Push notification content |
|---|---|
| Payment required | Please pay your Nomo Property Finance fees in the app so we can start arranging the funding for your property. |
| Payment Received | Your property finance fees were successfully paid. |
Client provides solicitor details
Upon acceptance of the offer, the client is required to pay the application fee and Nomo’s legal representation costs. Your client will get a Nomo app notification for this as well. They will also be required to log in to the app and provide details of their solicitor.
| Document | Purpose | Requires client signature? |
|---|---|---|
| Power of attorney | Authorise Nomo to sign the Murahaba Trade documents on behalf of the client, which is mentioned below. | Yes |
Solicitor is instructed
We will then instruct our solicitor. Please ask your client to instruct the solicitor who will act on their behalf as well. It’s important that you track the progress your client’s solicitor is making, as in our experience this is where delays occur in the process. The solicitor pack that we send out will contain a Power of Attorney that will be forwarded to your client's solicitor. The client is required to sign the Power of Attorney.
| Document | Purpose | Requires client signature? |
|---|---|---|
| Utilisation Notice | The Utilisation Notice is confirmation from your client that they want us to carry out the Murabaha Trade in order to release funds for the property purchase/refinance. | Yes |
Client signs Utilisation Notice
Once we have received the Certificate of Title from our solicitor, your client is sent a Utilisation Notice to sign via DocuSign. In certain circumstances, we may send this before the Certificate of Title has been received if legal completion is imminent.
Power of Attorney notification is sent
Once the Utilisation Notice has been signed, we send out a Power of Attorney notification by email to the client. The email is for information only and does not require acknowledgement.
| Document | Purpose | Requires client signature? |
|---|---|---|
| Seller Offer (for the Murabaha Trade) | Our offer to sell the metals to your client for the finance amount plus the profit rate. | No, for information only |
| Agent Confirmation | The confirmation that Nomo has sole the metals on behalf of the client. | No, for information only |
Commodity Murabaha Trade is carried out
Up to two days prior to legal completion, we will carry out the Commodity Murabaha Trade.
a. Nomo will purchase metals from Broker A for the finance amount.
b. These metals are immediately sold to your client for the finance amount plus the total profit amount for the fixed term.
c. Nomo then sells the metals to Broker B for the finance amount.
d. The money from the sale of the metals is used to fund the property finance transaction.
d. The money from the sale of the metals is used to fund the property finance transaction. Once the trade has been carried out, the following documents are set to the customer for information purposes only:
Funds are remitted to solicitor
On the day of completion, funds are remitted to Nomo's solicitor, who will then forward it to your client's solicitor.
| Document | Purpose | Requires client signature? |
|---|---|---|
| Welcome Letter | Informs the client that their finance is now live and reminds them of the key terms. | Yes |
| Push notification heading | Push notification content |
|---|---|
| Your finance has been funded! | Please login to view details |
Welcome letter and finance payment notifications
We will send your client a welcome letter and they will be notified accordingly via the app of upcoming finance payments. Note that the actual amount of the payment may vary slightly depending on the number of calendar days in the month.