I fitted a linear mixed model as follows:
fit=lmer(Time.to.obtain.loan ~ borrower.Gender+ borrowing.Amount + (1|borrower.Country) + (1|borrowing.Sector))
The following was obtained with -
What do these two plots mean? Does the same set of assumptions (normality of residuals; homogenity of variance) apply for linear mixed effects model? Am I right in reading that this model is not properly specified as it violates normality assumptions?
How should one go about fixing such violations?