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Service with Integrity

 

Service with Integrity

GUARANTEED
     A Solid Foundation SM

Associate Mortgage acts as your representative (agent) in shopping lenders for your Florida home loan or real estate mortgage. For this service we charge a fixed fee, which will be set upfront. Our duty to you : (1) to shop for the best possible wholesale rates and points ,and (2) pass them through to you, (3) with no markups or hidden charges.

The potential saving to a consumer from having Associate Mortgage do their shopping either for a purchase or refinance is very large, especially if they have weak credit. In the "sub-prime" market, price differences between retail lenders are particularly large.

Of course, all mortgage brokers shop the market for the best deals. What distinguishes Associate Mortgage is that the benefit accrues to the customer.

What is the difference between Our Integrity Guarantee & Conventional Mortgage Brokers?

Associate Mortgage is one who has elected to do business in an up front and fully transparent way. Honest brokers can't compete with "sunshine blowers" who ensnare consumers by quoting prices they cannot actually deliver. The sunshine blowers have a dozen tricks they can use to raise the price once they have you on the hook.

The major differences between Associate Mortgage and a conventional mortgage broker (MB) are:

1. Associate Mortgage disclose their fees to customers in advance and in writing, and disclose the wholesale prices (rates and points) passed through from lenders. Customers of Associate Mortgage pay the broker's fee plus wholesale loan prices.

In contrast, conventional mortgage brokers (MBs) add a markup to the wholesale prices, and quote the resulting “retail prices” to customers. Most MBs reveal their markup only in required disclosures after an application has been submitted.

2. Associate Mortgage's interests are fully aligned with those of customers. They can thus represent borrowers in shopping for loans. In contrast, MBs shopping the market are often in a conflict situation with customers. For example:

*The loan type that best meets the customer's needs may not be the one that allows the largest markup for the MB.

*MBs may profit by ignoring customer requests to lock the rate/points, putting the customer at risk.

*MBs often increase their markup on customers who allow the rate/points to float by not giving them the best available rate (the float rate) when the loan is finally locked.

3. Associate Mortgage's credits customers with any rebates they receive from third parties. Mortgage brokers sometimes receive rebates from lenders or concessions from home sellers. Associate Mortgage credits customers for any such payments that would otherwise increase the broker’s fee beyond what was agreed upon.

In contrast, MBs may or may not credit customers for payments from third parties, depending on the circumstances.

General Benefits of Associate Mortgage's Integrity GUARANTEED

Lenders offer wholesale prices to brokers because brokers perform costly services that lenders would otherwise be forced to provide themselves. The most important is finding, counseling and qualifying borrowers.

Lenders who operate through both wholesale and retail distribution channels quote wholesale rates on fixed-rate mortgages from .25% to .50% lower than retail rates. The average is about .375%, worth approximately 1.5 points. Points are an upfront credit charge expressed as a percent of the loan amount. On an average loan of $250,000, 1.5 points amounts to $3,750.

While Associate Mortgage's customers pay a disclosed broker's fee and the disclosed wholesale loan price, conventional mortgage brokers (MBs) add a markup to the wholesale prices, and quote only the resulting “retail prices” to customers. Their fee is the markup, plus any payments that they receive from lenders. Most MBs don’t reveal their fees until required by law -- after an application has been submitted.

Because of the way they price their services, Associate Mortgage's interests are fully aligned with those of customers. In contrast, MBs are often in a conflict situation with customers.

MOST IMPORTANT:

At a customer’s request, Associate Mortgage will disclose their fees to customers in writing and in advance. Associate Mortgage also discloses the wholesale prices (rates and points) they receive from lenders. Customers of Associate Mortgage pay the broker's fee plus wholesale loan prices.

The Integrity GUARANTEE

1. Associate Mortgage will be the customer's representative or agent, and will endeavor to act in the best interests of the customer.

2. Associate Mortgage will establish a price for services upfront, in writing, based on information provided by the customer.

*The price may be a fixed dollar amount, a percent of the loan, an hourly charge for the Associate Mortgage's time, or a combination of these.

*The price or prices will cover all the services provided by Associate Mortgage. This includes loan processing, for which customers always pay a broker or lender.

*On third party services, such as an appraisal, ordered by the broker but paid for by the customer, Associate Mortgage will provide the invoice from the third party service provider at the customer’s request. Alternatively, Associate Mortgage may have the payment made directly by the customer to the third party service provider.

3. Any payments Associate Mortgage receives from third parties involved in the transaction will be credited to the customer, unless such payments are included in the Associate Mortgage's fee.

*If Associate Mortgage's fee is 1 point, for example, and Associate Mortgage collects 1 point from the lender as a “ yield spread premium”, Associate Mortgage either charges the customer 1 point and credits the customer with the yield spread premium, or charges the customer nothing and retains the yield spread premium.

4. Associate Mortgage will use his best efforts to determine the loan type, features, and lender services that best meet the customer's needs, and to find the best wholesale price for that loan.

5. The wholesale prices from which Associate Mortgage's selection is made will be disclosed at the customer's request.

6. When directed by the customer, Associate Mortgage will lock the terms (rate, points, and other major features) of the loan, and will provide a copy of the written confirmation of the rate lock as soon as it has been received from the lender.

7. If a customer elects to float the rate/points, Associate Mortgage will provide the customer the best wholesale float price available to that customer on the day the loan is finally locked.

8. Associate Mortgage will maintain a web site on which its commitment to its customers is prominently displayed, along with any other information Associate Mortgage wishes to convey.

 

For a copy of the signed Integrity GUARANTEE signed by Elise Altergott please click here

Page Updated: 07/31/2007

 
 

Your Broker

Photo of Elise Altergott, Principal Broker

Elise Altergott
Principal Broker

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