Patricia Smith is a single mother of two children who always dreamed of owning her own home, so she could ensure a safe place to raise her children in a good school system. When a mortgage loan officer told her that she could buy a home through their first-time homebuyer program, she thought her dream had come true. "Everything seemed great in the beginning and the loan officer seemed very nice and helpful. When I got to closing, my interest rate was higher - the program I thought I had wasn't the program I got and there were extra fees that I knew nothing about. I was in tears, because I knew that I had no choice but to sign the papers because everything I owned was on its way to my new house. I couldn't believe it! The loan officer told me several stories about credit issues and market conditions as to the reason why he had to change my program. He even said that I'm lucky because he got a loan for me. Somehow I didn't feel so lucky." Unfortunately, as you are probably aware, Patricia Smith is not the only person that has had this experience.
Technology is dominating many aspects of the real estate transaction. Part of that process now includes the ability for real estate professionals and home builders to offer the best mortgage solutions to their clients without having to refer the business to a mortgage loan officer. Utilizing current technologies, most loan officers determine loan options the same way. A client's financial information is collected and entered into a computer. Then the loan officer compares the loan options, as well as the commissions they can make, and presents the loan they feel best suits the client's needs - as well as the loan officer's desired income. Depending on the mortgage company and their investors, the mortgage options may be as few as four or as many as hundreds.
Everyday in America, thousands of consumers are victims of mortgage loan officer schemes that ultimately cost the borrower much more money than they originally were led to believe. This is so common, that "predatory lending" and its impact is a growing concern among consumer interest groups and government regulators.
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Thanks to the Internet and technology, real estate agents and builders have the ability to go online and within about 15 minutes receive a loan approval for their client without having to go through the traditional mortgage process. The system is so sophisticated that it is predatory lending proof. The computer does not have the ability to charge a consumer more because it thinks the borrower does not know any better. It simply evaluates the client and gives him or her the right program at the right price, saving the consumer's money and time.
Once an individual's information has been entered, a loan manager works with the client to complete the loan package in a low pressure environment. After the financial information has been evaluated, the borrower simply selects the type and term of loan that they are interested in and the system then immediately begins the underwriting process. The client can view all actual (not estimated) closing costs for each loan match presented. This leaves little margin for error and no opportunity for predatory lending practices. Once a loan is selected, the loan manager gets the client to closing on time, with no "packing" of fees. No games and no gimmicks.
Jonathan Cosie, CEO and founder of MortgageTrends :%$amp; RealEstatePro News, has endorsed this technology as a 2006 Top Industry Technology pick stating that "This is the first, true self-serve online mortgage solution we have ever seen. Other online lenders state that you can do a mortgage online, but the reality is that you either give them information that they sell as a lead to loan officers or they have a loan officer call you. Both of those scenarios often lead to added costs and frustration to the consumer. Our team is very, very impressed with this concept."
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A national survey of home buyers shows they want a real estate agent and a builder who can help with all aspects of the home buying experience, including finding and arranging financing.
When the above described technology is utilized, predatory lending practices are eliminated. It provides real estate professionals and builders a means to offer a true one-stop shopping experience and insures that the very best interests of the client have been taken in consideration while securing a mortgage.
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