We explore the factors why loan officer payment is harmful to customers. And we also offer an alternative — Better Mortgage has loan officers whom don’t receive money commission, ever.
Loan officers would be the point that is main of for borrowers for the home loan application procedure at nearly every mortgage company. That’s a job that is important appropriate?
In substitution for this solution, the normal loan officer is compensated 1% regarding the loan quantity in payment. On a $500,000 loan, that is a commission of $5,000. Numerous banking institutions pass this expense through to customers by charging you greater rates of interest and origination charges.
It is thought by us’s crazy that ?ndividuals are effortlessly charged to cover loan officers who might not be representing their finest passions. That’s why at Better Mortgage, we don’t spend our loan officers any payment, duration. Alternatively, we pass regarding the cost cost savings to customers via industry-leading prices, and then we spend money on technology to really make the consumer experience faster more transparent, and a lot that is whole. In this specific article, we’ll explain why. Read More