Ethical Mortgage Loan Commitment

We believe all homeowners should be able to obtain a mortgage without having to pay excessive fees or pay a higher interest rate than is fair. Because of our belief, all mortgage professionals who offer home loans to you through BeatMyBroker.com must sign the Ethical Mortgage Loan Commitment before they are allowed to contact you.

The Ethical Mortgage Loan Commitment addresses the following:

Interest Rates Lower than the National Average

BeatMyBroker.com makes mortgage professionals place a cap on interest rates being offered as well as fees being collected. This ensures that you receive interest rates lower than the national average and almost always lower than banks and credit unions.

• Mortgage professionals may not collect fees in excess of 1.25% of the loan amount.  Fees also include Yield Spread Premium or any other rebate offered by a lender to the mortgage professional for originating a mortgage loan.

Restriction of Excessive Fees

• No junk fees including application fees and mortgage broker fees.  Fees to lock an interest rate, unless required by the lender for an extended rate lock, are prohibited.  Mortgage broker fees and application fees are allowed to be collected up front as long as those fees are applied back to the borrower as a credit at closing.

Professional Behavior

• Mortgage professionals must follow all Federal mortgage laws and state specific lending laws.
• Mortgage professionals should always maintain contact with their borrowers, put the best interests of the client before their own, and originate mortgage loans in a timely fashion.