We explore the factors why loan officer payment is harmful to customers. So we provide an alternative — Better Mortgage has loan officers whom don’t receive money commission, ever.
Loan officers will 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?
The typical loan officer is paid 1% of the loan amount in commission in return for this service. On a $500,000 loan, that is a commission of $5,000. Numerous banking institutions pass this cost right through to customers by asking higher rates of interest and origination costs.
It is thought by us’s crazy that ?ndividuals are efficiently charged to cover loan officers whom might not be representing their utmost passions. That’s why at Better Mortgage, we don’t spend our loan officers any payment, period. Alternatively, we pass from the 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 better. In this specific article, we’ll explain why.
1. Your own personal most useful interest
It’s reasonable for customers to concern whether home loan officers are acting inside their desires. A helpful starting place is to inquire of: just exactly exactly How are these loan officers paid?
Loan officers typically receives a commission in two means: 1. Commission, determined as a portion for the total loan quantity 2. Read More