Borrower's Bill of Rights

You have the right to:

Your broker has a responsibility to act ethically and with your best interests in mind. Some brokers take advantage of the great complexity of the process in order to profit at the consumer's expense. Unfortunately, federal and state laws only provide limited protection; since many "shady" practices are legal (the laws can't cover everything).

The Owen Team has developed a Borrower's Bill of Rights. Although brokers are not obligated by law to deliver most of these rights, we believe every broker has an ethical responsibility to provide all of them to every borrower. We adhere to the following principles:

Competitive Rate Quote

You are a victim of price gouging when you are entitled to a better loan rate than you receive. Ethical brokers price according to your individual credit and price the loan competitively.

Rate Quote That Won't Change

"Lowballing", also called “bait and switch”, is all too common in the mortgage business. You have the right to a rate quote that won't change. If the quote does change, it should only be for valid reasons (such as underwriting issues).

Accurate Explanation of Credit Status

An ethical mortgage advisor will help you obtain and understand your credit report, assess any issues in the report (without blowing them out of proportion) and help you fix those issues.

Fair Fees

Unethical brokers charge borrowers excessive fees. Because these costs can be financed, they are easy to disguise or downplay. Since they're based on your credit profile and financial profile, fees vary from person to person, but they usually run around 1% to 1.5% of the loan amount for prime borrowers and 2% to 4% for sub-prime borrowers.

Upfront, Full Disclosure of All Lending Fees

You have the right to full disclosure of all fees. Some brokers may try to spring additional fees on you at the closing, when you feel pressured to close. An ethical broker will provide and abide by an upfront, accurate disclosure of all lending fees.

Accurate Closing Date

Your closing date shouldn't slip. If you're purchasing a home, closing on a specific date may be critical to the timing of your move. If you're refinancing, delays might cost you money (in terms of higher rates) or delays getting the funds you need. An ethical broker meets the closing date.

Immediate Notification of Underwriting Issues

You have the right to immediate notification of underwriting issues. This allows you to address the issues or look for another broker. An ethical broker will work with you to address any issues immediately to keep the closing date from slipping or causing the rate to change.

Confirmation of a Rate Lock

You have the right to lock a rate. An ethical broker will lock your rate at your request and provide confirmation in writing.

Exceptional Customer Service

You have the right to exceptional customer service. An exceptional broker provides world class service. They should:

·         Be reachable at your convenience (ask for a cell number)

·         Have a "back up" contact at their office if they are unavailable

·         Help you complete all of the paperwork

·         Use overnight or courier services to expedite your paperwork

·         Have convenient notary services available (some come to your home/office)

·         Have a simple closing process

·         Answer all of your questions, referring you to other experts as necessary

Advocacy with Broker/Underwriter

You have the right to a broker who acts as your advocate with the loan underwriter. Your broker should effectively manage the process with this person for you by:

·         Pushing for fast approval

·         Getting feedback on what's missing in your file to complete the process

·         Getting a rate lock ASAP (see: When to Lock?)

·         Helping you address any issues that arise from the underwriter

No Surprises at Closing

You have the right to no surprises at closing. While things can always change, with an ethical broker there shouldn't be any unwarranted surprises at the closing -- no changes in loan terms and no previously undisclosed fees.

Help After the Closing

You have the right to assistance after closing. After the closing, an ethical broker will continue providing prompt and clear answers to your questions and concerns as they develop over the life of your loan.

The Bottom Line

Because we are a “referral based” firm, we MUST adhere to the highest standards in the mortgage industry.  If we didn’t, then we wouldn’t have 90% of our business come from referrals from real estate agents/brokers, financial advisors, money managers and present and past clients.  We are here for YOU every step of the way.  We want you as our client.  That’s why we strive to be “your mortgage advisors for life!”