Q & A with TEGO Founder Dave Wallace
Q: Is TEGO Certified owned by or affiliated with a mortgage lender or mortgage broker?
DW: No, TEGO Certified is an independent watchdog company that is committed to fairness to consumers in lending.
Q: Who is TEGO Certified?
DW: TEGO Certified was created by veteran mortgage industry professionals with decades of experience in mortgage lending, mortgage broking, real estate sales and lending regulatory compliance. We are frustrated by the lack of enforcement that current and pending regulations provide to the American consumers. It is deeds not words that will protect our customers. You may choose to trust your lender ... TEGO Certified will verify their process is trustworthy.
Q: Why do you think TEGO Certified is a vital service for borrowers?
DW: TEGO Certified is the only full proof method for consumers to protect themselves from overpaying for their mortgage. Even in the age of information, consumers seldom have any idea what is fair pricing for a mortgage loan. TEGO Certified outlines acceptable fee ranges for services provided by lenders, brokers and other settlement service providers. TEGO Certified monitors your loan transaction from start to finish to make sure no unnecessary changes are made to your fees and rate to assure you get a fair loan when you close.
Q: Doesn't the government regulate lenders?
DW: There are plenty of government regulations in place but little if any policing of the regulations. In addition, consumers are left to decipher for themselves the fine print and intimidating stacks of paperwork. TEGO Certified cuts through the red tape and fine print and gives simple easy-to-understand answers.
Q: Aren't there laws in place that are supposed to protect consumers?
DW: History has proven laws alone will not protect you. You need TEGO Certified to make sure you get the loan you were promised.
Q: Much has been said in the media about how deceptive mortgage brokers were in the mortgage meltdown. Why are mortgage brokers important?
DW: Mortgage brokers are vital to having a level playing field in the lending industry. They provide more consumer choices and create beneficial competition. TEGO Certified protects you from deception and overcharges and makes sure you get the loan you were promised at the price you were quoted.
Q: Why are you so confident that TEGO Certified closes all the loopholes used by Loan originators?
DW: The founders of TEGO Certified have decades of lending experience. We know all the tricks and ploys that can be used to increase profits. We cut through all the inside secrets and demand the simple truth about your loan. We monitor your loan throughout the entire process. TEGO Certified is focused on problem "prevention".
Q: If I get my home loan through a bank, why would I need TEGO Certified? Aren't banks more regulated?
DW: Yes banks are regulated however they are not required to disclose all of the income they may make on your loan. Banks are no different than other business as they exist to provide services and make a profit. We believe they should make a reasonable profit but we make sure they play by the rules and that you fully understand the fees and loan terms you are being offered. The truth is that banks are no different than any other business. They exist to provide services and make a profit. TEGO Certified believes the banks should make a reasonable profit. But we make sure the lenders and banks play by the rules and that you are not confused into accepting loan terms that are not in your best interest or that you do not fully understand.
Q: How will TEGO Certified protect the mortgage industry?
DW: TEGO Certified helps lenders and brokers keep better track of their loan officers and their internal processes. By pointing out excessive charges and possible regulation violations, TEGO Certified helps good lenders and brokers provide better service to their customers.