Communication with your Lender and Closing Agent
Your home loan is one of the largest financial transactions you will ever have. Some Lenders and Closing Agents don't always remember this fact. The TEGO Certified system will provide you with critical information about your loan that may not be brought to your attention without us! The TEGO Certified reports will provide you with insight and information about your loan so that you can better communicate with your lender and closing agent - potentially saving you thousands of dollars.
The TEGO website facilitates communication between the Borrower, Loan Originator and Closing Agent.
Borrowers can view details about their loan so they can better communicate with their lender and closing agent.
TEGO will uncover the hidden fees and excessive lender income so that Borrowers can better negotiate their loan.
The TEGO Process
TEGO Certified provides you with 5 reports as part of our process. Each report has its purpose in ensuring you know all of the details of your loan so that the loan you signed up for is the loan you receive! Click on the report icons below to see samples of each report - and to see how each report alerted the Borrowers for these transactions of potential overcharges - saving each of them thousands of dollars! These are real scenarios - and without TEGO Certified, this could happen for you.
Step 1: Search for Lenders and Closing Agents for your home loan on the TEGO Certified website. Or invite your own!
Step 2: Your Loan Originator will enter details about your loan offer. TEGO will provide you with the Loan Origination report summarizing your loan terms and we’ll let you know if we think the terms are fair. You check the report. If it looks great, approve it! If the terms are not what they are supposed to be, reject it. Your lender will be notified by TEGO.
Step 3: When your lender gives you a Good Faith Estimate (GFE), they will enter your loan details again into TEGO. TEGO will provide you with a Closing Cost Worksheet Report which will compare the loan details from the Loan Origination Agreement Report to the details on the Closing Cost Worksheet and will flag items that have changed. You check the report. If it looks great, approve it! If something looks wrong, reject it. Your lender will be notified.
Step 4: TEGO translates the details of your loan from information provided by your lender and creates your custom "How Your Loan Really Works" document. This is an easy to read report that will outline your loan terms in a simple, one page format. No legal jargon, just the important stuff.
Step 5: When your loan is almost ready to close, your Closing Agent will enter your final loan details from your loan documents into the TEGO system. We do the final check on your loan terms and issue the TEGO Closing Report. The TCR report provides you with the final loan terms, compares them with the details on the Closing Cost Worksheet, and alerts you to any changes. If the TCR report looks great, approve it! If something is not right, reject the report and TEGO alerts both the lender and closing agent.
Step 6: Your Closing Agent will review your loan documents and input your loan details into the TEGO system. We will again translate these terms and provide you with a Final How Your Loan Really Works document.
