Are You an Honest Loan Originator?
If you can answer “Yes” to all of these questions, TEGO considers you an honest loan originator.
- Are you licensed to originate mortgage loans?
- Are you willing to offer your clients the best loan terms they qualify for?
- Will you disclose all of your loan origination income including loan fees, discount points, yield premiums, service release premiums, warehouse fees, processing , handling, underwriting, document preparation fees, funding, administration, and all the other fees that are collected ?
- If interest rates improve during processing, do you promise not to increase your profits but pass the market improvements on to your customers?
- Do you promise not to collude with the closing agent in an attempt to hide your real income being earned on your loans?
- Do you promise to comply with state and federal laws requiring you to provide new disclosures to your customers should a change in their loan terms occur and not wait until the last minute leaving them without options?
- Do you promise if asked by your customer to work with TEGO Certified to make sure your loan terms are understood and properly disclosed?
- Do you agree to allow TEGO Certified to rate and make public on our website how well you complied with TEGO’s fair lending standards?
- If TEGO Certified introduces you to a new client, do you agree to offer your services to the client within the fair lending standards?
- May we tell the public that you are willing to provide your lending services to the TEGO Certified standards?