We explore the good factors why loan officer payment is detrimental to consumers. And then we offer 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 through the home loan application procedure at virtually every mortgage company. That’s a job that is important appropriate?
In substitution for this solution, the normal loan officer is compensated 1% associated with the loan quantity in payment. For a $500,000 loan, that’s a commission of $5,000. Numerous banking institutions pass this expense right through to customers by asking greater rates of interest and origination charges.
We think it is crazy that individuals are effortlessly charged to pay for loan officers whom might not be representing their finest passions. That’s why at Better Mortgage, we don’t spend our loan officers any payment, duration. Rather, we pass in the cost cost cost savings to customers via industry-leading prices, and now we spend money on technology to help make the client experience faster more transparent, and a great deal better.