Borrowers will get up to $2,500 from MortgageMarvel.com
if closing fees differ from what is quoted online
MEQUON, Wis.,Oct. 1, 2012 – Mortgage Marvel, a major U.S. mortgage-shopping website, sets a new standard today with its closing-fee accuracy guarantee, the only guarantee of its kind offered by a multi-lender, rate shopping website. The guarantee will pay consumers up to $2,500 if a lender’s closing fees quoted on MortgageMarvel.com exceed actual fees paid at closing by more than $50.
A full 25 percent of Americans said in a recent poll that full, accurate disclosure of all fees accompanying a mortgage offer is the most important attribute when using a mortgage-shopping website. The poll, which was commissioned by Mortgage Marvel, was conducted by Harris Interactive® in June 2012 among 2,214 U.S. adults aged 18+.
“Closing fees can be as high as 3 percent to 6 percent of the purchase price of a home, so the amount can be substantial,” said Rick Allen, chief operating officer of Mortgage Marvel. “We believe it’s important for consumers to understand and know these costs as early as they can in the mortgage-application process. We’ve worked hard to make sure the closing fees they see on our site are accurate, and we’re willing to stand behind them with our guarantee.”
Mortgage Marvel can make its closing-fee accuracy guarantee because of real-time integration between its website and the product and pricing databases of lenders who quote rates and fees on MortgageMarvel.com. Whenever a lender updates closing-fee information, Mortgage Marvel immediately reflects the changes.
Borrowers can easily register for the guarantee on MortgageMarvel.com – all that is required is their email address. They will receive estimates of closing fees for residential loans from participating mortgage lenders as they shop for and compare loans. To be eligible for the guarantee, borrowers must register for the guarantee on the site, click the “Apply Now” button for the selected lender, complete that lender’s online mortgage application, and close the loan within 90 days. The complete Terms and Conditions can be found on Mortgage Marvel at www.MortgageMarvel.com/fee-guarantee.
At MortgageMarvel.com, consumers have access to accurate rate and closing-fee quotes without revealing personal information such as names, telephone numbers and addresses. This guarantees that they will not receive unwanted offers from lending institutions. The only personal information Mortgage Marvel ever requires is the consumer’s email address, which is required when registering for the closing-fee accuracy guarantee so that Mortgage Marvel can identify the account and deliver a confirmation. Mortgage Marvel never discloses a borrower’s personal information to lenders.
“We provide accurate, real-time information about mortgage rates and closing costs. If consumers provide accurate information to us, they are assured that the loan offers made to them are accurate and real. Our fee accuracy guarantee shows our confidence in the fees that participating lenders are disclosing to consumers,” Allen said.