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CONTACT:

Alan Bercovitz

Company Name: Guaranteed Mortgage Quote, LLC

Phone Number: 401-213-0666

FAX Number: 401-213-0667

Email Address: alan@guaranteedmortgagequote.com

URL: www.guaranteedmortgagequote.com

 

Patented Guaranteed Mortgage Quote™ Program Generates Revenue For Mortgage And Real Estate Trade Associations

Wyoming, RI, 7/1/2012 - The Guaranteed Mortgage Quote™ company has developed a new mortgage application processing system that includes a guaranteed payment provision for the borrower that’s so unique, it was granted a U.S. Patent. Designed to guarantee that a borrower will close their mortgage under the originally quoted terms, or receive a check if they do not, this new program creates a unique revenue opportunity for mortgage and real estate trade associations.

 

According to Alan Bercovitz, Founder of The Guaranteed Mortgage Quote™, “Even after all of the federal and state regulations designed to address the country's mortgage-induced financial crisis, the mortgage industry still has one dirty big secret. That secret is the amount of mortgage "fallout" caused by mortgage loan originator oversights.  Too many borrowers are "approved" for mortgages they don't qualify for because originators did not fully analyze the borrower's financial situation. These oversights are ultimately discovered during the underwriting process when it's too late to save the applicant from financial harm.”

 

Mr. Bercovitz went on to cite a 2009 report from The Mortgage Banker Association which stated “a full 31.56% of applicants didn’t close with the lender who took the application.”  (Last year’s data available)

 

And while not all of that so called ‘fallout’ was caused by mortgage company errors, that 31.56% doesn’t even include those people who closed on their loan but ended up with a higher interest rate or had other terms changed on them before or at closing.

 

Mr. Bercovitz created this program to reduce the financial losses suffered by borrowers and Realtors^® when mortgage terms are modified at the last minute, or worse, when the mortgage offer is rescinded after the underwriter’s review.

 

At the heart of the program is a highly-detailed supplement to the standard 1003 mortgage form that puts all additional crucial mortgage application questions in one place. This gives the mortgage loan originator all the information needed to guarantee a borrower meets the requirements of the mortgage program and that the application package will pass through underwriting.

 

Mortgage lenders who subscribe to the program are able to offer borrowers a written guarantee that the loan will close under the originally quoted terms. And, if that turns out not to be the case, the borrower is eligible to receive a Guaranteed Mortgage Quote™ payment. This payment may be used to reduce the closing costs for a loan the borrower ultimately qualifies for, or the borrower can elect to receive a guarantee payment check and walk away from the deal.

 

The program also provides monetary compensation to sellers who suffered losses because their buyer's mortgage did not close.

 

“The program benefits everyone in the mortgage chain. Satisfied borrowers are more likely to refer their friends to mortgage companies offering a guarantee. Title or settlement/closing attorneys are likely to close a greater percentage of files that come from mortgage companies offering The Guaranteed Mortgage Quote™,” Mr. Bercovitz added. 

 

The Guaranteed Mortgage Quote™ company is seeking mortgage and Realtor^® trade associations, and allied groups and organizations, to help the company find mortgage lenders to license this revolutionary system.  The company will share the licensing revenue with those companies that help attract licensees.

 

To learn more about the Guaranteed Mortgage Quote™ system and how your organization can generate revenue by helping the company secure licensees, visit www.guaranteedmortgagequote.com today.

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