A mortgage counseling meeting in person or over the phone. The “client” will be informed about loan programs and wholesale rates available from a variety of lenders. You will receive an education about the lending process, an understanding of credit scoring and how to improve your score (if necessary). You will learn about the differences between mortgage brokers, mortgage bankers, banks and credit unions. Lower cost options and loan affordability will also be discussed. A mortgage counselor will fill out a loan application on behalf of the client ($90.00). Order a tri-merged credit report and scores from all 3 major credit bureaus and give a copy of the report to the “client.”

Enter the clients’ application into an automated underwriting system or a lenders’ manual underwriting process (if automated is not available). The purpose is to seek a loan approval based upon a loan that the “client” wants. Mortgage Grader® makes no expressed or implied promises that Mortgage Grader® will be able to arrange a loan approval for the “client.” ($9.00).

If Mortgage Grader® arranges your loan funding, Mortgage Grader® will refund your advance fee at closing by delivering a check to you or by crediting the advance fee to you through the closing agent (on your HUD-I settlement statement). Mortgage Grader will earn a brokerage fee and there are closing costs associated with each loan.

Farmers & Merchants Bank located in Lake Forest, CA is Mortgage Grader’s® Trust Account Depository. Any funds remaining in this trust account for services not performed, or if the agreement is cancelled, will be refunded to the “client.” You will receive a quarterly and final accounting.

Client agrees to pay $99.00 prior to or upon our meeting. The fee can be paid by cash, check or credit card.