Certified Network Lender Service. As part of its service of providing information about mortgage loans, Mortgage Professor offers a service through the Website by which you may identify a “Certified Network Lender” (“CNL”) from which you can seek a mortgage loan (“the CNL Service”). Such CNLs conform to certain rules and principles set forth on the relevant pages of the Website. Mortgage Professor itself does not make or guarantee such loans, but simply acts as a conduit through which you can identify a CNL and, if you desire, apply for a mortgage loan.
Mortgage-Related Insurance. As part of its services, Mortgage Professor offers a service through the Website by which you can seek a mortgage-related insurance provider. As with its CNL Service, Mortgage Professor does not itself provide insurance, but simply acts as a conduit through which you can identify a mortgage-related insurance provider and apply for such insurance.
You understand that any and all decisions made by you with respect to selection of a CNL or provider of mortgage-related insurance are yours alone. While Mortgage Professor does its best to verify that a CNL or mortgage-related insurance provider adheres to certain guidelines, it cannot guarantee the accuracy of information from any such provider or lender. Mortgage Professor reserves the right to modify or terminate its services or disable your access to the Website for any reason, and without notice or liability to you or any third party. If you are not at least 13 years of age, you may not use any services offered by this Website.
In order to use the CNL Service, you may (but are not obligated to) create an account for the purpose of storing your personal data. In connection with such account creation, you will be asked to provide certain information about yourself, a username and a password. Such information is used solely for the purpose of identifying a CNL from which you may seek a mortgage loan, and not for any other purpose.
The Website includes links to third party websites. These links do not mean that Mortgage Professor endorses or controls these third party sites or services. You acknowledge and agree that Mortgage Professor is not responsible or liable for any content or other materials on these third party sites.
Mortgage Professor is not responsible, and shall have no liability, for any incorrect or inaccurate content posted on the Website. With respect to the Website, Mortgage Professor assumes no responsibility for any error, omission, interruption, deletion, defect, delay in operation or transmission, communications line failure, theft or destruction or unauthorized access to, or alteration of, any communications. Under no circumstances will Mortgage Professor be responsible for any loss or damage resulting from any use of the Website, any content posted on the Website or transmitted to, or any interactions between, any users of the Website, whether online or offline.
Mortgage Professor shall not be responsible, or have any duty or obligation to, or liability for: (a) decisions or interactions resulting (directly or indirectly) from obtaining a mortgage loan from a CNL or mortgage-related insurance from an insurance provider; or (b) any damages, costs, losses or expenses you incur as a result (directly or indirectly) of obtaining a mortgage loan or mortgage-related insurance. In addition, in no event will Mortgage Professor be liable to you or any other person for any damages, costs, losses or expenses, including any lost capital, lost profits or special, incidental, consequential or punitive damages arising from your use of the Website even if Mortgage Professor has been advised of the possibility of such damages, costs, losses or expenses.
The Website, including but not limited to written text, software, scripts, code, graphics, photos, sounds, music, videos and interactive features, as well as trademarks, trade dress, service marks, and or logos (“Content”), is the exclusive property of Mortgage Professor. Such Content and information available on the Website is for your personal, non-commercial use only, and may not be copied, transmitted, reproduced, distributed, sold, licensed, or otherwise exploited for any purpose whatsoever without the express prior written consent of Mortgage Professor.
In addition, the Website contains certain trademarks or other designations (“Trademarks”) that are owned by Mortgage Professor or their respective owners. “The Mortgage Professor” is a trademark of Mortgage Professor. All rights in such Intellectual Property are expressly reserved and no such Content or Trademarks may be used, reproduced, and/or distributed without the express permission from Mortgage Professor or the respective owners.
THE WEBSITE, AND ANY CONTENT OR INFORMATION CONTAINED WITHIN IT OR ANY SERVICE OR ADVICE PROVIDED IN CONNECTION THEREWITH, IS PROVIDED “AS IS” WITH NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. MORTGAGE PROFESSOR DISCLAIMS ALL WARRANTIES WITH RESPECT TO FORUM ACCESSIBILITY OR DOWN TIME. YOU ASSUME TOTAL RESPONSIBILITY AND RISK FOR YOUR USE OF THE FORUM.
TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT WILL MORTGAGE PROFESSOR, ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR PERSONNEL BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, INDIRECT, SPECIAL, PUNITIVE, LOST PROFITS OR EXEMPLARY DAMAGES) ARISING UNDER THIS AGREEMENT, REGARDLESS OF WHETHER MORTGAGE PROFESSOR HAS BEEN INFORMED OF THE POSSIBILITY OF SUCH DAMAGES.
If there is any dispute about or involving Mortgage Professor or the Website, by using the Website, you agree that the dispute will be governed by the laws of the State of Pennsylvania without regard to its conflict of law provisions. You agree to personal jurisdiction by and venue in the federal courts located in the State of Pennsylvania. TO THE EXTENT PERMITTED BY APPLICABLE LAW, YOU HEREBY WAIVE YOUR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR ANY CONTEMPLATED USE HEREIN, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS AGREEMENT.
WITHOUT INTENDING IN ANY WAY TO LIMIT YOUR AGREEMENT TO WAIVE YOUR RIGHT TO A TRIAL BY JURY, if the above waiver of the right to a trial by jury is not enforceable, you agree that any and all disputes or controversies of any nature between you and Mortgage Professor arising at any time shall be resolved by binding arbitration, decided by a reference to a private judge, mutually selected by you and Mortgage Professor and you waive, to the maximum extent not prohibited by law, any right you may have to claim or recover in any legal action or proceeding referred to in this section any special, exemplary, punitive or consequential damages.
Personally identifiable information is any information in Mortgage Professor’s possession that is associated with a specific user of the website (such as a name or e-mail address or income information). You may use the Website for as long as you want without providing any personally identifiable information. No lender will contact you except a CNL once you have selected one.
Personally identifiable information does not include aggregate information, which is general demographic information (such as the number and frequency of visitors to the Website). Mortgage Professor may track visitors to the website in an aggregate form to allow us to update and improve the Website. Personally identifiable information is not extracted in this process. Mortgage Professor may use or disclose aggregated (not personally identifiable) information for any purpose.
As noted above, Mortgage Professor will not release or distribute personal information you provide as part of using the Website. However, Mortgage Professor may share information without your consent in response to legal process, such as a court order or subpoena, or in other situations where, in good faith, Mortgage Professor deems that such disclosure is legally required. Mortgage Professor has in place reasonable safeguards designed to protect the privacy of all personal information and reasonable measures are taken to prevent the unauthorized disclosure of personal information.
When you visit the Website, we reserve the right to use a technology called “cookies.” Cookies enable Mortgage Professor to enhance your user experience. You may refer to your browser instructions or help screen to learn more about how to manage cookies.
The Website is not intended for children under 13 and Mortgage Professor does not knowingly collect or maintain any personally identifiable information from such children. Accordingly, Mortgage Professor does not provide a mechanism to obtain parental consent.
If you are a parent or guardian who has discovered that your child has submitted his or her personal information, Mortgage Professor will make reasonable efforts to delete the information from its database, at your request. To request the deletion of your child’s information, please send an e-mail to email@example.com and be sure to include in your message the same member name and password that your child submitted.
If you take the price you found on this site to a loan officer (LO) employee of a lender, or a mortgage broker who deals with multiple lenders, and ask them if they can beat it, invariably they will say “Yes”. This is called “low-balling the price.” It is a very common practice designed to snare the price shopper as a client.
Low-balling only arises when the LO or broker is the source of the price quote. In contrast, the prices you were quoted on this site came directly from each lender’s internal pricing system, without intervention by intermediaries. These “posted prices” are those at which the lender is actually prepared to commit at that time.
Low-balling the price does not commit the LO or broker to anything for which they can be held to account. Market prices change frequently and all lenders reset their posted prices every day, and sometimes within the day. These price changes make all prior price quotes obsolete.
A quoted price does not become a commitment by the lender until it is locked. In today’s market, lenders won’t lock a price until the borrower’s credentials have been checked and the application approved. This is true of the prices you were quoted on this site, as well as all the others. But there is this difference.
When you elect to proceed with the low-priced lender on this site, while the price will change with the market until it is locked, you are assured of receiving the lender’s posted price on the lock day. That is important, because you will have made a financial commitment in the transaction at that point, and if you are purchasing a house, you may not have the time to begin the process again with another lender.
In contrast, if you proceed with an LO or broker who low-balled the price to corral you, the likelihood is high that on the day you lock you will be high-balled – you will pay more than the posted price. The greater your financial commitment at that point and the closer you are to a purchase transaction date, the stronger the inducement to over-charge you when the price is locked.
An alternative is to shop on line. There are thousands of single lender web sites, and a handful of multi-lender sites.
Trying to compare the prices of single-lender sites against each other is hopeless: every site is formatted differently, price adjustments are partial in a variety of different ways, some prices are current and some not, some sites show all lender fees while others don’t, and on and on.
Multi-lender sites are much more promising because they pull the prices of multiple lenders together at one place using one format. I recently evaluated 14 such sites including mine. Here are some highlights:
For all details, see How Effectively Can You Shop at Multi-Lender Web Sites?