Better Mortgage Corporation (“Better Mortgage”) is offering to match the Loan Terms (as defined below) of a Competitor Offer (as defined below) provided by a qualified customer (the “Customer”) to Better Mortgage, with the Loan Terms of a Customer’s loan estimate associated with a mortgage loan application with Better Mortgage (the “Mortgage Loan”), subject to the eligibility criteria as set forth below; and in the event that Better Mortgage cannot match the Loan Terms of such Competitor Offer, Better Mortgage will provide the Customer with a $100 concession (the “Concession”) in the form of a check after the Customer closes on the loan product associated with the Competitor Offer (collectively, the “Offer).
To be eligible for the Offer, Better Mortgage Customers must:
1. Be a U.S. citizen, permanent resident or non-permanent resident (certain visa categories only);
2. Provide Better Mortgage with a loan estimate from another mortgage lender, which loan estimate must be dated within one (1) business day from the date of its submission to Better Mortgage (the “Competitor Offer”); and
3. Not have locked a rate on the Mortgage Loan with Better Mortgage in the sixty (60) days prior to the date listed on the Competitor Offer.
The Offer
1. The Offer is available for all Better Mortgage loan products for the purchase or refinance of single-family residences, condominiums and planned unit developments with a total loan amount of less than or equal to $766,550.
2. The Offer is not available for the refinance of a loan originated by Better Mortgage within six (6) months of such loan’s funding date.
The Loan Terms
1. Better Mortgage will match the rates and fees listed under Sections A, B and the “Lender Credits” (collectively, the “Loan Terms”) on the loan estimate for a Customer’s Mortgage Loan, with the corresponding Loan Terms on a Competitor Offer; provided, however, that if Better Mortgage cannot match the Loan Terms, Better Mortgage will provide the Customer with the Concession. For the avoidance of doubt, the Loan Terms do not include the rates and fees listed under Sections E, F, J (other than “Lender Credits”), and H on a loan estimate.
The Competitor Offer
1. To be valid, the terms of the Competitor Offer must be identical to the terms of the Customer’s Mortgage Loan; for example, a competitor’s 30-year, fixed-rate loan product with mortgage insurance is not identical to Better Mortgage’s 30-year, fixed-rate loan product that does not have mortgage insurance.
2. To be valid, the Competitor Offer may not be from a mortgage broker or mortgage lender who Better Mortgage provides loan origination and/or mortgage brokerage services to.
3. The Competitor Offer will be rendered invalid if it contains an interest rate that is not publicly available (e.g., requiring a minimum amount of assets under management) at the time the Competitor Offer is provided to Better Mortgage.
4. Better Mortgage, in its sole discretion, may consider a loan estimate proxy (e.g., rate sheet) from another mortgage lender as a valid Competitor Offer; provided that the interest rate and loan terms on such loan estimate proxy are not contingent on any other transaction or relationship forming between the Customer and the other lender; provided further that such loan estimate proxy must contain information sufficient to demonstrate that the offer contained within is intended for the Customer who is applying for the Mortgage Loan and must contain proof that the Customer’s credit score was verified by the other lender.
The Concession
1. To receive the Concession, a Customer must provide a signed, executed copy of the closing disclosure and a copy of the final mortgage note for the loan associated with the Competitor Offer within thirty (30) calendar days of the closing of such loan by the mortgage lender listed on the Competitor Offer.
Rates and fees listed on a Customer’s Better Mortgage loan estimate may still vary within regulatory tolerances from the closing disclosure based on findings in underwriting, and all loans are subject to credit approval.
The Offer may not be combined with any other Better Mortgage promotions, discounts, or concessions. Customers are limited to participating in the Offer once per each mortgage loan application that they submit to Better Mortgage.
Better Mortgage is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580.
BETTER MORTGAGE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, PROMOTIONS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Rates and Terms are subject to change at any time without notice and are subject to state restrictions. Better Mortgage Corporation, 3 World Trade Center, 175 Greenwich Street, 57th Floor, New York, NY 10007. Tel: 888-501-3186, Fax: 408-946-0112, is licensed by the Department of Business Oversight under the California Finance Lender Law License No.6052748 , NMLS # 330511. www.nmlsconsumeraccess.org