An appraisal waiver is granted by Fannie Mae and or Freddie Mac. All lenders use the same computer underwriting system(s) to determine if an appraisal waiver can be issued. If an appraisal waiver is issued, then no appraiser needs to inspect the property and no appraisal fee is paid by the borrower(s).
Financing Contingency Promise®
LoanVerify is confident in our Pre-Approval process. We review an applicant’s credit, income, and assets before issuing a Pre-Approval letter.
Applicants who wish to strengthen their offer to the seller of a home, can choose to remove the financing contingency from their sales contract. The LoanVerify Financing Contingency Promise means that, subject to certain conditions, LoanVerify will refund an applicant up to $10,000 of earnest money that is not refunded to the applicant because the applicant does not obtain the financing specified in LoanVerify’s Pre-Approval within 30 days after the date of the Pre-Approval due to LoanVerify’s actions in verifying the applicant’s credit, income, or assets. In no event will LoanVerify refund more than the actual deposit amount not refunded to an applicant up to the $10,000 limit.
**does not apply where an applicant’s credit changes after a Loan Estimate is issued
**does not apply where an applicant’s employment changes after a Loan Estimate is issued
**does not apply where an offer letter is used as income for an applicant’s loan application
**does not apply where self-employed income is used for an applicant’s loan application
Float Down Promise®
The LoanVerify Float Down Promise is intended to pass along interest rate savings to borrowers if a decrease in mortgage interest rates occurs during their loan process. The loan process is defined as the period from the official loan application to the borrower’s settlement.
The following conditions must be met for LoanVerify to float down the borrowers' interest rate:
Mortgage interest rates decrease by more than .25%.
The borrowers’ mortgage rate must be locked.
The borrowers’ mortgage is approved by underwriting.
A 50 basis point charge based on the current total loan amount will be added to the borrowers’ closing costs. If a Long Term Lock (180 days or greater), then a 75 basis point charge will apply.
If the borrowers’ lock expiration date needs to be changed, any rate extension cost will be passed along to the borrowers.
Only one Float Down can be applied to a mortgage loan.
The credit report, credit qualifications, and borrower’s credit score(s) used to underwrite the borrower’s mortgage have not materially changed from the date of borrower’s original mortgage loan approval.
**The Float Down Promise is not available on Jumbo Loans
Loan Reset Promise®
Want a lower monthly mortgage payment without having to refinance? Consider a Loan Reset.
-$5,000.00 or more needs to be applied to your existing loan balance.
-$150.00 processing fee paid to the loan servicing department.
Your loan will reset to your original loan term, the interest rate on your loan will stay the same, and the new monthly principal and interest payment will be calculated off of the reduced balance. You may pay more in interest over the life of the loan by having the term reset to the original repayment period. If your original loan had monthly mortgage insurance, then you will need to pay the mortgage insurance for 24 months before it will be removed. The Loan Reset typically takes 45-60 days to complete. Only available on conventional loans. Subject to availability and dependent on borrowers current loan servicing company acceptance. Borrower needs to be current and in good standing with their loan servicing company. Additional terms and restrictions may apply.
Rate Match Promise®
We are committed to getting you a great rate. If you find a better rate, we’ll match it with our LoanVerify Rate Match Promise.*
*Program subject to change. Program details as of March 15, 2022. To exercise the LoanVerify Rate Match Promise upload to your LoanVerify portal a valid, comparable, Loan Estimate that includes lender info. The Loan Estimate must be dated and uploaded to your LoanVerify portal the same day as your request for a rate match and must be for a loan program/type with loan terms that exactly match the Loan Estimate you received from LoanVerify on the same date as the competing Loan Estimate. Applies to Conventional, VA, and FHA loans only, for loans up to $726,200. Competing Loan Estimate must be from a recognized lender located and licensed with NMLS in the continental United States.
The LoanVerify Refinance Promise – If mortgage rates decrease after closing a LoanVerify loan, we will work with Borrower(s) in good standing to help them pursue available refinancing options. As with all of our loans, we believe in ZERO lender fees, so we do not charge you underwriting, processing, or similar fees. While we can’t guarantee that all clients will qualify at the time of any refinance request, the LoanVerify Refinance Promise confirms that we will be available to help if a refinance is appropriate. Credit approvals for refinance transactions include specific credit, income, and asset qualifications for the type of loan program applied. VA & FHA loans have mandatory waiting periods before a refinance can occur (typically 6 months).
When a borrower’s loan is submitted to the underwriting department, the underwriter assigned will review the borrower’s credit, income, and assets. Next, the borrower’s loan application is processed through the Fannie Mae and Freddie Mac computer underwriting system. Finally, an Approval letter is issued if the borrower meets the loan requirements.