Equal Housing Lender
We conduct business in accordance with the Federal Fair Housing Law (Fair Housing Amendments Act of 1988). It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status, or national origin:
- In the sale or rental of housing
- In advertising the sale or rental of housing
- In the financing of housing
- In the provision of real estate brokerage service
- In the appraisal of housing
- Blockbusting is also illegal
Anyone who feels he or she has been discriminated against may file a complaint of housing discrimination: 1-800-669-9777 (toll free), or 1-800-927-9275 or send to:
Office of Fair Housing and Equal Opportunity
Department of Housing and Urban Development
451 Seventh St. SW
Washington, DC 20410-2000
Fair Lending Policy
It is our policy to comply with the Equal Credit Opportunity Act and the Fair Housing Act. In addition, it is our policy to comply with state laws that provide greater protection. We do not discriminate against any applicant on the basis of race; color; religion; creed; national origin; ancestry; sex; marital status; familial status (number and age of children); sexual orientation; age (provided that the applicant has the capacity to enter into a binding agreement); medical history; disability; physical condition; military status; because the applicant has in good faith exercised any right under the Consumer Credit Protection Act or the Service members Civil Relief Act (SCRA); that all or part of a consumer’s income derives from a public assistance program; or any other basis prohibited by law.
Mortgage Wholesale does not discriminate against any applicant or discourage anyone on a prohibited basis from submitting an application. We have a clear and unequivocal statement of our commitment to a nondiscriminatory method of doing business. We have adopted the following fair lending policy.
- We do not discriminate against a loan applicant or borrower on the basis of race, color, religion, national origin, sexual orientation, handicap, age, the fact that all or part of an applicant’s income comes from any public assistance program or because the applicant has exercised any right under any relevant state or federal law.
- We do not selectively encourage applicants and we take no action that would, on a prohibited basis, discourage a reasonable person from applying for a mortgage loan.
- We do not, on a prohibited basis, refuse to make a loan, vary the terms offered including the amount, interest rate, period or type of loan, or use different standards to evaluate collateral or decide whether to extend credit.
- We avoid practices or policies that have a discriminatory effect. This rule applies to all phases of our mortgage lending business. It applies even though we do not intend the policy or practice to be discriminatory and even if the policy or practice appears to be neutral.
- We make sure that our scoring system is empirically derived and statistically sound and uses no prohibited basis other than age as a predictive factor.
- We train our loan personnel in the principles of fair processing.
- Broker will regularly review lender guidelines and the business practices by which we implement them to determine whether they ensure equal lending opportunity.
- We periodically review our loan applications to make sure that we are serving the community adequately and on a nondiscriminatory basis in light of the community’s demographic characteristics and credit demands.
- We conspicuously display the poster in a public area of each of our facilities stating that we are ascribing to the Equal Housing Act. Additionally, on all forms of advertisements, regardless of media, we include the Equal Housing Opportunity logo and/or the Equal Housing Opportunity slogan.
Mortgage Wholesale offers purchase, cash-out and refinance loans on a borrower paid and lender paid basis. Our Broker origination fee depends on the loan program and whether the borrower chooses lender or borrower paid. Our fees normally range from 1%-3% of the loan amount.
For example, under lender paid scenario, our broker compensation plans are predetermined with each lender we broker loans. Our fee is normally between 1%-3% of the loan amount with this fee absorbed by the rate chosen. Under borrower paid scenario, our broker compensation can be negotiated with the borrower as a flat dollar amount or a percentage but can’t exceed the predetermined lender negotiated rate. Also, a credit report will be required (usually less than $60). Any rapid re-scoring to boost credit scores will be an additional cost.
Other “third-party” fees will apply and are specific to each transaction. They would include escrow, title, underwriting, etc. Borrower’s can reference these “third-party” fees on their fees work-sheet or the HUD1.
Since we operate as a “third party originator” (mortgage broker) ONLY in California, the companies that we represent change quite frequently. These affiliations change with consumer demands and product offerings made available through through this network of wholesale lender’s. Here’s a list of the wholesale lender’s whom we’re affiliated or may get endorsed in the future:
- Quicken Loans NMLS: 3030
- Pacific Union Financial NMLS: 2221
- United Wholesale Mortgage NMLS: 3038
- PMAC Lending Services, Inc. NMLS: 167441
- Florida Capital Bank, N.A. NMLS: 790396
- Stearns NMLS: 1854
- Intercap Lending NMLS: 190465
- Mortgage Solutions NMLS: 61602
- Nations Direct NMLS: 109738
- Sierra Pacific NMLS: 1788
- New Penn Financial NMLS: 3013
- CMG Mortgage, Inc. NMLS: 1820
- Essex Mortgage NMLS: 70377
- Caliber Home Loans, Inc. NMLS: 15622
- Plaza Home Mortgage, Inc. NMLS: 2113
- Interbank NMLS: 7872
- AFN Wholesale NMLS: 237431