Loan.com Quality Control Policy

All Advertisers on Loan.com pursuant to the Advertising Terms and Conditions must adhere to the Loan.com Quality Control policy.

Loan.com uses specific product criteria, mystery shopping and rate verification processes to ensure that the data appearing on the Loan.com sites is as accurate and up to date as possible. Additionally Advertisers appearing on Loan.com are expected to engage in practices consistent with the principles described in the Borrower's Bill of Rights when dealing with all consumers.

Site Check

1. Rate confirmation: Confirm rates posted on Loan.com are the same as the rates that are posted on Advertiser's publicly available site.

Mystery Shopping

1. Call to Advertiser: A call to an advertiser's listed phone number to validate that the advertiser's sales team supports the product criteria, rates, points, fees, APR and other data and terms posted on Loan.com. Loan.com's mystery shopper will always state that they saw the rates on the Loan.com website. It is expected that the advertiser's sales team will support all the information found on Loan.com. If the individual handling the call for the advertiser does not support the information from Loan.com, the call will count as a failure to comply with the Quality Control Policy.
2. Email to Advertiser: An email to an advertiser requesting documentation for the rated and product information listed on Loan.com. Documentation includes a rate sheet and a Good Faith Estimate. The email will state that the sender saw the rate on Loan.com. The supporting documentation must be received by Loan.com within 24 to 48 hours. If the supporting documentation does not support the information displayed on Loan.com, the email will count as a failure to comply with the Quality Control Policy. If the supporting email is not received within 48 hours the email will count as a failure to comply with the Quality Control Policy.

Failure to Comply with the Quality Control Policy

An Advertiser's failure to validate the product criteria, rates, points, fees APR and other data required by and/or posted on Loan.com and/or to respond to inquiries within the timeframe required by the Loan.com Quality Control Policy will result in the following.

1. The Advertiser will be notified by email of the specifics of the failure to comply along with the consequences of the failure. The date, time and reason for the fail will be included in this email to the Advertiser from the Loan.com Quality Control Department.
2. A maximum of two failure to comply occurrences will be allowed within a consecutive six month period.
   1. The first Failure to Comply will result in the Advertiser's rates being removed from all the Loan.com sites and tools for a period of 48 hours.
   2. The second Failure to Comply will result in the Advertiser's rates being removed from all the Loan.com sites and tools in addition to the cancellation of the advertiser's Loan.com account. Advertiser will not be eligible for reinstatement for a period of is months. Subject to the terms of the Advertising Terms and Conditions Advertiser will receive a refund of amounts prepaid to Loan.com.

Consumer Feedback

Loan.com will investigate all consumer feedback regarding Advertisers. Each claim will be researched by our Quality Control department to determine the nature of the complaint and validity of the complaint. Loan.com will employ the means outlined above to research the complaint.

1. Rate complaints: Feedback from consumers that an Advertiser isn't supporting the product criteria, rates, points, fees, APR and other data and terms posted on Loan.com
2. Borrower's Bill of Rights complaints: Feedback from consumers that an Advertiser has engaged in practices inconsistent with the principles outlined in the Borrower's Bill of Rights.

Based on the outcome of the research conducted by the Loan.com Quality Control department Loan.com will, in its sole discretion, determine what punitive action, if any, should be taken against the advertiser. Punitive actions can range from a warning letter to account termination depending on the number of complaints and infraction severity.

Rate Assumptions and Product Criteria

All rates are collected by Loan.com on the dates specified and are subject to change without notice. Rates and fees are quoted based on loan amounts of $165,000 to $417,000 for conforming loan rates and loan amounts greater than $417,000 for jumbo loan rates. For properties in Alaska and Hawaii the cut-off between conforming and jumbo is $665,500. For loan amounts below $165,000, the conforming rate will still be listed, however, the actual rates, points, fees and terms of your loan may vary. Rates and fees are based on an 80% loan-to-value ratio on a single family, owner occupied property for a purchase or rate & term refinance transaction. Rates/APRs assume "good" credit (typically a credit score of 680 - 719). Rates/APRs may vary based on the borrower's credit history, loan amounts, property types, occupancy types, transaction types, etc.

The explanation of the terminology used in the search output on Loan.com is given below.

Ethical Lender

The name of the mortgage company offering this rate. The mortgage company could be a bank, an S&L, a mortgage banker, a mortgage broker, or a consumer finance company.

Rate

The note rate. This is what the monthly payments are based on.Loan.com rates are valid for purchase and rate & term refinance transactions. Rates may differ for cash-out refinance transactions.

APR

APR is an acronym for annual percentage rate. The APR is designed to measure the effective or actual cost of a loan over its life. APRs were designed to help consumers compare loans among lenders / brokers. Different lenders and brokers include different fees and use different formulas when computing APRs, so do not compare loans solely on the basis of APRs.

Loan.com APRs are calculated based on a conforming loan amount of $160,000, or Jumbo loan amount of $400,000. Points/fees/rates may vary for different loan amounts.

Points

Points are up-front interest paid to reduce the interest rate. 1 point is 1% of the loan amount. On a $100,000 loan, 1 point is $1,000. Loan.com points quoted include both discount and origination points. Loan.com lets you search for lenders and brokers depending on how many points you want to pay.

Loan Fees

Transaction fees originate from many different sources. Two general categories of fees are 1) Loan (lender/broker) and 2) third party. Loan fees include points, processing, underwriting, appraisal, document preparation, administration, credit, flood certification, tax service, etc. Third party fees include title, escrow, closing agent, attorney, recording, notary, etc. Third party fees tend to be less variable compared to loan fees. When comparing lenders or brokers it is important to compare loan fees, since third party fees will be relatively constant.

Loan.com Fees quoted include all broker and/or lender fees as well as appraisal and credit report fees. Fees quoted do not include fees charged by the third parties including title companies, closing agents, inspection companies, home owners association, insurance companies, etc.

Lock

The number of days for which the specified rate can be locked. The Loan.com minimum lock period allowed is 30 days. If you do not close your loan within the lock period, your rate may change. Lenders / Brokers have different rate-lock and re-lock policies. If your lock expires, lenders or brokers typically charge 1) an extension fee, or 2) the higher of the previously locked or new market rate.

Monthly Payment

The estimated monthly payment on principle and interest based on loan amount entered and the listed Rate. Please note that actual monthly payment may be higher due to escrows for tax and insurance.

Last Update

The last time the Loan.com rate was updated for a particular lender or broker.

Publication of Rate Listings

Loan.com's obligation to publish an Advertiser's rates shall immediately cease without notice if Advertiser has not timely provided Loan.com with its current rates for seven or more consecutive days.