Say no to Loan Officer’s Commission
Texas Trust wants to pass on maximum benefits to its customers by offering rates that are most competitive in the market. We have the most competitive charges for our customers in the entire mortgage home loan process. Our loan officers are the backbone of our mortgage lending process. As a customer, you will always be dealing with our loan officers. Here we explain how loan officer commission can affect you.
Texas Trust’s loan officers treat customers as their top priority, and they want to safeguard customers’ interests at any cost. It is not our practice to charge consumers to pay our loan officers. We pay a salary to our loan officers, including all perks and privileges. Moreover, we also discourage the practice of overcharging our customers to pay a percentage-based commission to our loan officers. Furthermore, aim to pass maximum benefits to our customers by improving our technology and customer service. We want our customers to enjoy a perfect mortgage process coupled with swiftness and transparency. Given below are some of the ways we use to facilitate our customers:
The Right to Question:
We provide full liberty to our customers to question the performance of our mortgage loan officers. We understand that you may be curious to know whether our loan officers are acting in your best interests or not and to question what exactly goes into our loan officers’ salary.
Benefits of Technology
We realize that the efficiency of financial services has increased due to technology. Home loan lenders have indeed failed to keep up with the pace of technology. However, Texas Trust has kept its pace with the technology, and we offer a smooth, transparent, and efficient application process. We are an environmentally friendly lender and offer paperless options to our customers. It is your call whether you want hard copies of your documents or soft copies.
We use modern technology to help our customers because the success of our customers is the success of our business. We put a significant amount of effort into producing a single loan. The production of a single loan involves performing complex calculations, handling massive amounts of data, and validating many rules and guidelines. We have employed the latest technology because we believe our success depends on the mix of both technology and our loan officers.
There is a 98 % likelihood that computers may replace the traditional role played by loan officers as per the 2013 Oxford economic study of jobs susceptible to automation. However, we trust our loan officers and believe that technology cannot replace trained and skilled loan officers.
We firmly believe that computer systems should do the calculations. Transparent and direct access to the systems should be ensured for the borrowers. We want to ensure that loan officers are available to help and guide our customers.
Rising Charges of Financial Intermediaries
The majority of our customers are unaware of the fees that they pay to acquire different financial services. If we want to dig into the systemic problem of financial intermediation, then loan officer commissions top the list. The service charges for connecting products with the consumers by financial institutions is known as financial intermediation.
Although the efficiency of financial transactions has improved, due to the advances in technology, financial services charges remain high. The total cost of financial intermediaries stays at an all-time high as per a 2012 paper which examined why financial services were so costly.
Texas Trust has attempted to reduce the costs mentioned above by providing its customers with direct access to our services. You can use our website to minimize the reliance on costly intermediaries. We strongly believe, if consumers are connected to the right mortgage products and provided direct access to systems, then prices can be reduced.
Avoid Financial Intermediation
If you are not dealing with mortgages, then there are ways to get rid of financial intermediation. The investment management industry gives ways of getting rid of financial intermediation. Index funds automatically track the markets. The investment is also made automatically in the markets by Index funds. The Index funds have taken over the traditional model of human fund managers who used to get paid to choose investments on customers’ behalf.
Due to the practices mentioned above, the cost of index funds becomes significantly less. The human-managed counterparts are usually outperformed as per the SPIVA. About 34 % of the market share is comprised of index funds owing to the successful fund management strategy. The index funds give us the message that the benefits of “disintermediated” financial services can be huge for customers.
You Deserve Better
At Texas Trust, we want to ensure that our customers are aware of our fee structure. We encourage our customers to go through our Loan Estimate before agreeing to our terms and conditions. Our customers are growing with every passing day because we offer the most competitive rates in the market. You can use our online mortgage form to complete your mortgage deal with us. We will get in contact with you if we require any further information. You will be glad to know that we offer conventional loans under both Freddie Mac and Fannie Mae.
We promise that we will provide you a mortgage in line with your needs, plans, and financial position. Our process is 100% transparent, and we will help you through the mortgage process. If you don’t want to complete an online application form, then you can always contact us via phone. Our specialized team is ready to help you with any questions that you may have.
For further information, you can visit our website www.texastrustloans.com.