Test My Loan Helps Home Loan Shoppers Avoid Paying $1.3 Million in Inflated Settlement Charges in October

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Free service alerts borrowers to settlement overcharges and arms mortgage borrowers with education and information.

BEXT, Inc. announced today that Test My Loan, which was launched earlier this year, has saved home loan shoppers over $1.3 Million in inflated settlement fees in October. Test My Loan is a free one-of-a-kind consumer advocate service that every loan shopper in America can use during the home loan process. Test My Loan’s free service helps borrowers identify hidden, unnecessary, and inflated fees packaged into their home loans.

“We’ve identified an alarming trend in the mortgage industry. In October the number of consumers asked to pay inflated settlement fees jumped to 96% up from the industry average of 83%. Let’s face it - most borrowers lack the industry knowledge needed to identify overcharges and junk fees, and lenders are well aware of that fact” says BEXT, Inc. President and Chief Operating Officer Scott Messina. “A free visit to TestMyLoan.com paid consumers big dividends in October. Our free service saved home loan shoppers an average of over $2,000 per loan in inflated settlement fees.”

Test My Loan is an independent third party consumer advocate service that provides solutions for loan shoppers in every phase of the borrowing process. For borrowers still shopping for a lender, Test My Loan can offer a shortcut by recommending a certified lender from the Test My Loan network that is committed to the company’s cause – to wipe out excessive loan overcharges.

For borrowers who already have a quote from a mortgage provider, Test My Loan offers a free second opinion and alerts them to overcharges in their loan forms. Loan forms are standard throughout the mortgage industry so regardless if the borrower is working with a lender, broker, national or local mortgage company, Test My Loan can help.

Test My Loan’s website allows borrowers already working with a lender to enter the fees listed in their Good Faith Estimate into an easy-to-use calculator. The borrower is informed instantly if they’re being asked to pay more than they should. The borrower then receives a report via email telling them exactly where they’ve been overcharged.

The website then gives borrowers who find out they’ve been overcharged the option of receiving a free, no-obligation quote from a certified lender on the Test My Loan network. Test My Loan’s lender recommendation comes with an impressive guarantee – if one of their certified lenders cannot offer a better deal, Test My Loan will pay the borrower’s first month’s mortgage payment.

“Unfortunately, this increase in settlement overcharges is likely to continue as interest rates rise and loan volume declines. Lenders are attempting to squeeze every dime out of the loans that remain by inflating settlement charges” says Messina. “What consumers need to know is they can ask a lender to remove or reduce these excessive settlement fees, or they can simply decide to apply with a lender that has already agreed not to charge excessive fees. The bottom line is if you’re only asking lenders about the current rate or points you’re setting yourself up to be overcharged.”

About BEXT, Inc. and Test My Loan

BEXT, Inc. is the premiere provider of products and services that are designed to promote ethical industry practices for mortgage loan originators and real estate professionals. Test My Loan is a consumer advocate service designed to arm loan shoppers with education, information, and significant financial savings. Test My Loan takes the guesswork out of deciphering confusing loan forms and uncovers hidden, unnecessary, and inflated fees. The service offers a free loan form review and a certified lender recommendation. For more information, visit http://www.testmyloan.com.

Contact:

Melissa Sike, Vice-President

BEXT, Inc.

772.463.8377

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Melissa Sike
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