They sacrifice a lot. The least we can do is help make a refinance or purchase loan more affordable. It’s not enough, but it’s something.
Plymouth Meeting, PA (PRWEB) June 30, 2011
Avenue 365 Lender Services, LLC, a national title insurance and settlement services provider, announced today “Zero Closing Fees for Veterans.” The company has reduced to zero all closing and associated fees for VA loans or any loans for any borrowers who are veterans or active military in their 32 licensed states. The costs associated with closing a refinance or purchase loan are typically paid to the lender, the local government, and the title company. The title company charges the title insurance premium itself (which covers the insured against future losses due to defects in the chain of title) as well as costs associated with getting the loan closed. While title insurance premiums are highly regulated by the insurance department of most states, most of the “fees” that title companies charge are discretionary and usually include padding in addition to just the hard costs of getting the loan closed. Settlement fees are not mere pass-through costs to the consumer; they represent profit for the title company.
“My wife read an article about the veterans of this country’s current engagements and how little support or acknowledgement they receive when they return home. When I got home from work that night she asked me point blank ‘What does your company do for veterans?’” says company President and CEO Ryan Peterson. Peterson’s immediate response was that they offer specially reduced fees to veterans as required by law. But the conversation bothered him and got him thinking. “A few days later I had to ask my staff to show me what our VA fees were – I admit I didn’t know. And sure enough my worst fear was true – like most title companies we had just moved the fees around or reduced them only slightly so that our fees complied with the letter of the law with regards to what fees are allowable by VA loan standards, but ignored the spirit of the law. The ‘spirit’ of a VA loan is to assist a veteran. I was ashamed that those of us who have never served in the military watch these men and women make incredible sacrifices to serve and protect our country, but most businesses like mine aren’t willing to make sacrifices to return the favor.” A few days later, Peterson decided to slash all fees in states where Avenue 365 is licensed down to $0. “They sacrifice a lot. The least we can do is help make a refinance or purchase loan more affordable. It’s not enough, but it’s something.” says Peterson. The program includes VA loans and any loan for which a borrower is a veteran or active duty military. The company will accommodate active duty military personnel by coordinating closing agents and notaries to any location where they are needed – including oversees and all military bases – at no extra charge.
Avenue 365 Lender Services is a customer-focused, technology-inspired national title insurance and settlement services provider with an unwavering commitment to provide every consumer, originator, and lender with an unparalleled experience with every loan closing. They conduct business in all 50 states. Their customers include national mortgage banks and lenders as well as local retail mortgage brokers nationwide. To learn more about the program or to submit an order, visit http://www.avenue365.com or contact 877-365-AVEN and ask for a Client Advocate.