“TEGO Certified is a huge business-generation tool for mortgage companies and service providers of all types because it creates tremendous clarity in the transaction,” says David Wallace, TEGO Certified CEO and Founder.
Past News ReleasesRSS
Danville, CA (PRWEB) July 13, 2010
TEGO Certified has introduced a brand-new online service that strictly monitors the mortgage transaction process from the application to the closing. The new service protects borrowers from bait-and-switch changes in the loan terms or fees and creates new business opportunities for lenders, mortgage brokers, title and closing companies, and ancillary service providers.
“TEGO Certified was developed by industry insiders,” says TEGO Certified CEO and founder Dave Wallace. “We understand how much it costs to originate a loan and how much a reasonable profit on a loan should be. We are protecting consumers, but helping the industry as well.”
The nine-step proprietary process, three years in development, helps lenders ensure that borrowers understand the terms of their loan, confirms that the rate, payment and terms on the loan are the same as those that were quoted, and alerts borrowers to lenders’ attempts to add on excessive fees if the loan terms change. This valuable protection is free for consumers.
“Monitoring the lending process on any level is a daunting task – especially when third parties are involved. After examining the TEGO Certified process and technology, to say that we are impressed is an understatement. In short, TEGO Certified makes it look easy. Even more impressive is the executive team’s commitment to efficiency and neutrality. Amazingly, the TEGO Certified process not only helps to monitor the lending process from start to finish, but also provides a unique new business development platform for its members that organically produces borrowers committed to the loan process. It is without reservation that both MortgageTrends and RealEstatePro News officially endorse the TEGO Certified product,” says Jonathan Cosie who is the editor and founder of both MortgageTrends and RealEstatePro News which are leading national electronic industry publications.
TEGO Certified is also a new business-builder for lenders, mortgage brokers, and title and closing companies, who can use the service to demonstrate higher standards of customer service, honesty and trustworthiness, create greater transparency in the loan process and reassure prospective borrowers, who may be fearful or skeptical. TEGO Certified also helps to curtail borrowers’ post-application rate-shopping, a practice that costs brokers and lenders time and money.
“TEGO Certified is a huge business-generation tool for mortgage companies because it creates tremendous clarity in the transaction,” Wallace says. “Our service doesn’t replace the loan documents, but we explain the loan to the consumer in one or two paragraphs that are easy to understand.”
TEGO Certified also offers a brand-new way for title and closing companies to market their services directly to borrowers, resulting a highly efficient and cost-effective source of new business and greater control over the transaction. TEGO Certified also reduces the cost of loan document signings and enables title and closing companies to keep the business even if the borrower switches to a different lender.
“TEGO Certified’s validation and acceptance process reassures the consumer that the loan documents reflect the promised rate and terms on the mortgage, so when the signing agent comes out, the process is faster and smoother,” Wallace says. “These are absolutely game-changing benefits for the title industry.”
TEGO Certified is a fully automated system that takes just a few minutes for lenders, mortgage brokers, and title and closing agents to use. Planned enhancements will allow ancillary providers, such as home warranty companies and homeowner’s insurance carriers, to use TEGO Certified to offer their services to homeowners as well.
Wallace is a 25-year veteran of the mortgage industry, having begun his career as a loan officer in 1985 and subsequently owned several successful mortgage companies. Wallace also founded Mortgage Market Weekly, an early mortgage banking magazine for lenders and brokers, and developed a software application that helps lenders identify loan origination fraud and high-risk lending situations. He is also an expert in Web-based technologies and database design.
TEGO Certified proactively protects borrowers by offering a state-of-the-art online service that monitors and polices the mortgage application, approval, funding and closing process in real time to ensure transparency and fair-dealing.
The company is a privately held start-up headquartered in Danville, Calif. The name “TEGO” is derived from the Latin word that means “to protect” or “to shield.” The company is not a lender or mortgage brokerage company. The company’s website is http://www.tegocertified.com.