Meet or Beat Policy
Fundus Mortgage strives to offer our customers competitive mortgage rates and fees. In order to remain competitive within our markets, we offer a “meet or beat guarantee”. If a customer is able to find a better rate for a home purchase or refinance, we will attempt to match or beat a competitor’s offer three times: at application, at rate lock, and prior to closing. This could be with a lower interest rate or fees. If the mortgage broker is unable to provide a better offer, then we will provide the customer with $500 after they close with a competing lender based on the following terms and conditions.
Requesting An Offer to Meet or Beat
At Application requirements:
- Customers must apply for a loan with Fundus Mortgage and provide the competitor’s Loan Estimate with all material information including the lender’s full name, address and phone number along with a complete breakdown of the charges, fees and rate associated with the offer within 24 hours of requesting the mortgage broker match or beat an offer.
- Fundus Mortgage will have 3 business days to provide an equal or better offer as determined by the mortgage broker’s review of the competitor’s offer. This could include offering a lower rate, fees, or an improved overall APR.
- Competitor’s verbal offers, websites, or other documentation used to show rates and terms will NOT qualify for the offer. Only a valid Loan Estimate will be considered.
- All terms and conditions of the competing loan must be identical to Fundus Mortgage’s loan.
At Rate Lock Requirements:
- Customer must provide competitor’s official Locked Rate LE (Loan Estimate) with all material information, including lender’s full name, address, and phone number, along with a complete breakdown of the charges, fees, and rate associated with the offer, within 24 hours of requesting the mortgage broker match or beat an offer.
- Fundus Mortgage will have 3 business days to provide an equal or better offer as determined by the mortgage broker’s review of the competitor’s Locked Rate LE. This could include offering a lower rate, fees, or an improved overall APR.
- All terms and conditions of the competing loan must be identical to Fundus Mortgage’s loan.
Prior to Closing Requirements:
- Five business days prior to closing your loan, Customer must provide a complete (all pages), unaltered final, signed Closing Disclosure (CD) with all material information, including lender’s full name, address, and phone number, along with a complete breakdown of the charges, fees, and rate associated with the offer.
- Fundus Mortgage will have 3 business days to provide an equal or better offer as determined by the mortgage broker’s review of the competitor’s Closing Disclosure. This could include offering a lower rate, fees, or an improved overall APR.
- All terms and conditions of the competing loan must be identical to Fundus Mortgage’s loan.
Product Eligibility
- This offer only applies to the following loan programs: FHA, VA, and conventional mortgages offered through Fundus Mortgage residential programs.
- Loan amount must be $300,000 or higher.
- Exclude builder-affiliated/preferred lenders.
- The following loan programs do not qualify:
- Any type of in-house financing or portfolio loan program provided by Fundus Mortgage.
- Investment properties, two-to-four family units, commercial loans, construction loans, Jumbo loans, Non-QM loans, home equity loan programs, and second mortgage programs.
- Loans secured by co-operatives.
- Loans involving a Consolidation Extension Modification Agreement or other types of modifications/assumptions.
- Loans to employees of competing lenders and/or affiliates of competing lenders.
- Loans subject to special incentives or credits due to employee relocation programs or similar employee programs.
- Loans subject to special federal or state programs, including, but not limited to, the Making Home Affordable Program and Home Affordable Refinance Program.
If We Are Unable to Match or Beat
- Customer must email us at loans@fundusmortgage.com with a claim request in writing within 30 days of closing with a competitor.
- The following documents must be included in your claim request:
- A fully executed copy of the initial Loan Estimate.
- A fully executed copy of the Closing Disclosure.
- A fully executed copy of the Settlement Statement/HUD1.
- A fully executed copy of the Note.
- Fundus Mortgage will review and notify the customer within 60 days if all terms and conditions are satisfied. Documents must exactly match the initial Loan Estimate at application, Locked Loan Estimate at rate lock, and Closing Disclosure prior to closing. If satisfied, the mortgage broker will mail a check for $500 to the customer.
Other Terms and Conditions
- The offer is not valid if the original/initial loan terms or conditions change prior to closing.
- The recipient is solely responsible for any personal tax liability arising out of this incentive.
- This offer of guarantee may be withdrawn at any time without notice. Claims in process at the time of withdrawal will, however, be processed.
- All communication relating to the claim and requests to beat a competitor’s offer must be in writing via email.
- We will make all determinations and decisions as to eligibility and qualification for payment of this guarantee. All Fundus Mortgage decisions are final.
