While Mortgage Marvel is confident that its website displays accurate, up-to-date information on closing fees for residential mortgage loans from a variety of lenders, in the event that your actual out-of-pocket closing fees paid at closing exceed the lender’s customary closing fees disclosed on Mortgage Marvel by more than $50, we will refund you the difference, along with an additional $500, up to a maximum of $2,500 (the "Fee Guarantee"). This Fee Guarantee is subject to the following terms and conditions ("Terms").
- Eligibility. Any Borrower is eligible for the Fee Guarantee if the Borrower registers for the Fee Guarantee on www.mortgagemarvel.com in accordance with the procedures set forth therein and obtains an estimate of the closing fees for a residential mortgage loan ("Loan") from a participating mortgage lender ("Lender") through www.mortgagemarvel.com (a "Fee Estimate"), and such Borrower applies for and closes a Loan from the Lender within 90 days after the Borrower clicks the "Apply Now" button, as described below. For purposes of these Terms, a "Borrower" is any person or persons who apply for a Loan, but excludes any co-signers, co-makers, guarantors or endorsers.
- Requirements. In order to qualify for the Fee Guarantee, the following criteria must be met:
- The Borrower must register for the Fee Guarantee in accordance with the procedures disclosed by Mortgage Marvel from time to time.
- After obtaining a rate quote on Mortgage Marvel, the Borrower must click through to the Lender's website (using the "Apply Now" button on Mortgage Marvel), the Borrower must begin the process of completing an application for a Loan from the selected Lender within the same browser session, and the Borrower must submit the completed application to the selected Lender within 24 hours of clicking on the "Apply Now" button.
The final Good Faith Estimate, HUD-1 Settlement Statement, promissory note, loan application
and/or any other documentation required by Mortgage Marvel to document a claim ("Loan Documentation")
must reflect the same information submitted by the Borrower through Mortgage Marvel to obtain the Fee
Estimate, unless the discrepancy does not affect the Fee Estimate. Such information includes, but is not
limited to, the loan purpose, property value, purchase price, loan amount, ZIP code, product type (e.g.,
fixed, adjustable or balloon), loan term, credit score, property use and property type. To the extent
that the Borrower does not submit an "Advanced Quote," the rate quote provided by Mortgage Marvel will
include the following assumptions for the Loan, each of which must conform with the terms and conditions
in the Borrower's Loan Documentation in order to qualify for the Fee Guarantee:
- Loan Purpose = Purchase
- Product Type = 30 Year Fixed Rate
- Credit Score = 740+
- Property Use = Primary Residence
- Property Type = Single Family Residence
- The Loan must close within 90 days of the date that the Borrower registers for the Fee Guarantee.
- Certain Closing Fees not Subject to the Fee Guarantee. While every effort has been made to
disclose the Fee Estimate in an accurate and timely manner, certain closing fees are dependent on the
specific details and criteria of a Borrower's Loan transaction, or such closing fees are beyond the
control of Mortgage Marvel and may change from time to time. Accordingly, the following closing fees
are specifically excluded from the Fee Guarantee and will not be deemed to be part of the Fee Estimate ("Excluded Fees"):
- Escrow deposits, prepaid interest, real estate taxes, hazard, flood and other types of collateral insurance premiums, private mortgage insurance ("PMI") paid outside of closing and PMI escrow deposits, and escrow waiver fees, all of which will vary depending on the specific nature of a Borrower's Loan transaction.
- Government recording charges and transfer taxes that are disclosed in the Fee Estimate and which are subsequently changed by the respective government agency on or prior to the Loan closing.
- Closing fees from providers selected by the Borrower that are not included on the Lender's settlement service provider list.
- Closing fees paid by the seller, including any fees that typically are paid by the buyer.
- Discount points, which are a component of the interest rate.
- Lender rebates, which are disclosed as "Your credit for this interest rate" on Mortgage Marvel.
- Submitting a Claim. A Borrower must submit a claim for reimbursement under the Fee Guarantee within 30 days of the date of the Loan closing. To qualify for the Fee Guarantee, a Borrower must mail a copy of the final Good Faith Estimate, HUD-1 Settlement Statement, promissory note, loan application and/or any other documentation required by Mortgage Marvel from time to time to document a claim, along with a statement indicating the nature of the reimbursement claim, to Mortgage Marvel, 12080 North Corporate Parkway, Mequon, Wisconsin 53092, within 30 days of the date of the Loan closing. A Borrower is required to provide Mortgage Marvel with any other documentation or information that it may request in order to verify eligibility under the Fee Guarantee. Mortgage Marvel will make all determinations of eligibility and qualification for reimbursement under the Fee Guarantee in its sole discretion.
- Restrictions and Limitations. The maximum lifetime reimbursement that a Borrower (individually or collectively) may receive under the Mortgage Marvel Fee Guarantee program is $5,000. The Fee Guarantee does not include the Excluded Fees, and does not apply to the interest rate, discount points or any other component of the interest rate. The Fee Guarantee only applies to actual out-of-pocket expenses paid by the Borrower at closing and does not apply to any closing costs reimbursed by the Lender or any other third party. The Fee Guarantee also does not apply to any fees that the Borrower is required to pay post-closing or any closing fees that change as a result of counteroffer by the Lender.
- General. Mortgage Marvel may change, suspend or discontinue the Fee Guarantee at any time for any reason without notice or liability. We also reserve the right, in our sole discretion, to change, modify, add or remove any portion of these Terms, in whole or in part, at any time. Notification of changes to these Terms will be posted on the Mortgage Marvel website and will be effective immediately. These Terms constitute the entire agreement between the Borrower and Mortgage Marvel with respect to the Fee Guarantee. If any portion of these Terms is found to be invalid or unenforceable, such portion shall be struck and the remaining portions of the Terms shall be enforced. A Borrower may not assign its rights under these Terms to any other party without our consent. Mortgage Marvel is not responsible for system failures, communication problems, failed, incomplete or delayed transmissions, or technical malfunctions beyond the control of Mortgage Marvel which result in any inaccuracies or errors in the Fee Estimate.
Mortgage Marvel is a trade name used by Mortgagebot LLC, and the above-referenced Terms shall apply to Mortgagebot LLC.