Currently we are posting funding fees as closing fees on Bankrate. Only Mortech customers are posting this way. FHA funding fees are not closing fees. They are fees that go into the pricing for the loan. Currently our competitors are pricing these products correctly. This is giving them an advantage over our customers who appear to have incredibly high fees posting vs no fees for the competitor.
1. It is easy for a prospect to choose someone other than our lenders based on the amount in fees it appears they have to pay.
2. This brings down the revenue for our lenders who are missing out on opportunities encouraging them to look elsewhere for solutions if we cannot correct the issue.
|Impact to Existing Customers||All|