Nationwide Advantage Mortgage Company Best Price Guarantee
VERSION 11/20/05
We want you to be assured that Nationwide Advantage Mortgage CompanySM (NAMC) is the low-cost lender. NAMC will match any competing lender's offer to approved and registered customers.* We will "match" a competing lender's Base Interest Rate, points and lender fees (APR) or we will pay you $300 after you close your loan with the competing lender.
Terms and Conditions :
1. This guarantee is limited to conventional, conforming, first lien, mortgage loan products. The loan products being compared must be for the same product and term. If the loan product is an adjustable rate product, the initial rate, rate index, time of rate adjustment and rate cap must also be the same as for the product you are requesting from NAMC. The interest rates being compared must be for the same lock in term and must be within the range of interest rates that NAMC is quoting. Interest rates are volatile and change throughout the business day, so time is of the essence when comparing interest rates from different lenders.
2. This guarantee is contingent on you providing the information necessary for NAMC to make a credit underwriting decision and provide you with a customized interest rate quote and approval. *Once approved, you are required to register your loan with NAMC for consideration of this offer. This registration requires an application deposit. If you provide a competing lender's offer and we cannot match the offer, you will be refunded your application deposit.
3. If you shop a competing lender first, you are required to provide NAMC with the competing lender's Good Faith Estimate and Truth in Lending Act disclosure. Both documents from the competing lender must be dated the same day as the request to NAMC to match the other lender's offer and must be submitted to NAMC within 24 hours of registration.
4. All documentation relating to this guarantee must be in writing, and must be faxed to 515-273-8303, Attention: NAMC Best Price Guarantee. You must provide a telephone number at which you can be reached. We will contact you within two business hours of receiving your fax.
5. We reserve the right to verify that the competing lender's interest rate and points/fees quote is bona fide.
6. In the event NAMC elects not to match the competing lender's offer, you will be sent a claim form, which you will need to return to NAMC after you have closed your loan with the competing lender. NAMC will pay you $300 after we have verified that the loan was closed with the competing lender under the terms and conditions originally submitted to NAMC. The claims process is detailed below.
7. The guarantee is void if the loan terms or conditions of the original loan approval change prior to closing.
8. This offer of guarantee may be withdrawn at any time without notice. Claims in process at the time of withdrawal, will however, be processed.
9. This offer does not apply to:
a. Investment properties, two-to-four family
units, home equity loan programs, and second mortgages programs.
b. Loans secured by co-operatives.
c. Loans for properties on leased land.
d. Loans involving a Consolidation Extension
Modification Agreement (CEMA) or other types of
modifications/assumptions.
e. Loans with pre-payment penalties.
f. Loans to employees of competing lenders
and/or affiliates of competing lenders.
g. Loans subject to special incentives or
credits due to employee relocation programs or similar employee programs.
Definition:
Base Interest Rate: The Base Interest Rate is the interest rate before any risk-based adjustments are made to the interest rate. Risk-based adjustments may be imposed on loans with LTV's in excess of 80% in lieu of requiring traditional borrower-paid mortgage insurance.
Claims Process:
If you have any questions regarding the Best Price Guarantee Claims Process, you may contact Nationwide Advantage Mortgage® toll-free at (800)811-5385.
1. If NAMC is not able to match a competing lender's offer, NAMC will send you a completed claim form with terms and conditions, which must be returned to NAMC after closing your loan with a competing lender. You must provide your final Truth in Lending Act disclosure and HUD-1 Settlement Statements signed by the closing agent as part of your claim for the Best Price Guarantee.
2. You have to file your claim for the Best Price Guarantee within 30 days of closing your loan with a competing lender. The following documents must be included in your claim request:
a. A copy of the completed claim form sent to
you by NAMC on the date we elected not to "match" a competing
lender's offer.
b. A certified copy of the final Truth in
Lending Act disclosure from the competing lender.
c. A certified copy of the HUD-1 Settlement
Statement signed by the closing agent.
3. If the final Truth in Lending Act disclosure and HUD-1 Settlement
Statement are accurate and prove that the loan closed
with the product and terms previously quoted by the competing lender,
NAMC will send you $300 within 30 days of receiving your claim form.
4. Mail your claim documents to: Nationwide Advantage Mortgage Company, Attention: Best Price Guarantee Program, 7760 Office Plaza Drive South, West Des Moines, Iowa 50266-2336.
5. All communications relating to the claim must be in writing.
6. NAMC will not be responsible for system failures, website downtime, undelivered mail, or any technical malfunctions that prevent your information from reaching NAMC.
7. NAMC will make all determinations and decisions as to eligibility and qualification for payment of this guarantee. All NAMC decisions are final.
