Guaranteed Mortgage Quote™ Program Seeks to Replace Perilous, Faulty 'Pre-Approval' Process Currently in Use With Guaranteed Closing Provision

Unique program looking to help buyers, sellers, and Realtors® know which mortgages will actually close receives U.S. patent for its peerless business methodology

WYOMING, R.I., May 14, 2013 /PRNewswire/ — Guaranteed Mortgage Quote, LLC has developed a new mortgage application processing system that includes a guaranteed closing provision for borrowers that's so unique, it was granted U.S. Patent #7,788,148.  A Guaranteed Mortgage Quote™ will effectively replace the commonly used so-called Pre-Approval, which does not incorporate this performance guarantee.

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The patent covers the business method allowing mortgage lenders to offer borrowers a written guarantee that their loan will close under the originally disclosed terms. And, if that turns out not to be the case, the borrower is eligible to receive a Guaranteed Mortgage Quote™ payment. This payment may be used to reduce the closing costs for a loan the borrower ultimately qualifies for, or the borrower can elect to receive a guarantee payment check and walk away from the deal.  Borrowers must verify and maintain all their application information through the time of closing in order to qualify for the guarantee.

According to Alan Bercovitz, Founder of The Guaranteed Mortgage Quote™, "Even after all of the federal and state regulations designed to address the country's mortgage-induced financial crisis, the mortgage industry still has one dirty big secret. That secret is the amount of mortgage "fallout" caused by mortgage loan originator oversights.  Too many borrowers are "approved" for mortgages they don't qualify for because originators did not fully analyze the borrower's financial situation. These errors are ultimately discovered during the underwriting process when it's too late to save the applicant from financial harm."

To reduce "fallout", the system includes software that generates a highly detailed supplemental application, called The Complete 1003™.  The Complete 1003™ contains all the additional crucial mortgage application questions that are missing on the industry standard 1003 form. The Complete 1003™ also incorporates the Fannie, Freddie, FHA, and FHA/USDA guidelines underneath each pertinent application question.  This gives mortgage loan originators all the information needed to determine if a borrower truly meets the requirements of the mortgage program so that the application package will pass through underwriting.

A Guaranteed Mortgage Quote™ lender gives consumers and referral sources such as Realtors® the confidence to choose them for their next mortgage.  The Complete 1003™ assures lenders that their loan originators are properly qualifying applicants, which produces efficiencies in their underwriting and processing departments.  The end result is an increased volume of closed mortgages produced at a lower cost.

To learn more about the Guaranteed Mortgage Quote™ system and how your mortgage company can become a licensee, visit www.guaranteedmortgagequote.com today.  Industry associations and companies with an existing lender customer base are also encouraged to inquire about Partnership opportunities.