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"The typical pre-qualification
letter and pre-approval letter has been viewed as a joke by the real estate
industry."
~Benny McMahon - President/CEO Texas Association of Realtors
"Thank you for bringing your
Purchase Guard certificate to my attention. This program would
certainly fill a need in our real estate industry."
"I applaud your efforts to create reliable loan commitments that all parties
can trust."
~Rich Thomas - CEO, Greater Dallas Association of Realtors, Inc.
( click here to view Purchase
Guard Terms & Conditions )
Purchase Guard was created with
the purpose of eliminating purchase transactions from falling apart because
a mortgage provider failed to do their job. In 2003, thousands of
purchase transactions failed in Texas just days before the scheduled closing
date. Thousands of man hours on the part of the buyer and seller's
Realtor were wasted and thousands of seller dollars were thrown away that
could have been prevented.
FACT:
In 2001 ,
the state of Texas amended the Texas constitution requiring ALL
mortgage brokers to use and provide one of two loan approval
or pre-qualification disclosures. These two forms are
clearly identified by the Texas Finance Commission and their use is
mandatory by law.
Quite sadly, many mortgage brokers in Texas are not obeying this
law and state regulators are currently not effectively enforcing it.
click here view the required
Loan Approval
Disclosure
click here view the required Pre-Qualification
Disclosure
( view them by reading )
TITLE 7 BANKING AND SECURITIES PART 4. TEXAS SAVINGS AND
LOAN DEPARTMENT
CHAPTER 80 MORTGAGE
BROKER & LOAN OFFICER LICENSING
SUBCHAPTER J FORM §80.22 Loan Status Forms
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Bright Mortgage Purchase Guard™