Welcome to the ClearPath Loyalty Program
Loyalty is more than just a word to ClearPath Lending… it’s a passion… and it’s the guiding principle behind ClearPath’s foundation. The team at ClearPath Lending would like to take the opportunity to explain the many benefits you can expect as a client of the Loyalty Program. You will have full access to the same trusted individuals who helped you with your original transaction. During the servicing of your loan, we will monitor the market rates on your behalf to make sure that you are not paying more for your home than you should. Once a lower rate is available to you, we will contact you and notify you. The best part is you don't have to provide any documentation to initiate the process.
We believe in maintaining long-term relationships and we understand that you have the option to work with many other lenders. For this reason, our Loyalty Department helps ensure that you benefit from the lowest possible rate with the most favorable terms. In return, we benefit from being able to retain your business. This program is not only intended to help protect your financial interests but to make the overall experience easy and even enjoyable.
The Loyalty Process
Borrower(s) are automatically enrolled in the Loyalty Program once your first loan funds with ClearPath. To become eligible, borrower(s) must make a minimum of 3-6 payments on the new loan.
The enrollment of the Loyaty Program continues and the borrower(s) is provided with monthly updates from the Loyalty Department.
The Loyalty Department prepares for the analysis of the borrower's loan to explore their new options.
Once a lower rate is available to you, we will contact you and notify you. However, at anytime borrower(s) may contact the Loyalty Department for an update.
Eligibility for the Loyalty Program officially begins. Borrowers can expect to sign their final loan documents in the presence of a notary in as little as 14 days.
The borrower is once again enlisted into the Loyalty Program.
Benefits of the Loyalty program
We want you to always get the most out of everything you do with us, that is why there are so many options and benefits that may be available to you once enrolled into our loyalty program:
Lower your current interest rate at no additional cost and move into something a little more comfortable.
Lower your current monthly payment and possibly save hundreds.
Potentially defer up to 2-months of your mortgage payments
Options to keep your loan term exactly where it is currently
No lender fees and no finance charges added to the principal balance
We will monitor interest rates on your behalf
Work with the same trusted experts that helped you with your original loan
No additional documentation needed as we already have most documents on file
Potentially close your loyalty loan in as little as 14 days
The Loyalty Loan Program means that you will never have to call another advertisement you receive in the mail or wonder if you qualify for a lower rate in the future. We do the work for you! We will monitor your interest rate during the servicing of your loan and should market conditions improve, we will gladly extend to you a lower rate with a lower payment.
It's quite simple. If rates go down after we close your loan, we understand that you may look to refinance elsewhere and possibly lower your rate. For that reason, we make sure to contact you before you contact someone else. The main objective of the Loyalty Program is to keep our relationship with you and help you with all your future mortgage-related needs. The last thing we want is to lose your valuable business to a competitor. That is why we put together one of the most comprehensive and desired mortgage loan programs in the industry. We call it the Loyalty Loan Program.
ClearPath Lending currently does not service loans. Regardless of who we transfer the servicing of your loan to, your eligibility for the Loyalty Program will stay intact with ClearPath Lending.
It is important to note that any offer you receive from your current servicer is from their retail department, which we have no affiliation with. The offer you receive from them is not part of our Loyalty Program and in some cases, the terms of their offer may be less favorable than our Loyalty Program offer.
No, there are no costs associated with the Loyalty Program. However, in some cases, you may be eligible for multiple refinance options. A no-fee, no-finance charge option will always be available. Other options with even lower interest rates may also be available, but discount points or other costs may apply.
Typically, you have to make at least 3 payments on time with the servicer of your loan. However, there are times where the borrower must make 6 payments depending on the loan program they are currently enrolled in.
There are a few instances where ClearPath Lending reserves the right to withdraw your eligibility for a refinance through the Loyalty Program. If you miss any monthly payment obligations with any of your creditors or fall behind more than 30 days on your existing mortgage, you may lose eligibility for a refinance through the Loyalty Program.
Yes and no. Yes, you will still have to sign initial disclosures which will acknowledge the change in terms of your loan and yes you will have to sign your final loan docs in the presence of a notary. However, you generally do not have to start a new application or provide any type of documentation to us. Because we have everything on file from your previous refinance, the loyalty loan process is more seamless and takes less time to complete.
The loan officer and loan processor who helped with your first refinance will both be assigned to your loyalty refinance, unless you request someone different.
No, when you closed your first loan with ClearPath Lending, you were automatically enrolled in the Loyalty Program. However, each time you refinance your mortgage through the Loyalty Program, you will have to complete a minimum of 3-6 payments on the new mortgage depending on the loan type for your eligibility to begin once again.
You can absolutely call us to see if you are eligible for rate reduction under the Loyalty Program. Please reference your eligibility number which can be found on your loyalty certificate provided in your kit when calling us at 1-800-LOYALTY (569-2589). You can also email Loyalty@clearpathlending.com for any inquiries. Once again, please be sure to reference your eligibility number if you choose email over phone contact.