What is a PPO Mortgage?
A mortgage PPO (preferred provider organization) gives subscribers access to better providers and lower prices through negotiated rates. Select employers offer this service as an employee benefit.
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History
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Mortgage Benefits Corporation (MBC) introduced the mortgage PPO in 2004, according to Business Wire. MBC's Mortgage Choice Plan is an employer-provided, voluntary group benefit that gives participants access to discounted mortgage lending services. MBC added the Realty PPO in 2005 to provide access to additional realty services.
Function
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A mortgage PPO allows participants to choose a loan agent just as they would choose a doctor in a medical PPO. Participants receive discounted rates, access to prescreened lenders and agents, credits toward certain closing costs, and access to a help center and dispute resolution services. The Realty PPO expands those benefits by offering rebates and credits to members who are buying or selling a home.
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Benefits
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The mortgage PPO allows members to take advantage of discounted group rates and access to selected specialists. MBC's plan has no cost to either the employer or the employee. By packaging services into a network, the plan makes all aspects of home buying and selling much more convenient -- saving members time and money.
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