Option One Touts 'Best Practice' Update

Option One Mortgage Corp., Irvine, Calif., has announced updated best practices for its wholesale and retail loan origination businesses and its mortgage servicing operation.Option One said it revised and updated its best practices to make the information more accessible to borrowers. One practice touted by the company is the establishment of escrow accounts so borrowers can put aside money each month to pay real estate taxes and homeowners' insurance, thus avoiding the need for large lump-sum payments. The company also pointed to its practice of not charging for certain standard services, such as automatic payment withdrawals, copies of payment histories and loan documents, and payoff statements, among others.