Upfront Mortgage Broker

We are proud to be affiliated with the UPFRONT MORTGAGE BROKER program as it complements our company's philosophy of education and straight answers.

The UPFRONT MORTGAGE BROKER program was developed by Professor Jack Guttentag of the Wharton School. Brokers participating in the UPFRONT MORTGAGE BROKER (UMB) program separate their own fees as brokers from the wholesale prices charged by lenders. The UPFRONT MORTGAGE BROKER (UMB) program enables consumers to obtain guaranteed loan programs with no hidden costs or fees. Information on this program is shown on The Mortgage Professor's web site.

Commitment of an Upfront Mortgage Broker

1. The broker will be the customer's representative or agent, and will endeavor to act in the best interests of the customer.

2. The broker will establish a price for services upfront, in writing, based on information provided by the customer.

The price may be a fixed dollar amount, a percent of the loan, an hourly charge for the broker's time, or a combination of these.

The price or prices will cover all the services provided by the broker. This includes loan processing, for which customers always pay a broker or lender.

On third party services, such as an appraisal, ordered by the broker but paid for by the customer, the broker will provide the invoice from the third party service provider at the customer’s request. Alternatively, the broker may have the payment made directly by the customer to the third party service provider.

3. Any payments the broker receives from third parties involved in the transaction will be credited to the customer, unless such payments are included in the broker's fee.

If the broker's fee is one point, for example, and the broker collects one point from the lender as a “yield spread premium”, the broker either charges the customer one point and credits the customer with the yield spread premium, or charges the customer nothing and retains the yield spread premium.

4. The broker will use his best efforts to determine the loan type, features, and lender services that best meet the customer's needs, and to find the best wholesale price for that loan.

5. The wholesale prices from which the broker's selection is made will be disclosed at the customer's request.

6. When directed by the customer, the broker will lock the terms (rate, points, and other major features) of the loan, and will provide a copy of the written confirmation of the rate lock as soon as it has been received from the lender.

7. If a customer elects to float the rate/points, the broker will provide the customer the best wholesale float price available to that customer on the day the loan is finally locked.

8. The broker will maintain a web site on which its commitment to its customers is prominently displayed, along with any other information the broker wishes to convey.

For additional information, please contact us at: info@e-moneysolutions.com.