UMP Purchase and Refi 10 Point Commitment
I. The UpFront Mortgage Professional (UMP) primary fiduciary responsibility is to you, the client, in all processes of obtaining your UMP mortgage.
2. The UMP will use his/her best efforts to determine the loan type, features, and lender services that best meet the borrower’s needs, and to locate the best UMP’s approved lenders’ prices for your loan scenario.
3. The UMP will quote all loans with an established Upfront fee that is built in to every quote you obtain for your loan so you know exactly how much the UMP is making. The fee will be a set commission that is lender or client paid. The fee will cover all services provided by the UMP, including any and all lender fees
4. All UMP loan officers will credit you, the client, 100% of any and all lender rebates over the set Client UMP agreed upfront compensation. This credit can reduce the settlement charges to $0 (zero) if that loan option is chosen with the corresponding interest rate chosen by you, the client.
5. Upon approval of your agreement to lock your loan on terms you have chosen, the UMP will provide to you within 24 hours the actual lender final lock form to confirm your rate, lender premium credits if applicable, closing costs package, and impounds if applicable that you have agreed to for review.
6. Upon closing of the UMP loan transaction, you will receive your pre-paid appraisal and credit report fee back in full.
7. Each loan quote and fee package will be sent to client to review with up to 3 other lenders real time pricing so you, the client, will see you are guaranteed to obtain the lowest retail rates for that day to choose from
8. All UMPs guarantee the closing costs to you upfront. If at time of closing the amount due or owed is higher than the Upfront guarantee, the UMP will pay the difference out of their pocket to close the escrow as guaranteed.
9. All UMP’s come with our exclusive “FREE RATE ROLL DOWN” after locking feature. Once you agree to lock your loan on the terms you choose, UMP will offer to re-lock your loan and get you a lower rate if one becomes available before your docs are drawn at NO COST or Re-Negotiation fee to you***. There will be no upfront processing or lock in fees on any UMP loan transaction and any extension fees incurred with no fault of you, the client will not be charged to you and absorbed by the UMP.
10. All UMP’s will hold the certification and pass the mortgage education test administered by the MTG Professor before being allowed to transact business as an approved UMP. They will keep this designation in good standing and complete all continuing education classes to keep their UMP Certified designation.
*** Free Rate Roll Down available after locking till time of documents being ordered by agreed reduction in 10 year bond yield Upfront