this Commitment are eligible for
membership in the UpFront Mortgage Brokers Association (UMBA). Members
of UMBA carry the trademark designation UpFront Mortgage Broker® and commit to
The UpFront Mortgage Broker (UFMB) will endeavor to act in the best interests of the borrower.
The UFMB will use his best efforts to determine the loan type,
features, and lender services that best meet the borrower's needs, and to locate
the best wholesale price for that loan from the lenders with which the UFMB is
The UFMB will establish a fee for
his/her services upfront and in writing, before the loan application is
submitted, based on information requested by the UFMB and provided by the
borrower. The fee may be a fixed dollar amount, a percent of the loan, or a
combination of these. The fee will cover all services provided by the UFMB,
including any and all processing fees.
The UFMB will credit the borrower any and all yield spread premium
received from the lender. This credit will reduce the settlement charges and may
exceed the UFMB’s fee for services.
directed by a borrower who has met lender lock requirements, the UFMB will lock
the terms of the loan - interest rate, points or yield spread premium/credit and
other major features. After the terms of
the loan have been locked, if requested by the borrower, the UFMB will provide a
copy of the lender’s written confirmation of the rate lock. The rate lock
confirmation will show any and all yield spread premium or discount points
associated with the interest rate.
The UFMB will maintain a web site on which this Commitment will be
prominently displayed. If the web
site displays mortgage prices, the UFMB will indicate whether the prices include
the UFMB’s fee for service, or if the UFMB’s fee will be an added charge.