When you are in need of a mortgage loan, most independent mortgage experts advise consumers to select a mortgage broker and not a mortgage lender. And now there is a new type of mortgage broker that provides consumers with significant benefits over a typical mortgage broker- an Upfront Mortgage Brokerâ(UMB).
A UMB is a mortgage broker that has elected to do business in an upfront and fully transparent way and operates under specific guidelines (The Upfront Broker Commitment). Kevin Iverson, President and owner of Reed Mortgage Corporation, was the first mortgage broker in the USA to receive the UMB designation .
The UMB concept was conceived by Jack Guttentag, the nationally syndicated columnist and well-known expert on mortgage loans. Guttentag developed the idea as a result of his experience as a mortgage adviser to consumers. His website contains information on UMBs and other mortgage related topics and can be found at www.mtgprofessor.com
The major differences between a UMB and a conventional mortgage broker (CMB) are as follows:
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