We are affiliated with a program developed by Professor Jack Guttentag of the Wharton School. Information on this program is shown on The Mortgage Professor's web site

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.

1. The broker will be the customer's agent and representative, 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 percentage of the loan, an hourly charge for the broker's time, or a combination of these.

   The price(s) will cover all the services provided by the broker, including loan processing.

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

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.

   For example, if the broker's fee is one point, and the broker collects one point from the lender as a "yield spread premium," the broker either charges the borrower one point and credits the borrower with the yield spread premium, or charges the borrower nothing and retains the yield spread premium.

4. The broker will use 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 and points) 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.