UpFront Mortgage Broker

Montvale Mortgage has been awarded the rare and distinct designation of UpFront Mortgage Broker. The UMB certification assures customers fair treatment in all dealings with Montvale Mortgage. 

Additionally, you are assured a fair and accurate interest rate and closing cost quote.

To be certified, Montvale Mortgage has met all of the UMB requirements below.

Requirement 1: UMBs disclose their fees to customers in advance and in writing, and disclose the wholesale prices (rates and points) passed through from lenders.  Customers of UMBs pay the broker's fee plus wholesale loan prices. In contrast, conventional mortgage brokers (MBs) add a markup to the wholesale prices, and quote the resulting “retail prices” to customers.  Most MBs reveal their markup only in required disclosures after an application has been submitted.

Requirement 2: A UMB includes its fixed-dollar fees, including credit and appraisal charges, in its closing cost and guarantees them to closing.  This assures borrowers that price information is complete, and that new fees won't be added or existing ones increased after they have committed to working with the selected lender.

Requirement 3: A UMB Provides a Clear Explanation of its Lock Requirements.
Mortgage customers need to know when they have the discretion to lock the terms of the loan. The explanation includes any required payments, processes that must be completed, how expired locks are handled, and whether the borrower and the UMB are committed.  Montvale Mortgage offers Free 30 day rate locks.

Requirement 4:  The UMBs interests are fully aligned with those of customers.  They can thus represent borrowers in shopping for loans.  In contrast, MBs shopping the market are often in a conflict situation with customers.  For example:

The loan type that best meets the customer's needs may not be the one that allows the largest markup for the MB. MBs may profit by ignoring customer requests to lock the rate/points, putting the customer at risk. MBs often increase their markup on customers who allow the rate/points to float by not giving them the best available rate (the float rate) when the loan is finally locked.  Bottom line always work with an UpFront Mortgage Broker.

Requirement 5: UMBs credit customers with any rebates they receive from third parties. Mortgage brokers sometimes receive rebates from lenders or concessions from home sellers.  UMBs credit customers for any such payments that would otherwise increase the broker’s fee beyond what was agreed upon.  
In contrast, MBs may or may not credit customers for payments from third parties, depending on the circumstances.