AMERIMUTUAL MORTGAGE is a proud member of the Upfront Mortgage Broker Association, as endorsed by the Mortgage Professor, Jack M. Guttentag. In line with the Upfront Mortgage Broker Association Commitment, Amerimutual Mortgage maintains complete transparency with its clients and Amerimutual’s unparalleled success demonstrates that clients like it. If you are looking for an open, upfront relationship with your lender, we have the basis for a constructive relationship.
1. Amerimutual Mortgage, the (“broker”) will be the customer’s agent and representative, and will always act in the best interests of the customer. More specifically, Amerimutual Mortgage looks for ways to save the customer money. The customer gets 100% of all benefit.
2. Amerimutual Mortgage 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 percent of the loan, an hourly charge for the broker’s time, or a combination of these.
- The price or prices 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 Amerimutual Mortgage receives from third parties involved in the transaction will be credited to the customer, unless such payments are included in the broker’s fee.
- If the broker’s fee is 1 point, for example, and the broker collects 1 point from the lender as a ” yield spread premium”), the broker either charges the borrower 1 point and credits the borrower with the yield spread premium, or charges the borrow nothing and retains the yield spread premium.
4. Amerimutual Mortgage 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 (rate and points) for that loan from the lenders with whom we are approved.
5. After the terms have been locked, if requested by the customer, the broker will provide a copy of the applicable lender’s rate sheet and/or lock confirmation that discloses the wholesale price.
6. When directed by a customer who has met lock requirements, the broker will lock the terms (rate, points, and other major features) 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, Amerimutual Mortgage will provide the customer the best wholesale price available from the lenders with whom we are approved on the day the loan is finally locked.