Commitment of a Upfront Mortgage Broker™

1.     The Lending Lady will be the customer's representative or agent, 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 percent of the loan, an hourly charge for The Lending Lady's time, or a combination of these.

*The price or prices will cover all the services provided by The Lending Lady. This includes loan processing, for which customers always pay The Lending Lady or lender. 

*On third party services, such as an appraisal, ordered by The Lending Lady but paid for by the customer, The Lending Lady will provide the invoice from the third party service provider at the customer’s request.  Alternatively, The Lending Lady may have the payment made directly by the customer to the third party service provider.

3. Any payments The Lending Lady receives from third parties involved in the transaction will be credited to the customer, unless such payments are included in The Lending Lady's fee.

      *If The Lending Lady's fee is 1 point, for example, and The Lending Lady collects 1 point from the lender as a “ yield spread premium”, The Lending Lady either charges the customer 1 point and credits the customer with the yield spread premium, or charges the customer nothing and retains the yield spread premium.

4.     The Lending Lady 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 Lending Lady's selection is made will be disclosed at the customer's request.

6.      When directed by the customer, The Lending Lady 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, The Lending Lady will provide the customer the best wholesale float price available to that customer on the day the loan is finally locked.

8.     The Lending Lady will maintain a web site on which its commitment to its customers is prominently displayed, along with any other information The Lending Lady wishes to convey.

Commitment of Upfront Mortgage Brokers--Copyright Jack Guttentag 2002

 

 





 

 

 

 

 

 
 

The Lending Lady
Aaron Lending, LLC

(480) 895-1630  or  (602) 793-6963
Arizona BK0106503
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