TLD Financial
  • Home
  • Customer Login
  • Loan Application
  • Mortgage Calculators
  • Reviews
  • Contact Us
  • Loan Tools
    • The Loan Process
    • Loan Application Requirements
    • Get Pre-Qualified
    • Bi-Weekly Mortgage
    • How much can you afford?
    • Mortgage savings tips
    • Should you buy points?
    • RADIAN MI Calculator
  • Credit Tools
    • What is a credit score?
    • Disputing Credit Reports
    • Getting your credit report
    • Mistakes on your credit report
    • Improve your credit score
    • FICO Scores
  • Tax Tools
    • Mortgage Tax Calculator
    • Homeowner Tax Deductions
    • Tax Closing Costs
  • About Us
    • Locations
    • Our Staff
    • License Information
    • Privacy Policy
  • More...
    • Economic Indicators
    • Daily Rate Lock Advisory
    • Document Checklist
    • Mortgage Tuneup
    • UpfrontCommitment
    • Rate Sheet
    • Real Estate Glossary
  • ReverseFacts

               UpFront Mortgage Broker Commitment



1.   The broker 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 broker's time, or a combination of these.

The price or prices will cover all the services provided by the broker. If the broker charges a loan processing fee, the amount will be disclosed to the customer, regardless of whether it is paid directly to the broker or to a third party.

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

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.

      *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 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 broker will use his 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 which the broker is 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 that discloses the wholesale price.

6.   When directed by a customer who has met lender 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.  At the same time, the broker will guarantee all fees charged by the lender who locks the rate.

7.   If a customer elects to float the rate/points, the broker will provide the customer the best wholesale price available from the lenders with which the broker is approved 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. If the web site displays mortgage prices, the broker will indicate whether the prices are retail or wholesale. If prices are retail, the markup will be shown. If prices are wholesale, a prominent note will indicate  that the broker's fee will be an added charge.

Picture
Picture
Copyright © 2021  TLD FINANCIAL All Rights Reserved
NMLS #287014
Picture
Picture
Picture

​license Info
terms of use
upfront commitment
testimonials