| Our Commitment to you 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. This includes loan processing,
for which customers always pay a broker or lender.
*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 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, 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
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. |
