TBO Mortgage will be adhering to the conduct code of an “Upfront Mortgage Broker” (UMB). By adhering to the UMB commitment TBO Mortgage will be acting in the best interest of the customer. Fees for services will be established up front, in writing provided to you. The fee will be significantly less than the loan origination and/or points charged by other lenders. This will result in your ability to receive the best loan product at wholesale price rather than a retail price. The only fees you will have are the normal appraisal, title and closing fees required by the title company and lender. All processing and credit report costs will be absorbed by TBO Mortgage. You will be given the opportunity to review the pricing offered to my company directly from the lenders. You will also be provided a copy of the lock confirmation from the lender showing the exact pricing on your loan.
The majority of the companies in business today do not take into consideration the best interests of the customer. The loan officers that sell these types of products, without concern for the customer, are selling the loans based purely on profit to themselves and the company in the form of a rebate or yield spread, which are a direct result of being charged a slightly higher interest rate. This is primarily a result of loan officers that sell the “product of the day” while not taking into consideration the financial needs of the customer.
Mortgage brokers can shop lenders more effectively than consumers. TBO Mortgage receives pricing information from multiple lenders. Being in the market daily we can provide an in depth analysis of the many programs available to you as the customer.
