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- Fixed Fee Mortgage
(FFM) will be the customer's representative
or agent, and will endeavor to act in the
best interests of the customer.
- FFM will establish
a fee for services offered upfront, in
writing, based on information provided by
the customer. The service fee will be a
fixed dollar amount. The price will cover
all the services provided by FFM including
loan processing. On third party services,
such as an appraisal, ordered by FFM but
paid for by the customer, FFM will provide
the invoice from the third party service
provider at the customer's request.
Alternatively, FFM may have the payment made
directly by the customer to the third party
service provider.
- Any payment FFM
receives from third parties (yield spread
premium) involved in the transaction, to
include the mortgage banker, will be
credited to the customer.
- FFM will use their
best efforts to determine the loan type,
features, and lender services that best meet
the customer's needs, and find the best
wholesale price for that loan.
- The wholesale
prices from which FFM's selection is made
will be disclosed to the customer.
- When directed by
the customer, FFM will lock the terms (rate
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
customer's request.
- If a customer
elects to float the rate, FFM will provide
the customer the best wholesale float price
available to that customer on the day the
loan is finally locked.
- FFM will maintain
a web site on which its commitment to its
customers is prominently displayed.
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