Upfront Mortgage Broker® Commitment
1. Close Your Own Loan.com will endeavor to act in the best interests of the customer.
2. Close Your Own Loan.com 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 Close Your Own Loan.com. If Close Your Own Loan.com 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 Close Your Own Loan.com but paid for by the customer, Close Your Own Loan.com will provide the invoice from the third party service provider at the customer’s request. Alternatively, Close Your Own Loan.com may have the payment made directly by the customer to the third party service provider.
3. Any payments Close Your Own Loan.com receives from third parties involved in the transaction will be credited to the customer, unless such payments are included in Close Your Own Loan.com's fee.
*If Close Your Own Loan.com's fee is 1 point, for example, and Close Your Own Loan.com collects 1 point from the lender as a “ yield spread premium”, Close Your Own Loan.com 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. Close Your Own Loan.com will use their 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 Close Your Own Loan.com is approved.
5. After the terms have been locked, if requested by the customer, Close Your Own Loan.com 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, Close Your Own Loan.com 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, Close Your Own Loan.com will guarantee all fees charged by the lender who locks the rate.
7. If a customer elects to float the rate/points, Close Your Own Loan.com will provide the customer the best wholesale price available from the lenders with which Close Your Own Loan.com is approved on the day the loan is finally locked.
8. Close Your Own Loan.com will maintain a website on which its commitment to its customers is prominently displayed, along with any other information Close Your Own Loan.com wishes to convey. If the website displays mortgage prices, Close Your Own Loan.com 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 Close Your Own Loan.com's fee will be an added charge.
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Speak With A Loan Coordinator
Would you prefer to speak with a Loan Coordinator over the telephone? Please call us directly at 1-800-276-CYOL(2965) and choose option 1. Or, click here to have one of our experienced representatives contact you directly.