Lake Success, New York (PressExposure) May 26, 2008 -- An organization of Select Mortgage Brokers from across the country have come together and developed a code of conduct based on upfront guaranteed cost to the consumer for services rendered.
In 2000, before exotic mortgage programs became widespread and seven years before the meltdown in the mortgage industry, a group of like minded industry professionals devised the UpFront Mortgage Broker Commitment. This Code of Conduct was written with the advice and direction of Jack M. Guttentag, a consumer advocate and Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania. He is also a nationally syndicated columnist writing under the name of âThe Mortgage Professor".
In July of 2000 these mortgage brokers committed âto act in the best interests of the customerâ and to âguarantee that the fee quoted upfront will be the total compensation for services.â In March of 2001 The Ford Foundation sponsored a meeting of Prof. Guttentag and these brokers to develop a plan that would encourage a larger industry commitment to the UpFront Mortgage Broker Commitment.
The number of brokers involved grew over the following years and then in 2006 the UpFront Mortgage Brokers Association (UMBA) officially came into existence. For more information and a membership list please visit: http://www.upfrontmortgagebrokers.org