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How Does a Lender Become a UML?

How Does a Lender Become a UML?

July 9, 2003

  • Check the requirements to be a UML on What is An Upfront Mortgage Lender?

  • Create a non-public UML web page.  List the 5 requirements as E-LOAN has done, copying the bolded first sentence exactly as it is there. The balance of each statement is your own, providing the links to other pages on your site that demonstrate your compliance. Your discussion of Requirement 1 should include a link to you market niches table.

  • Fill out the table Market Niches Priced On-Line.

  • Make sure you have included all the relevant information about ARMS shown on Information Needed to Evaluate an ARM.

  • When it is completed, send me the web page.  If you are in compliance, I will send you the UML logo.

  • Insert the UML logo on your home page. It will be the entre to a UML page. 

  • At the top of the UML page, show the logo on the left, and to the right of it, "Certification of XXX as an Upfront Mortgage Lender". Immediately below that, display the following:

"XXX has been certified as meeting the requirements of the Upfront Mortgage Lender (UML) program. UMLs provide mortgage shoppers with the information they need to make an informed decision before applying for a mortgage, and also guarantee them fair treatment during the period after they apply through to closing."

Copyright Jack Guttentag 2003


Jack Guttentag is Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania. Visit the Mortgage Professor's web site for more answers to commonly asked questions.

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