About UFMB

Read about UpFront Mortgage Brokers Association and meet Roman Shulman from Superior Funding Corporation in Newton, Massachusetts, UFMB member.

UpFront Mortgage Broker Principles

Borrowers seeking a trusted mortgage professional who is guaranteed to operate only in a fair and transparent manner when dealing with borrowers can turn to a member of UpFront Mortgage Brokers (UFMB) Association.

UpFront Mortgage Brokers Association is a group of professionals who set an industry example of fair and transparent practices by following a strict process which eliminates, in a way which is firm and verifiable by the borrower, any potential for employing unfair business tactics. Additional information about UFMB can be found on UFMB website www.upfrontmortgagebrokers.org. A copy of official UFMB Commitment can be viewed here.

How Mortgage Brokers Operate in General

Similar to independent insurance agencies which sell policies from multiple carriers, mortgage brokers operate through wholesale channels of lenders and investors which are part of their business network. Because of their overall efficiency, competitiveness and strong customer orientation, mortgage brokers have always been a solid choice for educated consumers. Brokers perform an array of origination and processing services for which they receive a fee. This fee can be paid by the borrower, in which case a broker would be able to offer a lower (wholesale) rate, or by the funding lender, in which case the broker would offer a retail rate. Although there are anti-steering laws in place, they contain Safe Harbor (compliance presumption) provisions which leave room for "steering" consumers into products of lenders which pay originators a higher fee, often at the expense of the borrower.

Product Steering

Steering has been an issue across all lending channels. Mortgage brokers received compensation based on interest rates (Yield Spread Premium). Retail lenders who closed loans with temporary funds and then sold them to larger investors or secondary market also received rate-dependent payments (Service Release Premium). Massive amount of recent regulations curbed, but did not eliminate unfair practices resulting from monetary incentives to place the borrowers into products with higher rates.

How UpFront Mortgage Brokers Operate

UFMB members set their fee upfront, and officially agrees to act in the borrower's best interests. Regardless of which wholesale lender or investor ends up funding the loan, and regardless of the rate selected by the borrower, the UFMB receives only the agreed upon fee. This eliminates any potential inceptive to steer the borrower to a wholesale lender which pays the highest compensation. The borrower can opt for lower rates which would cost additional points paid to the funding lender, or for higher rates which would yield rebates. Any rebate would be applied towards the settlement costs and may in some cases exceed the UFMB fee. The borrower will receive lender's rate lock confirmation showing the rebate for the selected rate, and also upon request the lender's wholesale rate sheet. While traditional mortgage brokers can operate this way, UFMB Association members are the only professionals in the business who agree to operate this way outright and officially endeavor to act in the borrower's best interests taking on fiduciary responsibility.

Review UpFront Mortgage Broker® Commitment. Learn more about Wholesale (broker) channel.

Roman Shulman, Superior Funding Corporation, President

Roman Shulman
(617) 938-3900 x701
(800) 506-5706 x701
Email: umb@sfcorp.net

Hello,

I am Roman Shulman, President and founding partner of Superior Funding Corporation, and a member of UFMB. My priority is to provide my clients with the most competitive terms available, while attending to their needs as if they were my own. I believe you will enjoy working with me, and it will be an honor to offer you the most personal level of service. To contact me, just send me an email or give me a call. I am looking forward to speaking with you!

Sincerely,

Roman Shulman,
Mortgage Professional
Member of UFMB