UpFront Mortgage Professionals
The UpFront Mortgage Professional (UMP) is a non-profit organization that certifies loan officers according to their adherence to a 10-point commitment, focused on the highest moral and ethical standards in the mortgage industry. Our mortgage professionals must pass a rigorous test and certification process, as well as the National Certification (NMLS) licensing required by individual states and the Federal Government, to offer unparalleled transparency and dedication to your needs.
History of UMP
The Upfront Mortgage concept was conceived by Jack Guttentag (“The Mortgage Professor“) and Jeffrey Jaye (CLO/UMP) in 2000.
Guttentag, a nationally syndicated columnist, consumer advocate, and well-known expert on mortgage loans, developed the idea as a result of his experience as a mortgage adviser to consumers. When Jaye approached Guttentag with the idea to challenge the mortgage industry to clean up its bait and switch lending practices, Professor Guttentag realized the extent of the difficult mortgage processes most consumers face, many of whom were victims of predatory lending practices. With the assistance of 5 mortgage brokers located around the United States, the Upfront Mortgage Broker Commitment was created in July of 2000. Mortgage Brokers were encouraged to conduct their business under the terms of the Commitment, and those who did were listed on Guttentag’s website. In the next 5 years, the number of Upfront Mortgage Brokers increased, as did consumer understanding and appreciation of the concepts Jaye and Guttentag created.
With the growth of Upfront Mortgage Brokers and success of the concept, Guttentag and Jaye realized that they needed a more formal organization in which to operate. In 2006, the Upfront Mortgage Brokers Association (UMBA), a non-profit organization to assist consumers, officially came into existence. Jaye served as President for two years and is on the Board of Directors. The Upfront concept has expanded over the years to include Upfront Mortgage Lenders (UML’s), who are self-funding bankers who operate under their own for profit model endorsed by Professor Guttentag.
Now in 2014 the newest and most up to date Upfront Mortgage concept has begun! The Upfront Mortgage Professionals network is the most streamlined and client- centered expansion of the UpFront concept. UMPs’ are required to obtain the Mortgage Professor Certification and complete educational testing at the Professor’s website. These UMP’s are then certified to shop for mortgage in house or in the National network to find the best loan for UMP clients looking to purchase a home or refinance. We’re looking forward to what the future holds with UpFront Mortgage Professionals, and are constantly working to provide you the highest ethical and moral transactions in the Mortgage Industry!
Why use a UMP?
An UpFront Mortgage Professional is the only mortgage professional who has earned the designated of Certified Loan Officer by Jack Guttentag and the Mortgage Professor website. This certification guarantees that the UMP you have chosen to work with has passed the additional education test designed and implemented to ensure up to date knowledge of the mortgage industry’s rules and regulations, above and beyond the National Certification (NMLS) licensing required by individual states and the Federal Government.
A UMP must adhere to the 10 Point UMP Commitment on every loan transaction. This commitment is a one of a kind mortgage industry benchmark that allows for any consumer who uses a UMP to have their loan transaction procured and closed ethically and transparently… with targets at each stage of the loan process that are the most rigorous and cost effective in the mortgage industry today.
Not everyone can be a UMP. When shown the additional testing requirements and the bullet points on the UMP 10 Point Commitment that have to be met for you the consumer, many choose not to proceed with becoming a UMP. If morals, ethics, transparency and doing what you say you are going to do are tenants you believe in and want in your mortgage transaction, then an Upfront Mortgage Professional is the right choice for you!