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Certified upFront Mortgage Lender

E-LOAN 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.

•Requirement 1:
 A UML Provides Quick Access to the Market Niches it Prices Online.
E-LOAN provides comprehensive lists which detail all of the loans currently available online (see table). E-LOAN also provides both a comprehensive Product List and Menu of Loans which also detail all of the loans currently available.
•Requirement 2:
 A UML includes its own fixed-dollar fees, plus credit and appraisal charges, in its price quotes, and guarantees them to closing.
E-LOAN includes all lender fees in its customized price quote, and guarantees that none of the fees will change between the time a borrower locks a loan and closing. Click here for E-LOAN's complete Closing Cost Guarantee.
•Requirement 3:
 A UML Provides a Clear Explanation of its Lock Requirements.
In general, borrowers can lock once their application has been approved and their appraisal has been ordered. Click here for E-LOAN's complete Lock Policy.
•Requirement 4:
 A UML discloses all the information about ARMs needed by shoppers to make intelligent decisions.
The Mortgage Professor's list of ARM features required to make an informed decision is shown in Information Needed to Evaluate an ARM. E-LOAN'S customized price quotes include information on all these features.
•Requirement 5:
 An Upfront Mortgage Lender (UML) informs borrowers if its loan officers are compensated in a way that gives them a financial incentive to overcharge the borrower.
The compensation of E-LOAN loan officers is not affected by the interest rate, points or other fees that any particular borrower pays. Loan officers are not allowed to change the rates, points or other settlement costs posted on the site.