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Organization Affiliation
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Member of Financial Planning Association of Greater Phoenix (FPA), Certified Commerical Investment Member (CCIM) candidate. Certified Mortgage Planning Specialist (CMPS), National Association of Mortgage Brokers (NAMB) Arizona Association of Mortgage Brokers (AAMB)
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Contract With Client
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Steve employs the standard UMB contract with borrowers which identifies his fixed mark up over wholesale rates.
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Technology Employed
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United Mortgage Financial Group uses an online application process which clients can use to fill out their application at their convenience. The status of applications is available on-line at all times, and documents can be signed digitally on-line. Clients who have completed their application and elect to “float” the rate are kept informed continuously on changes in the market via an exclusive market-watch service.
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Locking Procedures
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Steve locks loans to refinance upon receipt of the completed application, plus other items that have been requested from the client. Purchase loans are locked on the day the purchase contract is signed, provided the client has already provided the information required for a pre-approval used to support the purchase. Steve offers a Rate Float-Down Option. For ¼ point paid in cash when the loan is locked, Steve agrees to drop the mortgage rate by .125% if the 1-year Treasury bond yield drops by .15% or more, and by .25% if the bond yield drops by .3% or more. If the mortgage rate is not changed under this provision, Steve will credit your ¼ point fee back to you at closing
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Third Party Fees
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United Mortgage Financial Group guarantees lender, broker and third-party closing costs on the day that the rate is locked. If any of these costs at closing are higher than those shown on the good faith estimate given to the borrower at the time the rate lock is confirmed, the company will pay the difference.
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Broker Fees
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Broker Fees: United Mortgage Financial Group negotiates fees on a case by case basis. Some of the criteria that go into the determination of our fees are: Loan Amount, Credit History, Documentation Type, Borrower Participation, and Closing Time Frame. Typical Fees are as follows:
Origination Fee: Negotiated on Case By Case Basis
Processing Fee: $495 which includes credit report, Fed Ex fees to get loan package to the lender and payment of loan processor and transaction coordinator.
Lender Fees: Wholesale lenders charge a fee to underwrite the file, prepare the loan docs and fund the loan. This also includes the tax service fee and the flood certification fee.
Appraisal Fee: Ranges between $250-$500 depending on type and size of home. Customers are free to shop for their own appraiser. We can recommend a trustworthy company if the customer wishes.
Yield Spread Premium: The spread that the bank pays us to deliver a certain rate to the customer. This fee is always disclosed by United Mortgage Financial Group, Inc. and the customer has the option to use the Yield Spread to pay for the origination fee to keep up-front costs lower. This is worked out on a case by case basis with the customer to determine if it makes more sense to pay the origination fee, the Yield Spread Premium fee or a combination of the two.
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Bio
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Arizona Mortgage Broker | Arizona Mortgage Rates
Steve Heideman is a widely respected expert on debt planning, the mortgage market and commercial real estate. His expertise and opinion are frequently sought from a variety of media sources in radio, television, print and the internet. At the beginning of the credit crisis of 2007-2008, Steve was asked to give his input to the consumer protection regulation at the Federal Reserve Board of Governors in Washington DC for hearings on abusive lending practices. Steve served as the founding President of the Upfront Mortgage Brokers Association from 2005-2008.
Steve is the President of United Mortgage Financial Group, Inc. a residential, commercial and investment real estate capital firm located in Tempe, Arizona and Fulcrum Investment Network a social media network dedicated to education and the sharing of non-traded assets like commercial real estate and private equity. Through varied partnerships and connections with hedge funds, banks, private investors and investment banks Steve has been facilitating asset transactions and building capital structures for real estate acquisition, development, bridge, joint venture and permanent financing for over a decade.
Steve is a member of the CCIM Institute. A Certified Commercial Investment Member (CCIM) is a recognized expert in the disciplines of commercial and investment real estate. A CCIM is an invaluable resource to the commercial real estate owner, investor, and user. For 2 years, Steve was the host of “Talking Dollars and Making Sense” for Phoenix’s KFNX 1100 AM news/talk radio station. The show was the drive time lead in for Bill O’Reilly. Steve has taken a sabbatical from the terrestrial radio medium to focus on the burgeoning revolution happening in social media. Steve is currently the real estate finance “guru” for filife.com a financial advice website that was born from a partnership between two established companies, Dow Jones (publisher of The Wall Street Journal) and IAC (the internet company behind Lending Tree, Match, College Humor and others). Steve is also a contributor for Biggerpockets.com one of the largest real estate investment social networks on the web.
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