|Membership in UMBA is for individual mortgage brokers.
For membership purposes, a mortgage broker is defined as a loan originator who is employed by (i.e. W-2 or Schedule C sole proprietorship) or contracted by (i.e. 1099) an entity (corporation, partnership, LLC, sole proprietorship) that does not fund the loans it originates. Further, the entity must operate in this manner exclusively to be considered a mortgage broker for UMBA membership purposes (i.e. the entity may not sometimes fund the loans it originates).
As it relates to funding of the loan, and provide further clarification, an entity that employs or contracts a Mortgage Broker does not use internal capital or a warehouse agreement to fund its loans.
In order to be a member of UMBA, the individual must meet all of the following requirements:
1. Pay the membership dues, as established by the Board of Directors of UMBA.
2. Post the Upfront Mortgage Broker Commitment on the member website. It is not required that the Commitment be located on the member's home page, but the Commitment must not be more than "1 click" from home page.
3. Adhere to the terms of the Upfront Mortgage Broker Commitment when dealing with consumers.
4. Obtain and maintain the necessary state license(s) for origination acitivites and by December 31, 2010 have and maintain a unique identifier in the National Mortgage Licensing System.
5. Post the Upfront Mortgage Broker logo on the member website home page.
As it relates to the website requirements, an individual website (and not a company/firm website) must be utilized in those situations where the mortgage broker works for a mortgage brokerage firm and not all the mortgage brokers who work for the firm are members of UMBA. A company/firm website may be utilized if all the mortgage brokers who work for the firm are members of UMBA.
To become a member of UMBA, click here.