Preferred Lender Selection

The following criteria are used to guide our decision making in selecting preferred lenders:

• Competitive borrower benefits
• Self service for loans – provides service of loan for the life of the loan and does not sell to another loan holder
• Clarity of Web sites and Web information
• Ease of online processes for borrowers
• ELM member (real time activity preferred) - ELM Resources provides automated Alternative loan data exchange, updates and loan information through the Internet. ELM is a not-for-profit company.
• Operations staff is knowledgeable, proficient and responsive
• Provide open and effective communication to borrowers and financial aid staff
• Lender can customize its communications to meet the specific needs of UMBC borrowers