Are you working with a licensed or un-licensed Loan Officer?

Shopping Around for the BEST Mortgage Interest Rates and Lender?

Let me ask you one question. Who would you prefer handling your largest single financial transaction?

1) A Licensed Loan Officer
2) An UN-licensed Loan Officer or call center clerk

The answer is clear... Now learn the difference between them.

Since January 1, 2011 all NON-bank Loan officers across the county have been held to a strict licensing standard (SAFE Act). An absolutely ridiculous exemption in the consumer protection laws allows all Banks Loan Officers to have different rules. Well, let's just say, no rules! Who are these banks? All the big names (Wells Fargo, Chase, Bank of America, etc.), ALL the small ones, plus ALL the Credit Unions, and any mortgage companies owned by banks.

Now I am not trying to make this into a David versus Goliath story, but I am trying to emphasize the huge differences and implications this has on consumers.

Here is a chart to show the differences in loan officer requirements:

Non-Bank Loan Officers Bank Loan Officers Licensed Yes No FBI Background Yes No Fingerprinted Yes No Surety Bonded Yes No 20 hours upfront education Yes No 8 hours continuing education each year Yes No Personal Credit checked Yes No Federal and State testing Yes No Complaint mechanism's Yes No Licensing fees and renewals Yes No Registered Yes Yes

Now that you know the difference. Who would YOU rather be working with on the largest financial transaction of your life? Trained, licensed, fingerprinted, and background checked - or the person with none of that?

What to do?

1) VERIFY THE PERSON you are working with IS LICENSED: Go to www.NMLSConsumerAccess.org. (Nationwide Mortgage Licensing System and Registry). Enter the loan officers name. Nothing there? They DON'T have a license.

If they do have a licensed:

2) Google the Loan Officer you are thinking of working with! Do you get any hits? What are they? Does the Loan Officer appear to be highly respected and quoted with lots of links? Then you are probably working with a top notch professional. Can't find anything, or maybe just a listing on the company web site? That probably wouldn't be who I would pick to handle my largest financial transaction.

Check out what these sites have to say about me: Google, YAHOO, Bankrate.com, and Bing.

Be Smart… Ask Questions, and Get Answers!