Who go with a mortgage pro vs. some mortgage guy you met at the bank.
There are lots of reasons to go with an experienced mortgage professional vs. just some mortgage guy that you met at the bank! 1) The guy at the bank is not licensed. That's right. The banks loan officers just register under the banks license. They do not need to take specific courses or pass the Federal and State tests required of loan officers that work outside of a bank. Since there is a 38% failure rate on the Federal test, a high percentage of the loan officers working at banks are there because they could not pass the test. The mortgage industry pays loan officers well and the banks get away with paying their loan officers a fraction of the amount per loan because they do not require the NMLS license. If a loan officer can not pass a test, do you think he can proprly protect you? Always check licenses http://www.nmlsconsumeraccess.org/ is a federal website to check on mortgage licensing. 2) As a partner of a mortgage company and with 23 years of experience, I&#