6 Critical Indicators of a Mortgage Professional

How do you know when your dealing with a true mortgage professional? Not a loan originator, loan officer, mortgage consultant, broker or any other host of names that are given to individuals involved in originating mortgages these days. But a true, ethical, honest and educated mortgage professional. Well, hopefully some of the tips below will help educate you as a consumer in the mortgage environment and what to look for in choosing someone to be your representative in getting the best mortgage possible for you!

1) Does he/she speak fluently and without hesitation?
More often than not when an individual is "dancing around" questions it usually means they are trying to cover something up. For obvious reasons you do not and should not have to deal with this. Choose a mortgage professional that answers your questions head on and with confidence. I say this because if the individual speaks, thinks, and acts like a professional and gives you honest feedback then this should always be taken as a plus! Its not the end all be all because we all know there are some great speakers out there.

2) Do they possess the Lending Integrity Seal of Approval?
This is a designation not required by most states but is encouraged. Basically, its a seal of approval by the NAMB (National Association of Mortgage Brokers) which signifies the completion of 6 hours of continuing education annually (2 of those hours in ethics), 3 professional business references, a background check, and a signed commitment to abide within a stringent code of ethics.

3) Do they have testimonials to back their claims?
The old saying holds true "If you do one good thing 1-5 people will hear about it if you do one bad thing 25-50 people will hear about it." Why do I say this? Doing things the right way, at the right time and with the right tools is crucial. It takes a lot for someone to actually show their appreciation by writing a testimonial and greatly adds to the individuals creditability as a solid mortgage professional.

4) Do they provide a complete and accurate set of disclosures?
Do there GFE's (Good Faith Estimate) include everything you will see at closing? Have they left off the recording fee, appraisal, title charges etc. I cannot tell you how many times I run across this on a day to day basis. Look for someone who discloses everything to you up front! At least that way you know what to expect and who is doing things the right way and who isn't. Do they have a privacy disclosure, truth-in-lending, patriot act, mortgage origination, etc. A true representation of disclosures should be approximately 22-28 pages. Watch out for individuals who disclose significantly less than this.

5) Do they have the knowledge and tools to make float and lock recommendations?
I am not one for recommending doing business with the company with the absolute lowest rate. However, I do understand that this is a crucial piece of the puzzle but just one piece of the puzzle. Understanding what effects mortgage rates, the market, and technical indicators is an attribute that cannot be duplicated. A true mortgage professional will be able to recommend decisions that will greatly impact your rate and hence your payment and interest charges. Do not do business with someone that simply goes off of "gut" decisions rather someone who has an enhanced knowledge and system in place to make recommendations and the instruments as to why.

6) Do you trust them?
I know this one is a little remedial however it is probably the single best indicator in whether or not you should do business with them. Like life trust is earned and not deserved. Have they done the right things to make them earn your trust? Were they recommended by someone you trust and whose opinion you value? If you do not trust them or value their recommendations, opinions and insight then you should turn to someone whom you do trust.

Brought to you by Professional Mortgage Group, Inc.
Your Columbia Missouri Mortgage Broker