My mortgage broker got a good rate from a mortgage company, but I think that getting a mortgage from a bank is safer. If I go with them, I’d like to be sure that they are ok. Are there resources for finding reviews or opinions about mortgage companies?
My question is geared more towards the actual company lending me money versus the broker. I trust the broker, but I would like some additional edification. The Mortgage lender in question is Provident Funding.
You can call your states real estate board and verify that he is in good standing.
October 1st, 2009 at 2:37 am
you are ok with him –he has many many banks to choose from.
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October 1st, 2009 at 3:15 am
You can call your states real estate board and verify that he is in good standing.
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October 1st, 2009 at 3:36 am
As an independent mortgage broker for 6 years, I’ve found numerous ways to stand out from the crowd of mediocrity & fraud. Ask if they belong to the local mortgage broker association, which would also mean they are in the state & national associations. http://www.namb.com will allow you to search for a national affiliate. Membership does not guarantee ethical behavior, but it shows a willingness for a higher standard. Ask how long they have been in the business, and what kinds of loans they specialize in. I’ve found that some of the sharpest brokers I know stay in a niche, such as subprime, jumbo, FHA, or A-paper. If they have a designation, this shows extra effort put towards their education. The new NAMB "Lending Integrity" seal is also a good barometer. But, as with most things, your internal "BS" meter should give you a heads-up if things do not sound right. Get a 2nd or 3rd good faith estimate from other lenders, or just ask some friends for who they used. There is no 100% foolproof solution. Just keep in mind that mortgage brokers need to be licensed, whereas mortgage bankers do NOT, as they usually belong to federally chartered institutions. Something to think about. Good luck!
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