Did you know?:
Now ask yourself:
Who do you want to rely on to give you the best advice on financing one of the largest purchases of your life?
Informational Videos on what a Mortgage Broker can do for you.
- Mortgage Brokers (or as we are sometimes called, Independent Mortgage Experts) are required to take at least 8 hours of continuing education a year.
- Big Bank Loan Officers have no continuing education requirement.
- In order to become a licensed Independent Mortgage Loan Originator (MLO), an individual has to complete at least 20 hours of training on mortgage products, legal compliance and ethics from a Nationwide Multistate Licensing System (NMLS) approved independent provider.
- Big Bank Loan Officers have no independent training requirement and no licensing requirement. They are simply registered as an MLO in the NMLS as an employee of the bank who originates mortgages.
- After completing training, an Independent MLO is only licensed after receiving a passing score of 70% or greater on the SAFE MLO test. This test is no cakewalk, as the NMLS reports that just 54% of test takers pass the exam.
- Big Bank Loan Officers are not required to take the SAFE MLO test and are not licensed by state regulatory agencies.
- Independent Mortgage Brokers have access to products and pricing from lenders across the country and can match you with a product and lender that best matches your needs.
- Big Bank Loan Officers can only provide you with the products and pricing their bank allows them to offer.
Now ask yourself:
Who do you want to rely on to give you the best advice on financing one of the largest purchases of your life?
Informational Videos on what a Mortgage Broker can do for you.