In spite of the strides made in the mortgage industry over the past 5 years, we still have a ways to go. I recently received a call from a gentleman, who with his wife is purchasing a new $800,000 home to be constructed sometime in the next 24 months.
In the mean time, the builder had secured their mortgage business with their affiliated mortgage company. Jack-of-all-trades: master of none.
Unfortunately, the mortgage specialist they were referred to recently locked their interest rate and charged them an additional 1.5 points for a rate that I am currently not charging any points. In fact the rate is so high I can also cover closing cost and my origination fee, thus leaving the borrower with no cost at closing for their loan. This represents a savings to the borrower of over $12,000.
After hearing their story, I did some basic research to see who I am competing against these days. I did this research through The Nationwide Mortgage Licensing System & Registry or Nationwide Multi-state Licensing System otherwise known as NMLS has a consumer access page that allows consumers to search mortgage companies as well as individual loan originators. The NMLS is an excellent resource to vet loan officers with whom you may be choosing to work with to secure a home mortgage.
My search revealed that this young man had been a delivery manager for a mattress factory as recently as August of 2012 and had held two other jobs before becoming a “loan specialist” with the builder’s affiliated lender in December of 2012. If I was purchasing a house, this is not the level of expertise or experience I would be looking for when moving forward with possibly the largest financial transaction of my life. And neither he, nor the lender is located in North Carolina.
I always recommend shopping for a reputable, trustworthy, experienced loan officer first, and the mortgage loan that is right for you and your family at competitive pricing and rates will follow. NMLS is an excellent resource and a perfect place to start to make sure you receive the best service for your mortgage.
And check out this article to avoid mortgage lending scams.
“Mortgage Lending is Our Business: Customer Service is Our Passion.”
Stay tuned and stay in touch with your mortgage professional. Thank you for the opportunity to serve you. David. 919.851.0999.
Raleigh Mortgage Man, NC Mortgage Man, Triangle Mortgage Man, Triangle Mortgage Expert all owned and licensed by David M. Damare’. All rights reserved.