Posted on: 10th Oct, 2006 08:23 pm
I found some information on mortgagelenders.cc that says you should only do business with a licensed mortgage broker and not a loan officer because many loan officers are transient and there is little accountability. Is this accurate?
Hi Mike,
Welcome to the forums.
It's not that one should only do business with brokers and not loan officers. Not all loan officers are the same after all. Brokers do provide a wide range of options as they have tie-ups with a number of companies. But there are some brokers who charge high commissions for their services. On the other hand, with a loan officer, you will be paying a reasonable amount for his services.
Whether you do business with a licensed broker or a loan officer depends on the services they provide for the benefit of their clients.
Thanks,
Caron.
Welcome to the forums.
It's not that one should only do business with brokers and not loan officers. Not all loan officers are the same after all. Brokers do provide a wide range of options as they have tie-ups with a number of companies. But there are some brokers who charge high commissions for their services. On the other hand, with a loan officer, you will be paying a reasonable amount for his services.
Whether you do business with a licensed broker or a loan officer depends on the services they provide for the benefit of their clients.
Thanks,
Caron.
The most important thing is to work with someone who will think about your interest and not only his own. You need to check the records in the Better Business Bureau and find out how the company works and get some knowledge of their background. It is always better to work with someone you feel you can trust.
Brokers are the middlemen offering service and getting paid for it. Certain brokers may charge you extra. But a loan officer is a representative of the bank and there is less chance that he will charge you extra fees to serve his interest.