Think Twice Before Getting Your Mortgage From A Bank

Posted by GO Mortgage Team on 6/22/18 11:48 AM
GO Mortgage Team

krys-alex-479415-unsplashThere Is A Big Difference Between Mortgage Professionals Who Are Federally Licensed and Those Who Are Not 

 

In 2009, the U.S. Government started the SAFE Act, a statute designed to enhance consumer protection and reduce fraud through the setting of minimum standards for the licensing and registration of state-licensed Mortgage Loan Originators (MLOs).  If you’re wondering where to go for a loan, this should help you determine which is the right choice.

The Two Types of Mortgage Originators are:

  1. Registered Mortgage Originators

  2. Licensed Mortgage Originators

When you are looking for a loan to finance your house, you may want to keep a few things in mind because it will be helpful to know the difference when searching.

 

If you were to work with a registered MLO, like at a national bank e.g., Bank of America, Wells Fargo, Citi Bank, etc., they are not required to be licensed. They don’t have to do the pre-requisites like licensed MLOs do. All they have to do is submit finger prints for a background check, a personal history and experience form, have a unique NMLS number.

 

You are better off negotiating with a federally licensed MLO, as they themselves pass the state and national mortgage exam, demonstrate financial responsibility by having their own credit checked, take 8 hours of continuing education classes annually, have never had their license revoked, and take 20 hours of approved pre-licensing education—a ton of extra pre-requisites they must have to help you through this process.

 

GO Mortgage is a federally licensed mortgage loan originator, who prides itself on the extensive knowledge, training and experience of their MLOs. No deception, no swindling, just good honest communication, many hours of training and certifications—all to help you understand the process better and get you the loan you need to get the house of your dreams.

 

So, if you need help finding your dream home or are ready to start the path to homeownership, give us a call today at (800)-444-RATE or online at https://www.gomortgage.com/apply

 

Topics: mortgage banking