Mortgage Professional’s Reputation is Key

As Arizona Media insider Catherine Reagor at The Arizona Republic puts it, the mortgage industry in the past has “duped you.”  You were deceived Mr. Consumer for having an unlicensed loan officer do your mortgage loan, collect higher fees and force you into the worst loan products possible.  So I guess until our industry is fully licensed next year, no one will be able to get a “fair mortgage.”  The problem with this information is the mortgage professionals left in our industry today are the ones that played by the rules to begin with.  Now we have to face the music for the flaws of others who were looking at the mighty dollar and not what was best for their customers.

In my opinion, it goes back to doing some research before you choose a mortgage lender.  When we need our taxes done we seek out the brightest and best CPA’s, when we are sick we visit the most specialized and best doctors.  For some reason, when the consumer needed a mortgage to buy the biggest investment in their life, they sought out the guy who had a billboard advertising the lowest rate in town.  I’m not sure about you, but I was taught at an early that “you get what you pay for.”

It’s simple advice: seek out the best and the brightest.  True mortgage professionals left selling loans did not get into this business to set our clients up for failure.  Why would I want to put a client into a loan that would cause them to lose their home?  You see, true mortgage professionals want the referral business of their clients and are looking out for their best interest.

At the end of the day, consumers will still buy homes and homeowners will need a mortgage.  You will need a mortgage lender to provide this service.  A piece of paper saying I can pass a test does not make me a reputable loan officer; having a reputation that is backed up from prior clients and business partners does.