Hello All:

I am finding more and more each day that first time buyers are not receiving the education that they deserve from their mortgage professionals. In the state of MA a loan officer that works for a Mortgage Broker office must be licensed with the state and has to completed continuing eduction. The fact is that a loan officer at a local bank or a big giant like BOA does not have to be licensed or do the educational training.

It is very very important with all the changing rules. New ones to change again August 1st. That buyers work with a professional.

I am also seeing to many people unhappy with the in-house mortgage firms. IE Coldwell Banker has NE moves and they are part of the same company. Buyers in many cases feel as though they are not being treated with the respect that they feel as though they should be. They often state that the mortgage person is more focused on the Realtors satisfaction then that of the client.

Sad Sad stuff.

I have been in the industry for 6+ years. I love what I do. My business is 100% referral. This is a great thing for clients since my only focus is their 100% satisfaction. Please see my linked in profile.

Again please call me with any questions as it relates to the mortgage process.

Enjoy the sun and have a happy day

 
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3 Comments on First time buyers in MA should slow down and

JUL
10

Ed - Did you happen to read the article in the Boston Globe that mentions how many mortgage 'professionals" have been denied renewal of their licenses either because they were convicted felons or their own credit worthyness was below an acceptable level. Massachusetts finally in 2008 adopted some rules and regulations regarding these individuals. So Caveat Emptor!

11:34am • #1

John-

Thanks for the post. Yes again this shows mortgage originators at brokers are licensed. It also shows they are weeding out the ones that may be issues. The fact is the lenders like BOA that bought countrywide have no such licensing for there originators. Again showing why a broker is again the better choice in many cases.

John How do you find the market presently? What is your biggest challenge? How are you doing with your goals.

11:46am • #2

Ed - I find the market still challenging and slow. My own biggest challenge to date is trying to manage the expectations of both buyers and sellers to the new pricing realities that exist. I recently came back from a trip to Phoenix, Scottsdale and Las Vegas and no matter how slow I find things here I am very glad that I am not trying to sell homes there.

11:56am • #3

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Edward moloney

Holliston, MA

More about me…

Edward Moloney Loan Officer Zenith Mortgage Advisors

Address: 208 main street, Milford, MA, 01701

Office Phone: (508) 634-3422

Cell Phone: (774) 573-0329

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