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How to choose a Loan Officer (Part 1 of 2)
How to choose a Loan Officer? Whether you are a Borrower, Real Estate Agent, or Financial Professional, it is only a matter of time before you are tasked with the decision of How to choose a Loan Officer.
Note: click here for Part 2 of How to choose a Loan Officer
In this 2 part article, a detailed yet objective analysis will uncover the facts to enable you to make the best selection for your personal (or referral) needs. The first step is to understand the differences between the top 3 types of "Mortgage Company Platforms" which are summarized below.
(It bears noting that the Author of this 2 part article has personally worked in each of the 3 Mortgage Company Platforms, which allows a "first person" account of the pros & cons of each)
In the chart above, the 3 Mortgage Company Platforms are identified, which are: Wholesale Broker, Bank/Credit Union, and Direct Lender. Beneath each title, a color-coded list of pros & cons are provided (black = pros, red = cons).
Option 1: Wholesale Mortgage Broker
The most simplistic definition of a Wholesale Broker is a "middle man" (or "middle woman") who works to:
Attract Borrowers who are seeking a mortgage loan (for the purpose ... more

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