If you have chosen to work with a licenced Mortgage Agent or Broker, you should ask a few questions.
How long have you been in the mortgage business? And if only a few years, what did you do before becoming an agent? Were you in the Financial Services area?
How much business do you do in a year?
Do you do this full time?
What are your qualifications?
Here is why you need to know these answers.
It takes one week in a classroom or 6 weeks on line plus an exam to
qualify to apply for a Mortgage Agent license.
Other than a satisfactory criminal background check and a decent credit bureau
someone with any career background can become an agent and process mortgages
if a Principal Broker thinks they are suitable and will hire them.
Here is the issue. Getting a licence to sell and arrange mortgages does not mean the agent knows very much about the business. They can be working part time in a completely different field and then the next month be a licenced mortgage agent.
Here is what a client needs to ask. If an agent is new, who is supporting them and reviewing their business?. Does this new agent have a Broker available to answer questions and provide advice?
The mortgage business is getting more complicated every year. A person must be full time and active to keep up on the new government policies and changes.
My advice is select an Agent or Broker with years of experience and knows the business.
Ask the question. How Long? How much and what qualifies you to take care of me?
Bob Beach....BTW here are my answers. Over 30 years, 5000 mortgages arranged and still helping clients every day.
