Licensed broker or unlicensed loan officer? If William Shakespeare were alive today he might ponder the question:

Shall I go to an experienced licensed independent broker or to an unlicensed loan officer employee? That is the question.

In Massachusetts it is now a requirement that all mortgage brokers be licensed. Licensed brokers must meet various state licensing education, experience, and ethics requirements in order to originate a mortgage loan (loan officers do not).

A mortgage broker is an independently licensed individual working for a mortgage brokerage firm. Mortgage brokerage companies usually represent many lending institutions, banks, trust companies, credit unions, and finance companies. Therefore they have many more loan options to offer their customers.

An experienced mortgage broker will analyze his client’s needs and determine which product will best suit the costumer, providing a custom tailored solution.

In contrast…

An unlicensed loan officer is usually an employee of a bank or correspondent lender and can sell only the loan products their particular employer offers. They usually only have a limited number of programs to offer. Often they don’t even review your application in depth. Their job is to fill a quota of applications taken and then pass the application off to the processing department.

A licensed, experienced mortgage broker can provide his costumer with education, advice and council. He/she will negotiate the best financing terms with the lender that will best suit the customer’s needs.

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