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Which are the good resources to check for the mortgage broker/lenders' reputation, borrower reviews etc. on the internet?
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Depends on the state- many states do not have regulatory boards for the mortgage industry. Try the BBB in your state, or just google the company to find reviews. www.Complaints.com is pretty good too- they have a lot of stuff on the larger companies.
"many states do not have regulatory boards for the mortgage industry." That should read 'mortgage BROKER industry.' For lenders, your banking department should have info.
Referrals and testimonials are the best source. But if you are looking for an internet source I would use:
Broker Outpost Directory
This is no guarantee that the person is good, but I can tell you that this is a place that many of in the mortgage industry go to discuss the latest and greatest affecting the mortgage industry. They are generally well educated about the business. They are rated by the number of posts they make so take the posting number with a grain of salt. Look for those that have at least a few hundred posts and you know that they haven't been run off by their peers. I can tell you to still be careful because there was a rep with thousands of posts that was finally run off. I wouldn't trust him if he was the last rep on earth.
Again referrals and testimonials coupled with longevity are the best indicators.
In Washington State, we are regulated by the DFI (Department of Financial Institutions) as mortgage brokers. We have fingerprints, background checks, a mandatory test, and "clock hours" yearly before we are able to be licensed. MIND YOU that ONLY Mortgage BROKERS have to be licensed. If you work for a bank, you do not. To check out a licensed MORTGAGE BROKER, go to www.dfi.wa.gov and look up loan originator licensee database. Put in the last name of the person you are looking for. If they work for a corredpondent lender that doesn't broker loans outside of their banklines, then they will not necessarily appear on the licensee database. Bank of America and Countrywide would not be required, however, a broker that seeks the best product for you in the wholesale market and BROKERS the loan would be. Good Luck!
I do strongly suggest that you ask around. BBB is a great place to check and see if a business has had any complaints. The only caution with BBB is not all good businesses pay to be listed with them, but again you can check and see if there are any complaints. Do google a business to see if there are any comments on them.
consumeraffairs.com is good.
You can enter the name of the company and/or an individual. Actual complaints will be posted in detail.
You can search by company and/or individual for actual complaints.
I agree, check licensing and the BBB. Also, Google the name of the Broker, you would be surprised what you can find out!
There really was no reputation system for lenders until we launched the Mortgage Marketplace. Even here the system is too new today to have attracted a meaningful nummer of reviews of lenders by borrowers. Remeber that the BBB etc. will only give you a hint about how bad a broker is but won't tell you how good they are. And Jessica's feedback is valid - the fact that a company has paid for BBB membership has no bearing on their performance; ignore that. Loan originators are not required to be licensed in VA but if you're moving to another state, reply on this thread and I'm sure someoone will let you know whether you'll be able to chjeck the status of your LO's license. Good luck.
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