Brokers are Better!!! It's the Bankers Getting the Complaints!!!
Dennis Scarberry
Dennis Scarberry NMLS# 542664 702 513-5701 Superior Mortgage Lending, LLC NMLS# 372130 8867 W Flamingo Road Suite 200 Las Vegas NV 89147 O 702 507-4170 F 702 507-4171 NV# 3582 AZ# 0298571 CA# 603K964 FL# MBR5803 CO# NONE
I wanted to share the following article from NMP Magazine. Aside from us already knowing that Brokers are Faster, have Better Loan Pricing, and way more Loan Options, we now know that Brokers receive by far, the least amount of complaints on their Loans.
If you are a Loan Originator for a Bank, then it's time to earn "Broker LO Money". It's also time to have the dozens of Loan Programs available that Bankers just do not have.
If you are a Realtor, doesn't it make sense to have a fast & smooth Loan Process? How about many many more Loan Options for your Client? How about Lower Cost/Priced Loans? That's good for them too right? Call me to see what I have to offer LO's & Realtors alike. Dennis / NMLS 542664 / 702 513-5701 / [email protected]
NAMB Calls on CFPB to Reconsider Mortgage Complaint Data Processing
https://nationalmortgageprofessional.com/news/67819/namb-calls-cfpb-reconsider-mortgage-complaint-data-processing
NAMB has called on the Consumer Financial Protection Bureau (CFPB) to pursue a further examination of how the agency determines true complaints it receives from the American public on the mortgage process.
In a letter to CFPB Acting Director Mick Mulvaney, NAMB President John G. Stevens recommended that the agency develop a process for companies to reclassify consumers' submissions.
“NAMB suggests the Bureau request the National Multi-state Licensing System (NMLS) identification number that should be on documents or advertisements of the LO,” Stevens wrote, adding that the CFPB had a history of incorrectly assigning blame to mortgage brokers. “When the consumer complaints were examined by NAMB, it was found 90 percent of complaints were registered against lender and bank LO’s, not mortgage brokers.”
Stevens added that he did not believe the CFPB should publicly release any complaint data unless it is verified first by the agency’s staff.
“Mortgages are extremely complex and involve various parties and outside vendors to verify consumer-provided data,” Stevens continued. “The mortgage process can be slowed or halted for a variety of reasons. Was all the application data the consumer provided accurate? Was there an issue with Freddie Mac or Fannie Mae’s underwriting system? Was there an issue with the verification of employment? Was the down payment source accounted for? Was there an appraisal issue? The LO should not be labeled for a complaint because issues out of their control stopped the mortgage process.”