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What is the best resource to check to see how qualified a lender is? Are they accredited on the BBB?

by gregory_P6637 from Scottdale, Pennsylvania. Sep 23rd 2015 Reply


Richard Airey (richardairey)
#3 ranked lender in Maine - 662 contributions

The best place to start is the NMLS registry, which will show any complaints. You can search by NMLS number by lender or individual loan officer. Here is the website for consumers: http://www.nmlsconsumeraccess.org/TuringTestPage.aspx

Sep 23rd 2015
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Jesse Stroup (jessestroup)
#195 ranked lender in California - 589 contributions

Looking into a local lender that know the area will really help get you going, in additional checking the BBB web site and give you some comfort with who you are working with. You can check the NMLS for the licensed company and the loan officer, you can google NMLS lookup to get started. You can also talk with a local real estate agent.

Sep 23rd 2015
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John Thomas (delawaremortgages)
#7 ranked lender in Delaware - 15 contributions

I agree with checking the NMLS registry but not with the BBB as they are a private company for profit and if you don't pay to play, you won't have a good rating. I would suggest checking Google Reviews, Facebook Review, and Zillow reviews as those are real people giving honest feedback.

Sep 23rd 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Only businesses that pay for membership with the BBB are accredited, so that's not a good gauge. You need to look at their rating.. that should be a better indicator.. Also, if you go to the consumer access to the Nationwide Mortgage Licencing Service (NMLS), you can look up every licensed loan office and company in the USA and see if any complaints have been filed against them, and how they handled them.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Sep 23rd 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

My opinion... Google the name of the company, check your local BBB, stay with the local guy, avoid big banks, and avoid the big internet lenders. Then, Google the name of the actual Loan Officer. What do you find? Check at NMLSConsumerAccess.org to see if the loan officer is licensed, how long they have been a Loan Officer. A listing in the NMLS does NOT mean they have a license. You need to look at the bottom. If there is one or more state listed, they have a license. if it says Federal National Mortgage Originator, they are NOT personally licensed. Not sure about you, but I would NOT entrust my largest financial transaction to an unlicensed person. For loans in MN, WI, and SD, visit me at www.WI-MortgageBroker.com

Sep 26th 2015
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Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 534 contributions

Got the NMLS Registry at http://www.nmlsconsumeraccess.org. That is your first place. Then check with the state regulatory as well. You can also do a search online for something like "Mortgage Broker in Scottsdale, Pennsylvania. But realistically the best resource is asking any friends, family, or neighbors of whom they used and go with someone that they refer to you.

Sep 25th 2015
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