Did you know that Arizona has a requirement for loan officers to be licensed?
But a report in Aug 2010 showed that only 2,413 individuals had passed National and State Examinations, and are LICENSED LoS (loan officers) in Arizona. The Department of Financial Institutions expected to have 20,000 licensed loan officers. Where are the rest, you ask? Neither State nor National testing, continuing education or licensing are required for individuals who work for the big banks (Wells, Chase, and B of A, etc. ) Do you suppose that’s who you want to work with on YOUR loan? Or would you rather have someone helping you with a loan who is actually licensed? Seems like a no-brainer.
It is a lot because of this reason that we do not recommend the banks or credit unions as a resource for buyers to go to and shop for loans. But it is just one of the reasons, however. Consider that each bank only has a limited group of lending products and to find the loan product best suited for your needs it might be needed to shop many banks to find a perfect loan solution. Each time the buyer goes to a new bank the buyer’s credit is being “dinged” as their credit is pulled. This is not good in general, but it is really not good if you are someone who is repairing your credit and can’t afford to have their credit pulled any more than absolutely necessary.
With a loan officer/loan broker these individuals can shop the market for a buyer, looking at many solutions and only pulling their credit a minimum number of times.
When its time for you to need a loan, ask us for a referral. (In full disclosure, no we do not get any referral fee from the lenders we refer, we simply refer service professionals because they treat clients right and give good service.)