Friday, 29 January 2010

Want to know if your mortgage broker has a checkered past?

Now it"s easier to find out.  A new website allows you to look up brokers, see if they"re licensed, and look for red flags in their history.

NMLS Consumer Access is an outcome of the Secure and Fair Enforcement (SAFE) Mortgage Licensing Act.  The Act took mortgages out of the Wild West and added consumer protection.

The system is still new, so it"s missing some data for now.  However, you should try it before working with any mortgage broker and expect to see more information in the future.

How can you find a good mortgage broker?  Talk to friends, family, and acquaintances that you trust.  Ask them who they"ve worked with and how it went.  Get several proposals before applying for a loan.

[via MarketWatch.com]

Further reading:

Mortgages 101 Get the Wrong Mortgage by Comparing APR

How to Investigate Mortgage Brokers originally appeared on About.com Banking / Loans on Friday, January 29th, 2010 at 17:46:24.

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