January 15, 2013

I'm seeing many Loan Originators around the Country reply to consumers asking questions and in many cases, the Loan Originators are suggesting for the consumer to contact them directly! This isn't necessarily wrong, but I would caution the consumer to actually verify if that person is Licensed or Authorized under a Federal or State Charter to do business in the State you live in or have a property that you may consider financing in.

Our company is Federally Chartered which allows me to Originate Loans in all 50 States. Loan Originators who work under a Mortgage Broker or Brokerage need to comply with individual State Laws and thus, they must be individually Licensed and/or Registered with each State they want to do business in. This business also consists of "solicitation" so when someone invites you to contact them and it is clear that your mortgage needs will be in an "Unlicensed State", I believe they are violating certain laws and regulations.

So, it is my advice to definitely field the advice being offered as much of it is very good, but to also be mindful that not everyone who replies to your question can directly help you!

Hoping you have a wonderful day and rest of the week! Steven ~ First National Bank of Layton