😳 Do You Really Know the Broker or Lender You’re Working With?

[Drago Stanimirovic]

Before you trust anyone with your deal, your documents, your credit, and your personal information... ask hard questions.

Not every “broker” is a real financing professional. Some are just pretending.

Ask them:

1. How long have you been in the financing business?
2. Are you a registered U.S. company?
3. Are you actually working from the U.S.?
4. Where is my paperwork being processed?
5. Who has access to my personal and financial information?
6. Are you a real broker/lender, or just passing files around?
7. What lenders do you actually work with?
8. Can you show proof of closed loans?
9. Did you learn this business from the ground up?
10. Or did you take someone else’s knowledge and pretend it was yours?

Don’t accept a smooth ChatGPT answer.

Ask for proof.

Fix-and-flip borrowers need to protect themselves from fake brokers, fake lenders, and people promising the world while delivering nothing.

Before you send documents, bank statements, tax returns, IDs, or credit information... know who you’re dealing with.

The financing business already has enough red flags.

Maybe it’s time for a black light district for fake brokers and lenders - because black light exposes what people try to hide. 🔦

Borrower Beware 😳

[Stacy Raskin]

Good points. Not needed for most states for business purpose loans such as DSCR loans and fix and flip loans but also helpful to look up to see if the mortgage professional has an NMLS license for any state. That means the person passed a very difficult test that about half the people fail on their first try. It also means they have taken educational courses and must continue to do so to have their NMLS license renewed yearly. Information can be looked up on indviduals on NMLS Consumer Access.