Is this mortgage broker legit?
I found a mortgage broker online (lending411) as I was annoyed with my national bank (which I found is being sued by the govt!) for giving me the run around and pretty much taking so long on my application.
I looked up the mortgage broker on the NMLS, and he is listed as licensed with an MLO, and his business is licensed with a Mortgage Broker.
The business is on BBB with A+ but it is NOT accredited.
What got me suspicious is that I took a closer look at the online reviews, and came to the conclusion he/the company wrote their own reviews! All the reviewers pretty much said the same thing, and they only have one review in their history. In fact, one review the username was HIS name, passing off as another person.
My question is, should I be alarmed? Should I run away and just stick with my bank, although poor customer service, is nationally recognized?
Or is this broker legit because he is licensed on NMLS, and perhaps just wants to get his name out there on the net by writing fake reviews?
The broker didn't ask for anything out of the ordinary/suspicious, except to tell me that I would need to pay for the appraisal when it occurs (rather than at closing) bc it's done by a third party.
Please advise! I am looking to close end of next month and need to get a move on things.
I can provide link to the website but I don't know if that's permitted.
Whether he specifically is Legit or not is hard to say. Writing your own review is enough for me to look elsewhere.
BBB accredited means they wrote a check to the BBB. Frankly, the "accreditation" isn't worth the paper its written on. Regardless, a BBB rating below "C" is very noteworthy, and not in a good way.
Paying the appraiser directly and before closing is normal with a mortgage broker.
There are certainly plenty of mortgage brokers out there where you would not have to ask this question.
As for your bank, I wouldn't knowingly do the loan with someone known for bad customer service. There should be plenty of options in your area.
That sounds very suspicious. You might want to ask for some references and see what they provide and how "real" the references feel when you call them. But honestly, I would probably look elsewhere.
