The article goes on to point out that finding the right lender was infinitely more difficult than finding a real estate agent. At first I took exception to that, but on second thought the statement is probably accurate.
In the first place, it was only recently that Loan Officers were required to be licensed. Let me explain a little bit about licensing: 1.) There is a stringent education requirement. 2.) There are separate State and Federal exams. 3.) A licensed Loan Officer must complete a required number of continuing education hours each and every year. 4.) Not every loan officer has to be licensed. ... Not fair you say? ... A little scary? ... Agreed, but there you have it. I personally believe that licensing is a FANTASTIC idea. Not only to protect you, the consumer, but to protect myself. If I've gone through the process of education, testing, licensing, and continuing education, I am less likely to make a mistake that would endanger or even end my career. And much, much less likely to antagonize my clients.
Quickly, back to the unlicensed Loan Officers. Yes, there are some. The "big" banks operate under a single license and in most cases their Loan Officers do not need to be individually licensed. Maybe this is a good thing... maybe not. This is not the point of my post. My point is this. I am licensed, and as such I have a stake in making my client's experience a positive one. I'd be curious to know how many of the surveyed buyers reporting "very good interaction" with their lender, dealt with one of the "big" banks, and how many sought out a licensed Loan Officer.
Twenty-four percent of respondents considered the home buying process "very stressful". Is there any need for that? For the most part there is a process. There is a process for Real Estate contracts, and there is a process for Mortgages. If consumers are well informed by both their real estate agent and their lender there should theoretically be very little stress.
I read this article several times, (you can read it here) and I understand the concept of a stressful transaction, I just don't understand the method. What, or who causes a real estate transaction to be stressful for the buyer?
As a Loan Officer being accessible, responsive, and transparent, as the article states, is a no brainer. And here’s my second point. My license requires these things but that’s not why I am this way. I've always felt that these qualities are critical, and I'll say this again... to protect the consumer, and to protect myself.
Have you recently been through the home buying process? I'd be curious to know what you think.
