To ensure that a mortgage broker is legitimate, you should verify their credentials and check their reviews and ratings. Here are some steps you can take to verify the legitimacy of a mortgage broker:
- Check their license: Verify that the mortgage broker is licensed and registered with your state’s regulatory authority. You can check this information on the National Mortgage Licensing System (NMLS) website.
- Research their background: Look up the mortgage broker’s history, including any complaints or legal actions against them, on the NMLS website.
- Check their reviews and ratings: Look for reviews and ratings of the mortgage broker online, including on websites like the Better Business Bureau and Yelp.
- Ask for referrals: Ask friends, family members, or colleagues who have recently gone through the mortgage process if they worked with a broker they would recommend.
- Ask questions: Ask the mortgage broker about their experience, how they are compensated, and what lenders they work with. A legitimate broker will be transparent about their practices and will provide clear answers to your questions.
- Trust your instincts: If something seems off or if you feel uncomfortable with the mortgage broker, it may be best to look for another broker.
By taking these steps, you can help ensure that the mortgage broker you work with is legitimate and trustworthy