The Mortgage Industry continues to evolve and not always for the best. When I started in this business there was two types of Loan Officers. You worked at a bank or you worked at a broker mortgage company. Today it seems, at least what I would call, the true Loan Officers work for B.R.E. companies. The term B.R.E. means Bureau of Real Estate. These Loan Officers are required to hold both a N.M.L.S. license & a B.R.E. license and are required to keep up with annual continuing education requirements. There is also a annual back ground check each Loan Officer.
The other Loan Officers work for DOC, Department of Corporations, companies. These Loan Officers are not always required to hold a B.R.E. license, in some cases are only required to register with the N.M.L.S. and complete the back ground testing. DOC companies are required to keep their Loan Officers up to date in terms of industry changes. Now with that said it is easy to see that if you are told what programs are available, when compared to a B.R.E. Loan Officer, some D.O.C. Loan Officers might only be informed of limited programs. Limited in terms of what programs their bank offers.
The third option is Loan Officers that work for Mortgage Lending Companies. These Loan Officers are often D.O.C. based so their training is often limited to what their companies offer. These companies will often talk about how fast they can close your loan. Closing your loan fast and later finding out you did not get the best deal is more than frustrating. Just like the Las Vegas lights do not blink on winners the rapid rise of mortgage companies should cause most people to at least make sure they have got a mortgage offer from both a D.O.C. and a B.R.E. company.
So which Loan Officers is the best to work with? To be fair there are some very smart D.O.C. Loan Officers but they might not be able to offer you your best option. A Mortgage Lender or Mortgage Broker that is B.R.E. based, in most cases, will have more options in terms of first and first / second combo mortgages. All mortgage companies can get all the information needed generally within 14 days. But this rush to close quickly is often a mistake. This is where a B.R.E. Loan Officers stand out, I would recommend taking an additional week or two to make sure multiple mortgage options have been looked at. B.R.E. companies work with multiple investors so it might take them a little longer than a company that has only one option. You need to make sure you know all your options so you can make informed decision on your mortgage.