Kwest Mortgage Group, LLC

In today's environment of over-regulation, tightened credit policy, and a more complex roadway to Safe Secure Affordable home financing options, take a moment to review 10 reasons why utilizing the services of an Independent Mortgage Professional (mortgage broker) could be a smart choice for you and your family.

Education

Unlike their counterparts at the bank, credit union, or Savings & Loan, your Independent Mortgage Professional must complete pre-licencing and annual recurring continueing education just like other professionals.

For your protection, State and Federal regulators monitor closely Independent Mortgage Professionals for their compliance with all education requirements. On the other hand, as a consumer working with a depository institution's assigned originator, you have no way of knowing the employee's level of mortgage specific education if any. Many start with just an hour or so of coaching from another loan officer with no formal training on what is, for most, your biggest and most complex financial decision.

Testing

Similar to education requirements, your Independent Mortgage Professional also has to prove their proficiency in all areas of mortgage lending to include Fair Lending, Federal Law, State Law, Predatory Lending, and product knowledge to name a few. They have to pass both State and Federal exams with acceptable scores to be licensed.

On the other hand, as a consumer at a depository institution, you are left to trust that the lender has properly screened the employee they have assigned the job of 'mortgage originator'. For depository institutions there are no accross the board guidelines or minimum standards. Bank to bank, credit union to credit union, it is up to the individual institution's criteria as to who is qualified to handle your complex transaction. As a technicality a Savings and Loan, or other institution, can promote their janitor to the position of 'mortgage originator' if they feel so inclined.

Specialization

Your Independent Mortgage Professional specifically focuses on one financial product - the home mortgage.

In comparison to other fields, your family doctor for example, a general practicioner, may have a good overvue of conditions of the brain, but not who you would go to if you had a brain tumor. The same is true in banking and mortgage lending.

Likewise, your general practioner banker certainly should understand the basics of mortgage lending, but Independent Mortgage Professionals train, study, and re-train to constantly stay up to date with all the nuances, fluctuations, and complexities of residential mortgage markets.

In contrast to other professions, however, a mortgage lending specialist can actually save a savy consumer money rather than cost more.

Transparency

Independent Mortgage Professionals, as all originators are required, dislose up-front all costs related to securing financing for you. However, unlike depository and direct lenders, brokers take it a step further and disclose to the consumer both the fees they earn from the consumer and any compensation earned on the back side of the loan.

Why is this important to you as a consumer? The undisclosed back-end income on the lender direct loan, called Service Release Premium, in most cases exceeds the front-in costs that you pay. Lenders can shift that back-end premium/margin pretty much anytime they want which might not impact your costs so much, but the rates you are offered. If the premium widens rarely does any benefit go to the consumer, but in the lender's pocket.

In contrast, your Independent Mortgage Professional discloses and agrees up-front what their back-end amount will be. Some may charge 4%, others as little as 1% with any excess going back to your benefit under both. What's beneficial here, however, is it is your choice with information early in the game who you want to do business with.

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