If you have been an avid reader of this resource, then you will know the value in having a seasoned Mortgage Professional working for you; however, many people do not know the difference. The banks would prefer to keep it this way.
Why does the banks want unskilled workers?
The bank has many reasons for not wanting to have skilled employees. The main reason is because of salaries. The bank would prefer to have 100s of unskilled employees that they can easily replace, and they want to be able to pay these employees a fraction that they would pay to a regulated professional. Banks want to teach their employees the bare minimum to get by, then have them sell as many mortgages as possible.
In this process, many borrowers will lose. They will lose by not being educated, not understanding the risks, and buying properties that are too expensive. The default rate of borrowers will be much higher than a mortgage professionals book of business. This is because the mortgage professionals clients are less likely to over spend, live beyond their means, and manage money improperly.
The mortgage industry doesn’t pay for customer service; however, with a commission income, it depends on bulk transactions which also puts the end client at a loss.
Can the Client fight back?
If you are tired of getting low quality service from the person you work with on your mortgage, then you need to get help from a mortgage professional. A Mortgage Professional acts similar to a doctor, you can get signed up with one anytime. You don’t need to have a mortgage issue to enlist a mortgage professional. The more people that turn to mortgage professionals, the greater the demand for their services.
Also, the government needs to hear your voice that you want to have a professional working on your mortgage, and not an unskilled employee. The training minimum for a mortgage professional should be a minimum of 5 years.
The biggest transaction of your life should not be taken lightly. Make sure that you have an experienced mortgage professional to help you with your transaction.
Did you use a mortgage professional? Why didn’t you use a mortgage professional with your mortgage? Leave your response in the comments below.
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