Mortgage broker/lenders??

[SHRED]

I am learning.

Currently mortgage broker/lenders don't need a license? Is this true?

This legislation would enact that?
http://clerk.house.gov/evs/2007/roll1118.xml

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[MonkeyFunk]

1. Mortgage brokers and lenders are two very different things...

I wouldn't group them together.

[bpj62]

2. Mortgage Brokers vs Lenders

Licensing varies from state to state for loan officers. The difference between brokers and lenders is very simple. A Mortgage broker shops around your application to multiple lenders. A good broker is trying to get you the best rate based on your credit/appraisal and the type of loan you are looking for. Some brokers have put clients into loan products that were not suited for them and as a result they are now in forclosure. The broker gets paid a fee by the lender for sending the deal to them and some of the brokers only cared about the fee. A direct lender is somebody like Countrywide, Bank of America. You walk into their office or apply online. You are limited to the loan products that they are offering. I have been in the real estate business for 22 years and when I started there were only a few brokers. Brokers exploded onto the scene over the past 7 years.