Mortgage Brokers Tested on Proficiency & 31% Failed
This is really scary. Mortgage brokers’ proficiency was tested and 31% of the roughly 10,000 people failed. These are not hard tests either. That is why I can’t understand how some people will shop for a mortgage and go with the lowest interest rate offered out there. You get what you pay for so be careful.
The bottom line is that they need to limit who can and cannot get into this business and they need to move towards a financial planning model for mortgages. Just as a Financial Adviser must ask certain questions and make investment decisions based on age, family, etc., so should mortgage professionals.
This is exactly what I am talking about. “You could get 100 percent right on the test and still give bad advice,” Mr. Pinkowish said. “So while the test will make sure loan officers understand the technical aspects of mortgage lending, most consumers are going to assume they have that information, and evaluate their mortgage loan officer based on how well they serve them.”