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Rating your designation as a loan officer or realtor - Do you manipulate such designations as advertising to get more business?

 

name tag - designations

 

What is in a name? - Honesty?  Integrity? Knowledge?  Trustworthy? Creativity? Being reliable?

What is in a name designation? - In most cases, the same that would be attached with any name?

 

Some of you might be asking yourself, "what am I talking about." How about those names that come with such designations as :

Certified planner - Certified Technician

Mortgage Specialist - Real Estate Specialist

 

 

 

In the mortgage and real estate world, many realtors and loan officers have special designations attached to their names. You will usually find these designations on their business cards or on their web site.

 

Realtor -

CRS - Certified Residential Specialist

ABR - Accredited Buyers Representative

CNS - Certified Neighborhood Specialist

SRS - Seller Representative Specialist

 

Loan Officers -

CMPS - Certified Mortgage Planner Specialist

UMB - Upfront Mortgage Broker

CLA - Certified Liability Advisor

 

 

 

My Example :  Just last week, I wrote this post about basic information on FHA loans and what you should be careful of.  FHA loans 101- The basics of FHA mortgages & mortgage shopping - I truly pride myself on numbers, giving out very accurate figures, and not just my opinions based on assumptions. But to prove them with real numbers, not numbers that can be manipulated to make me look right.

I had a loan officer disagree with my opinion and my figures. Hey, I have no problem with people disagreeing. I might actually learn something. Yet he told me that I wasn't correctly comparing apples to apples and that the upfront mortgage insurance was still a cost to the borrower. That part is true, but he didn't read my whole post and review my comparison examples, which detailed this. And if you know how to compare FHA loans vs conventional loans, you understand the whole mortgage insurance issues. You don't have a specific designation for this.

 

I mentioned several types of designations, which many of them give that realtor or loan officer more knowledge and education. But there is one type of designation that sells costs and that is an upfront mortgage broker. If you read many sites by upfront mortgage brokers, they sell their costs, telling you that they will negotiate your costs, making them usually sound very affordable. This is great for the average consumer. But what is not mentioned is the service or advice that one might receive or in this case, the lack of. Meaning, my comparisons were sound and flawless. But if you deal with someone that sells costs, but might give you the wrong advice, do you think a cheap loan will still be cheap if they gave you the wrong advice?

 

 

 

Conclusion :

person behind that name?

My whole point to this post?  To make the average consumer understand that not everyone is as knowledgeable or ethical as they may sound just because they have one of these designations. Yes, many of these designations mentioned require for that person to take classes and a test in order to receive that designation.

How many of you remember going to school and passing a test to a class that you didn't fully pay attention to? How many of you were good at winging things? How many have a photogenic mind, are able to remember what they read or hear, yet might not comprehend what was said?

So, who are you really?  Just because you say that you a CMPS, certified mortgage planner, does it mean that you have my best interest at hand?  Do you know exactly what you are doing?

In regards to the loan officer in my example.  This person advertises lowest cost loans. I have an old saying..."the cheapest loan on paper might cost you more in the long run."  If this person doesn't know how to compare specific loans, how can this be the cheapest for you?  The best? What happens if that person's choices aren't accurate?  Wrong?  Misleading?  Many loan officers sell costs, but can't give you accurate or reliable comparisons when it comes to specific programs.  Just keep this in mind when shopping for a mortgage.

 

PS... don't get me wrong.  In many cases, designations are good. One of the mortgage designations, CMPS, and many real estate designations are great educational tools.  But if someone preaches it or slams it don't your throat, that might be their only selling feature to you. A desgination should not be verification for that person to be credible.  Just be careful...

 

 

 

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- Conventional Loans - 203 k loans -

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Experience & Knowledge at its BEST !!!

 

 

_________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

HUD

 

 

Copyright © 2009 by Jeff Belonger of Infinity Home Mortgage Company, Inc

_____________________________________________________________________________________________________________________________

 

 

follow Jeff Belonger on Twitter

 

The FHA Expert's fan page on Facebook     Add Jeff Belonger to your network @ LinkedIN

                                                                            FOLLOW ME ON FACEBOOK

 

 

- FHA Loans - USDA Loans - VA Loans -

- Energy Efficient Mortgages - 

- Conventional Loans - 203 k loans -

- FHA Home Loans - Mortgages -

 

Experience & Knowledge at its BEST !!!

 

 

Follow me on:

Mortgage Myth Busters

 

______________________________________________________________________________________________________________

For more information on FHA loans, please go to this link. The FHA Expert

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

HUD

 

For information about FHA myths & FHA rumors, please read : FHA Myths & Rumors

 

Copyright © 2011 by Jeff Belonger of Infinity Home Mortgage Company, Inc

Comment balloon 44 commentsJeff Belonger • October 23 2009 01:36PM
Rating your designation as a loan officer or realtor - Do you…
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What is in a name? - Honesty? Integrity? Knowledge? Trustworthy? Creativity? Being reliable? What is in a name designation? - In most cases, the same that would be attached with any name? Some of you… more