How to choose a mortgage professional

Today's mortgage market can be complex and confusing, and combined with the overall economy, it's vital that consumers choose the right mortgage professional as their partner. The question is, with all of the newspaper and TV ads and radio commercials, how is anyone supposed to know whom to choose?

The non-profit Illinois Association of Mortgage Professionals, established in 1987, offers the following recommendations and keys to look for when selecting a mortgage originator:

• Are they a member of a state and/or national trade association? These individuals are required to comply with a strict code of ethics and maintain continuing education requirements.

• Is the originator up-to-date on the latest laws and regulations? Legislators in Springfield and Washington DC are making changes on a regular basis and it's key to work with someone who understands how this impacts the consumer.

• Can the originator show you their State of Illinois 031 number? This indicates that they have passed a criminal background check and comply with all mandatory education requirements.

• Do the individual originator and mortgage company have access to a wide variety of loan program options that will meet your needs and give you the greatest opportunity of being approved? Many large banks offer a handful of programs, whereas smaller mortgage brokers and mortgage bankers have access to dozens of different programs.

• Will the originator be accessible and provide you with individual attention? Consider the benefits of being able to call a smaller office or originator's cell phone versus a customer service hotline.

• Does the loan originator have experience working with Fannie Mae and Freddie Mac? Many consumers are qualifying on paper, yet overlays are preventing some loans from being approved, and the originator needs to be able to take the time and have the experience to guide consumers through this process.

• Do the originator and mortgage company have a vested interest in earning your business? Smaller companies can only succeed by providing top-quality customer service and must treat consumers with the highest degree of ethics and professionalism.

The Illinois Association of Mortgage Professionals continues to fight for consumers' access to credit at the state and national level and a list of mortgage originators is available on their web site at www.iamp.biz.