If you do not have an NMLS number please do not talk to the members about any mortgage related products we may offer. You may however provide them with a paper application to complete and once returned please forward to a Mortgage Lender.  

 

There are a few things to remember when talking with Members about our First Mortgages and Rates:

 

Please be sure not to quote an exact interest rate. There are many things that may affect what interest rate a borrower may be offered. These are called “risk factors”. Credit scores, loan term, occupancy status, loan-to-value, and other factors can make a difference in the interest rate. Most lenders will not commit to a firm interest rate until they have examined the risk factors.

 

Please be sure not to quote exact closing costs. There are also many things that may affect what closing costs a borrower may incur. 

 

Please do not coach the Member on what to fill out on the application, especially when it comes to loan type (this can actually be left blank and Mindy, Michael or Jessie can help the member complete this part or any other blank areas during the loan interview process.  Auditors crack down hard on anything that looks suspicious with regards to this.    

 

First Mortgages follow a very different set of stringent policies and guidelines that are directly related to National Regulations and Compliance.  The Credit Union is very limited on what exceptions can be made to certain policies and guidelines.  What we can all do to help serve our members and our fellow team members is to help set the Members expectations, when incorrect rates or fees are misquoted by a well-meaning CU staff member and then the reality of a different set of fees or rate is presented by the mortgage lenders this can cause problems and have the potential to make us all look bad. 

 

If anyone has any questions Mindy, Michael or Jessie are our RESIDENT EXPERTS (Pun Intended) so CONNECT with them!