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Coffee Is 4 Clos
1739 Posts |
 Posted - 09/08/2007 : 06:15:12 AM
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I was talking with a friend at a shop in Chicago and he told me that they changed all of their titles to Mortgage Consultant. Many others he knows now calls themslves Real Estate Financial Advisors. I was laughing to myself and then he advised that the Illinois Association of Mortgage Brokers changed their name too- they are now the Illinois Association of Mortgage Professionals.
Its a shame that our name has been dragged through the mud. But, I'm seriously thinking about changing my title... has anyone else been seeing this lately? |
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brandie
3260 Posts |
Posted - 09/08/2007 : 06:35:02 AM
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| On my cards say licensed mortgage consultant. In Wisconsin who have to be licensed to do loans. |
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sc312001
1107 Posts |
Posted - 09/08/2007 : 07:20:37 AM
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| Mine also says Mortgage Consultant and I almost find that I don't want to say broker when people ask what I do now. It kills me, I would say alot of the bad loans were made by green LO's working for someone, retail or not. Not by the vast moajority brokers. |
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superthor1022
2799 Posts |
Posted - 09/08/2007 : 07:24:53 AM
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I have called myself a Mortgae consultant for nearly 5 years. My company is
Matcom Mortgage Consultants.
-thor
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Scrooge McDuck
15108 Posts |
Posted - 09/08/2007 : 07:26:08 AM
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mine say mortgage broker. :(
i always like to just call it what it is. |
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superthor1022
2799 Posts |
Posted - 09/08/2007 : 07:36:04 AM
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I am actually thinking of changing all of my LO's to say Loan Originator. Or Loan Officer. I think it is time to get respect from the public for my career choice. I am sick of not being proud of what I do.
-thor
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jvanpetten
3928 Posts |
Posted - 09/08/2007 : 07:56:08 AM
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| I have used Mortgage Consultant for a couple years, but if asked what I do, "I do Mortgage Loans, have been for 25 years" In that 25 years, I have been a banker, broker, lender, etc....It doesn't matter, if you talk to the general public, I don't think broker is as bad as we all think it is. IMO |
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Scrooge McDuck
15108 Posts |
Posted - 09/08/2007 : 08:30:24 AM
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| the media, and people think that everyone that does mortgages is a mortgage broker. |
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cbathan
457 Posts |
Posted - 09/08/2007 : 08:32:37 AM
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| LOan Cordinator here... |
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jvanpetten
3928 Posts |
Posted - 09/08/2007 : 09:33:54 AM
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I am not sure I agree with this statement, what do others think?
quote:
Originally posted by Scrooge McDuck
the media, and people think that everyone that does mortgages is a mortgage broker.
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goodguy1
1682 Posts |
Posted - 09/08/2007 : 10:27:46 AM
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I've used mortgage consultant fo quite a few years; however now mine say "President"...I kind of like that, as it is probably the only time in my life where I can honestly state that..
although I've truly always wanted to be an ESQ.... ; ) |
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willpage
176 Posts |
Posted - 09/08/2007 : 10:48:34 AM
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"What's in a name? That which we call a rose
By any other name would smell as sweet."
-- Romeo and Juliet (Act II, Scene II, Lines 1-2)
Or to be a bit more banal:
"You can't polish a terd."
-- My father
Once again, the disclaimer: I am not labeling all loan officers, mortgage consultants, real estate finance advisors (or any other combination of words and letters therein to describe a mortgage broker) as terds or roses. Just some of them ! 
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servicefirst
3421 Posts |
Posted - 09/08/2007 : 11:19:28 AM
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In high school I had business cards printed that said "Nice Guy". Perhaps I should go back to that?
Incidentally, my cards have my name, name of my company and contact info. Then again, I own the darn thing.
When it comes to changing the image of the broker, wording is important, unfortunately, but our actions are important too. I consider my occupation to be a part-time educator, part-time problem fixer. As well as the stay-at-home dad who brings home the bacon. |
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MortgageLiz
248 Posts |
Posted - 09/08/2007 : 1:00:29 PM
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weA RE MORTAGE BROKERS, BEACUSE WE BROKER LOANS, OR LOAN BROKERS, ANY OTHER TITLE IS SEMANTICS. THINK OF IT THIS WAY, WHEN YOU CONSULT, ADVICE, REPRESENT, -SOFT CORE TERMINOLOGY AS GEORGE CARLIN USED TO SAY. A BROKER IS A PARTICIPANT, A GLADIATOR IN THE ARENA AND NOT JUST AN OBSERVER OF EVENTS.
ONLY NY OPINION
AND YURI, THANKS FOR THE NEWSLETTER, GREAT JOB |
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servicefirst
3421 Posts |
Posted - 09/08/2007 : 1:40:30 PM
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you're welcome, Liz.  |
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assassin17
7838 Posts |
Posted - 09/08/2007 : 2:14:33 PM
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quote:
Originally posted by jvanpetten
I am not sure I agree with this statement, what do others think?quote:
Originally posted by Scrooge McDuck
the media, and people think that everyone that does mortgages is a mortgage broker.
I think he's absolutely right. I've never heard anyone outside of the business call an LO anything other than a "mortgage broker".
I tell my LOs to inform customers that they 'work' for a broker, but are 'loan originators' or 'mortgage consultants'. I also stress that they never use 'loan officer', because I want them to recognize and be able to explain the differences in credibility and skill between being properly trained and licensed to fully originate loans or being a run-of-the-mill bank grunt that only needs to know how to fill out a 1003.
We can successfully argue that a 'Loan Originator' is a statutorially-defined licensed profession in our State. As such, any unlicensed person working for a bank should never be allowed to tell a customer they are a 'loan originator' or they are illegally representing themselves to a consumer as a state-licensed professional.
'Mortgage Consultant' is an unlicensed term that anyone could use, but I tell LOs to define it as the extra consulting services they provide in addition to simply working on the loan file itself (credit repair, free future consultations, continued follow-up on their needs, etc).
ie - "I provide full-service mortgage consulting services and I am also a professional State-licensed Loan Originator."
Explaining the differences really seems to impress customers. |
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SAXONAE
336 Posts |
Posted - 09/08/2007 : 6:47:53 PM
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One of my LOs has a title "Mortgage Wizard". I thought that was clever.
Also, I read an article in the Mortgage Originator magazine that advised to change your title to "Mortgage Consultant". To sum it up, they said that the title was more consumer-friendly.
quote:
Originally posted by Coffee Is 4 Closers
I was talking with a friend at a shop in Chicago and he told me that they changed all of their titles to Mortgage Consultant. Many others he knows now calls themslves Real Estate Financial Advisors. I was laughing to myself and then he advised that the Illinois Association of Mortgage Brokers changed their name too- they are now the Illinois Association of Mortgage Professionals.
Its a shame that our name has been dragged through the mud. But, I'm seriously thinking about changing my title... has anyone else been seeing this lately?
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servicefirst
3421 Posts |
Posted - 09/08/2007 : 6:55:00 PM
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| I was thinking of going with Mortgage Fixer as opposed to Mortgage Broker. |
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rainmand
5205 Posts |
Posted - 09/09/2007 : 09:14:56 AM
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>>I am not sure I agree with this statement, what do others think?
Overall I agree with it, because that's how the media represents us, but I also think it depends on demographics. In California, I'm licensed under the DRE and my title is "Salesperson". The license enables me to be a Realtor or Mortgage Originator. Since I've selected the Mortgage side of the business, I need to call myself something different then "salesperson", because "salesperson" doesn't explain what I do to my customer base. So I've got to select another name (and so do all my peers). It could be any name that reflects the fact that I'm offering Purchase and Refinance mortgages. Commonly used names are Loan Officer, Mortgage Broker, Mortgage Banker, Mortgage Originator, Mortgage Consultant, etc. For the most part they're all interchangeable. But I found out it's not like that everywhere because I was researching getting licensed in Florida and the naming conventions are different there. They actually classify the difference between a Loan Officer and the other names. It's probably like that in other States too, with each State having a different naming convention. |
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