Only in America can someone hang a shingle and advertise themselves to be a “professional” in their newly found business opportunity. While this provides entrepreneurs a chance at the American Dream, it can wreak havoc on the consumers.
Savvy website builders and social media experts can make the new self-proclaimed professionals appear experienced and worthy of hire. But all that glitters… well, you know the rest.
I guess the older I get, the more impatient I become with these self-proclaimed professionals – construction contractors, chefs, auto mechanics, athletic trainers, mortgage loan originators, to name a few.
I was speaking to Sandy Guerrero, former major league baseball player and coach. In his broken English, he was complaining about baseball trainers who “hang a shingle” and solicit hard-earned money from parents of young ball players, only to create bad habits and potentially ruining their arms.
“Only in America can you open a business and be a self-proclaimed professional… You don’t have to know anything; just be a good salesman, and people will come to you.”
Sandy, like me, is frustrated. He spends more time correcting bad habits taught to youngsters and attempting to overcome disastrous workout routines that can ruin a young athlete.
A true professional has a resume of success. They have a track record. Often the professional is required to have a federal and state license in their field of expertise.
I saw a mortgage company advertising Reverse Mortgages on the BBB site yesterday. I called and offered to serve as their upstream Lender and Investor if they needed help.
“We don’t do many reverse mortgages, but if we get one, we will call you…” the loan officer emailed me.
So how do I take this? More importantly, how does the unknowing potential senior borrower take this?
It seems to me if someone calls this company, they will most likely be dragged around, lied to, and taken advantage of, all because this so-called “mortgage professional” paid the BBB for an ad on the website.
So What Can You Do?
Before you invest money and time, make sure you deal with a reputable mortgage banker, not a broker.
Brokers depend on the mortgage BANKER to underwrite their loan and fund it. The BANKER takes all the risk and puts up all the funds for the borrower.
Ask the potential mortgage person a couple simple questions:
- “Do you underwrite your own loans in-house?”
- “Do you FUND your loans with your own source of funds? “
If they respond “No,” run like the wind.
Like the young ball player who was taught bad habits and ruined his arm, a bad financial choice can ruin your future.
Only in America can you be a self-proclaimed professional… Find out the facts before you sign; it will save you a lot of aggravation and heartache.