1. What is the Consumer Mortgage Bureau?
The Consumer Mortgage Bureau is an organization that provides consumers the necessary tools and education in order to make informed home-buying decisions. The Consumer Mortgage Bureau mission is to elevate consumer awareness through shared experiences and industry experts. The Consumer Mortgage Bureau was built to establish the Best Practices benchmark for the mortgage industry. The Consumer Mortgage Bureau is the “Good Housekeeping Seal of Approval” for the mortgage industry. Read more about Consumer Mortgage Bureau.
2. This is my first time buying a house. What should I do?
Welcome to ConsumerMortgageBureau.org . You have come to the right place. Congratulations, you are about to enter into one of the biggest financial decisions of your life. Please utilize ConsumerMortgageBureau.org as resource as you navigate through the mortgage shopping experience. We can help show you what to look for when shopping for your mortgage. Please refer to the “Consumer Mortgage Bureau Plan of Attack for Finding Your Best Mortgage” located in our First Time Home Buyers Section.
3. I have less than perfect credit. Can I still get a mortgage?
Absolutely yes! Millions of Americans every year realize the American dream of owning their own home. A large of percentage of these new homeowners had less then perfect credit at some point in their lives. A few things to know:
– There are few people in this world with “perfect credit”.
– Know your credit score and monitor it
– Do your research – speak with a few BetterMortgageBureau members (link to search), they will give you options
– Find out what you can do to improved your credit score
– Pay all your bills on time
– Pay off your credit cards (start with the smallest ones)
– Pay your credit cards off every month
– You may need to build your credit (start small with a low interest, low credit line credit card)
– Save- every time you receive your paycheck , pay yourself first – set some money aside in a interest bearing account and watch it grow
– Budget – know where your hard earned money is going – utilize the Consumer Mortgage Bureau spending worksheet.
– Utilize the “Consumer Mortgage Bureau Plan of Attack for Finding Your Best Mortgage” located in our First Time Home Buyers Section.
4. Is the Consumer Mortgage Bureau affiliated with anybody?
No, we are not affiliated with any mortgage company nor are we affiliated with the Better Business Bureau. While some larger mortgage companies and brokers are members of the Better Business Bureau and comply with its standards and rules, a void existed.
The individual mortgage professionals who speak to consumers and originate home financing on a daily basis were not given an opportunity to display their expertise, training and licensing compliance…until now through ConsumerMortgageBureau.org.
The Consumer Mortgage Bureau is a stand alone organization created to educate, protect and aid consumers so they can make an informed home buying decision. We also act as a mortgage industry activist as we guide the industry through the next evolution of real estate finance.
5. Why should I utilize the Consumer Mortgage Bureau? Is there a cost?
For the first time consumers can research their mortgage options without the risk of being pressured. The Consumer Mortgage Bureau allows for consumers to make informed home buying decisions so they can find the best mortgage that fits their specific situation. Consumers can verify the training and licensing compliance of the mortgage professional they are speaking with. By utilizing ConsumerMortgageBureau.org, consumers can get to know their mortgage professional, view their profile and even put a face with the voice on the other end of the phone.
There is absolutely no cost to the consumer when using th eConsumer Mortgage Bureau!
FAQ For Mortgage Professionals
1. Why should I join The Consumer Mortgage Bureau?
1. Stand out from the crowd – By joining the Consumer Mortgage Bureau now, you are able to use and display the Consumer Mortgage Bureau logo on all correspondence to your customers.
2. Membership has its privileges – You will receive a membership packet in the mail. Inside will be a Certificate of Membership and membership card. Display these prominently and proudly, as you are part of an elite few who represent the best of the best mortgage professionals in the country.3. Visibility – Your profile page on the Consumer Mortgage Bureau site will be advertised for all to see your picture, company logo, contact information and more.
4. References – Current clients can view customer testimonials left by past clients on your profile.
5. Online Resume – Refer prospects to your Consumer Mortgage Bureau profile to see you in cyberspace. They can verify your profile and learn more about you.
6. Be a resource – Educate your customers in the Consumer Mortgage Bureau Learning Center. An informed customer makes for a happy customer which leads to more positive testimonials on your Consumer Mortgage Bureau profile.
7. Uphold the Golden Rule – Live by the Consumer Mortgage Bureau code of ethics. Your clients will respect, remember and refer you.
8. Continuing Education and Training Assistance – Have questions about Continuing Education and/or training? The Consumer Mortgage Bureau is here to help to expand your knowledge.
9. Licensing Consulting – Have questions about expanding into doing business in more states? The Consumer Mortgage Bureau has a team of legal experts who can point you in the right direction.
10. Certify Your Operation – Once a member has earned the required amount of points, you may be eligible to take part in our designation program.
2. How much does the membership cost?
Joining the Consumer Mortgage Bureau is quite affordable. There is a simple initiation fee which is charged to your credit card when you submit your application for processing. The next step is to pick your coverage plan. Their a few options ranging from one state listing, multiple state listing (up to three), regional listing plans and national coverage plans.
A $49.95 is charged online at the time of submission. Applicants who wish to be displayed in multiple states, regionally or nationally will see the remaining balance due on their credit card statement within 72 hours of submission.
Upon submission and payment of application fee, the research, verification and approval process will begin. Pending approval, your full Consumer Mortgage Bureau profile will be displayed in the applicable state listings on www.ConsumerMortgageBureau.org within 5 business days.
Monthly Membership Dues
Upon your Consumer Mortgage Bureau profile being taken live, the same credit card you used for the application fee will be automatically charged the applicable rate on the same day every month. The first monthly fee is charged on the day your approval comes through and your profile is taken live. (For example, if your profile goes live on August 15th, you will see that recurring charge on your statement on the 15th of every month). Monthly membership dues are as follows:
State-Wide Coverage (One State): $14.95
Multi-State Coverage (Up to Three States of your choice): $24.95
Regional Coverage (Up to Ten States of your choice): $39.95
National Coverage (Listed in All 50 States): $49.95
3. So do I just pay and I am automatically listed on Consumer Mortgage Bureau.com?
Absolutely not. Mortgage professionals submit their profile to our processing department and a Consumer Mortgage Bureau background check is issued. We check criminal convictions and look to see if they have any lawsuits or judgements against them. Furthermore, we follow up with each state’s regulatory body the mortgage professional desires to be displayed in to ensure their license is in good standing. In order for a license to be in good standing, the mortgage professional must comply with all licensing, insurance and education requirements that the states’ mandate. The research and listing process can tak as long as 5 days. If red flags are found and the violations are deemed unacceptable (we allow the mortgage professional to explain), they will be denied membership and all fees will be refunded.