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Contact Info:
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George G Martin |
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Phone: 404-814-3762 |
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Fax: 404-814-3761
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WHAT ARE THE DIFFERENCES BETWEEN A MORTGAGE PROFESSIONAL AND A BANKER? For a humorous summarization of the following differences, please watch the following short video. http://www.youtube.com/watch?v=4rif6r0vwyE 1. Above Par Pricing - Due to recent changes in the law, Premier Atlanta Mortgage Company is required to credit the Borrower any additional money that is left over from the lender after closing costs are paid. This additional money may be applied to any pre-paid interest on the new loan or to establish your new escrow account.
- Banks are not required to credit the Borrower additional money once closing costs have been paid.
2. Application Deposits - Premier Atlanta Mortgage Company will refund your application deposit even if we cannot close your loan as you applied for during the mortgage application process.
- Bankers typically retain the deposit regardless if your loan closes or not.
3. Speed - Premier Atlanta Mortgage Company typically can close a mortgage transaction within 30 days.
- Bankers can take months to close a mortgage transaction.
4. Origination Fees - Premier Atlanta Mortgage Company does not charge an origination fee. At Premier Atlanta Mortgage Company there are no loan officers. All loans are originated by George and Judy Martin.
- Banks employ loan officers to sell products for an origination fee which is added to your costs.
5. Rates/Programs - Mortgage Professionals are approved to help clients acquire mortgage loans from multiple investors. This allows the Mortgage Professional to offer various rates and programs.
- Bankers only sell the rates and programs of their particular bank.
6. Ethic - A Professional person is supposed to help their client.
- A Business person is supposed to get money from a customer.
7. Focus - At Premier Atlanta Mortgage Company, the focus is on the long term professional relationship, repeats and referrals.
- Bankers typically focus on a short term business relationship.
8. Criminal Record history - Mortgage Professionals will not be licensed in the State of Georgia if they have been convicted of a felony.
- Bankers are not regulated in this regard by the State of Georgia.
9. Financial Responsibility - Mortgage Professionals are required to show financial responsibility to the Georgia Department of Banking and Finance.
- Bankers do not have to show financial responsibility to the Department of Banking and Finance.
10. Minimum Education requirements - At Premier Atlanta Mortgage Company, all personnel are college graduates with at least a 4 year minimum degree.
- Bankers do not have a minimum education level.
11. Pre-licensing education requirements - Mortgage Professionals are required to take a 20 hour pre-licensing education course and obtain 8 hours continuing education every year.
- Bankers are not required by the S.A.F.E. Act to take a pre-licensing course or obtain continuing education.
12. Testing requirements - Mortgage Professionals are required by the Georgia Department of Banking and Finance to pass a Federal exam and State exam.
- Bankers do not have to pass a Federal exam or State exam.
13. Licensing requirements - Mortgage Professionals are required by the State of Georgia to be licensed by the Department of Banking and Finance to originate loans.
- Bankers only have to be registered with the National Mortgage Licensing System (NMLS) to originate loans.
14. Overhead - Premier Atlanta Mortgage Company is a small business and does not have the massive overhead of large banks,
- Bankers typically work for large banks with enormous overhead which is ultimately passed along to you.
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How Premier's employees are different
