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Legitimate online lenders

Find legitimate financial lenders and mortgage brokers ...

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Financial lenders and mortgage brokers alike have extended their reach to the Internet in an attempt to offer and provide mortgages and loans to those who need them. How can you tell if an online lender is legitimate though? At least you can trust your senses and gut instinct when you visit a lender in person, but how exactly can you do that with a cyber space lender?

Fortunately, a few things are suggestive that a lender is indeed legitimate, and therefore, worthy of your selection. The first tip off for you to search for is any sign on their website that the lender is a member of one of the following groups:

Mortgage Bankers Association or the National Association of Mortgage Brokers

The Mortgage Bankers Association is a national organization that opens its membership to all members of the finance and real estate industries including: title companies, lawyers, financial lenders, mortgage consultants, and others. This organization allows members to display its official logo on their website. If you see this logo, then you can reasonably assume that the lender whose site you are reviewing is a legitimate member.

The National Association of Mortgage Brokers is another national organization that offers membership to mortgage brokers and lenders across the nation. Some indication of membership within its group should be prominently displayed on the lender's website if he or she belongs. Plus, you can always go to the official website of the National Association of Mortgage Brokers and access their search tool for current members of their organization. It's an easy search because all you need to plug in are the lender's name, city, and state of location.

Look on the website of the lender or broker to see if they have listed any of their state licenses. A legitimate lender should have at least one state license. Lenders that provide services for more than one state or who move around might have more than one license.

Another good indicator of the lender's legitimacy is the presence of a security and privacy statement on the website. Legitimate companies will come right out and tell you that they are not going to misuse any of your personal and private information.

Finally, if the website that you are looking at has frequent pop up advertisements that are not user generated, you could be considering a less than legitimate lender. Always trust your instincts, even in cyber space, and if they quiver and spark, try a different lender. (don)

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