Best Mortgage Brokers in Lafayette
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91 Settlers Trace Boulevard, Lafayette, LA 70508
Lafayette, LA 70508
Lafayette, LA 70508
Milestone Mortgage is a mortgage broker that serves clients in Lafayette. Its mortgage advisors offer a wide range of loan options for homebuyers and homeowners, such as fixed-rate mortgage loans, FHA home loans, VA home loans, USDA home loans, and jumbo home loans. They also have more than 85 years of combined experience in the lending industry. To streamline loan processing, they use comparative analysis software to research and compare various loan programs. Milestone Mortgage was established in 2019.
91 Settlers Trace Boulevard, Lafayette, LA 70508
Lafayette, LA 70508
Frequently Asked Questions:
Q: Do mortgage brokers need to be licensed?
A: Yes, all mortgage brokers need to be licensed. Individuals need to complete a 20-hour class that goes over state and federal laws for mortgages and other important information. Next, individuals take the official test with the National Mortgage Licensure System.
Q: Is it difficult to pass the mortgage brokers’ test?
A: Upon completion of educational requirements, you must pass the mortgage broker test to receive your license. It's a two-part test called the Safe Mortgage Loan Originator Exam, and it can be a bit challenging. Out of almost 87,600 national test-takers, 57% passed on their first attempt. The test includes both a state and national portion and requires a minimum score of 75% to pass.
Q: What is a surety bond for mortgage brokers?
A: A surety bond is a legal contract that binds three parties — the obligee, the principal, and the surety. Surety bonds are typically required to receive a license for operating as a mortgage broker. When a mortgage broker gets a surety bond, it's a legal guarantee they'll perform their obligations to their customers as required by law.