Best Mortgage Brokers in Portsmouth

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License: 1797060

Nationwide Multistate Licensing System and Registry

First Signature Mortgage

440 Monticello Ave Ste 1800, Norfolk, VA 23510
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Business Description

First Signature Mortgage helps borrowers in Portsmouth understand the loan process and identify the right choice for their financial and home needs. Its loan originators have access to various mortgage options from different lenders to give its clients choices that fit their individual and family goals. First Signature Mortgage aims to give its borrowers custom-fit loans by offering multiple products and plans and providing proper advice based on their qualifications, application information, and credit report.

License Verified:

License: 1797060

Nationwide Multistate Licensing System and Registry

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
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5.0 / 5 (70)
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Frequently Asked Questions

Do mortgage brokers need to be licensed?

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.

Is it difficult to pass the mortgage brokers’ test?

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.

What is a surety bond for mortgage brokers?

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.

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