Nowhere else can that be truer than in the areas of mortgage, real estate, and other financial professions. That is also true in the case of technology, and the lack of intelligence of the user.
Seeing as I am a pilot for American Airlines and see numerous passengers check their brains along with their luggage, I have to share this example...
After the airplane was pushed from the gate, the pilots were advised of a ground stop in Memphis due to weather. Of course, not a minute later, the flight attendant calls to say there is a passenger with an iPhone claiming the weather is good in Memphis and wants to know the real reason for the delay.
Captain responded with an announcement: "If the passenger with the iPhone would be kind enough to use it to check the weather at our alternate airport, calculate our fuel burn due to being rerouted around the storms, call the dispatcher to arrange our release, and then make a phone call to the Air Traffic Control center to arrange our timely departure amongst the other aircraft carrying passengers with iPhones, then we will be happy to depart. Please ring your call button to advise the flight attendant and your fellow passengers when you deem it ready and responsible for this multi-million dollar aircraft and its 84 passengers to safely leave."
In the mortgage industry (and the others, but I am going to focus on my own profession and the fact we do not lack idiots that would screw over their grandmother for a nickel), there are the typical mortgage brokers and LOs and there are the ones with knowledge and experience.
Most people out there originating loans, even with licenses, know nothing other than the basic knowledge of how to originate loans. That is dangerous, and we see that today in the ever growing numbers of foreclosures. There are some that only mastered that art of getting the most money for that transaction as well.
Some may have read some books and learned some more about finances, but very few out there look at the overall picture. Even fewer learn how to truly integrate a mortgage into an overall financial plan.
Then there are the mortgage planners, an essential part of the new breed of mortgage professionals, those working to create more wealth through the use of the client's mortgage as a financial tool. Alas, we now have technological wizardry involved making people "look" intelligent and masterful. They look like professional mortgage planners.
But as we know, looks can be very deceiving. They are like financial advisors that are given software, shown how to input data and how to "present" the plan to sell their product/service. They lack true knowledge and understanding of what they are doing and, more importantly, why they are suggesting it. That is, other than what the computer tells them in the printout.
Certified mortgage planners, like those with the Certified Mortgage Planning Specialist (CMPS) designation, have demonstrated their level of knowledge and expertise. There are still those calling themselves mortgage planners, and even certified mortgage planners, that are not legit, so be careful. Anything that distinguishes someone from the "pack" will tend to be imitated by the "pack".
How do you find the type of professional you seek and need these days to ensure your financial success? The CMPS designation is a start, but it lies in research, that research that only you can do. Interview your mortgage professional to gain an understanding of their level of knowledge and develop trust in them before you sign the application. Failure to do so can cost thousands or more.
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