Protect yourself when shopping for a mortgage. Follow this checklist before engaging any mortgage professional.
You Have Rights as a Mortgage Consumer
Federal law gives you the right to receive a standardized Loan Estimate within 3 business days of application, to shop multiple mortgage partners without affecting your credit score significantly, and to be treated without discrimination. The Consumer Financial Protection Bureau (CFPB) is your primary federal regulator for mortgage complaints.
Verify NMLS License
Every licensed mortgage professional has an NMLS number. Verify their license at nmlsconsumeraccess.org before sharing any personal information.
Confirm State License
Licensing requirements vary by state. Confirm that the professional is licensed to operate in your state.
Review Online Reputation
Check Google reviews, the Better Business Bureau (BBB), and Yelp. Look for patterns of complaints, not isolated negative reviews.
Check for Regulatory Actions
Search your state mortgage regulator's website for disciplinary actions, license suspensions, or consumer complaints against the professional.
Request a Formal Loan Estimate
A licensed mortgage partner must provide a standardized Loan Estimate within 3 business days of receiving your full application. Compare Loan Estimates from multiple mortgage partners.
Compare Multiple Offers
Use RatesQ to receive multiple quote responses and compare them. Even a 0.25% rate difference can save thousands of dollars over the life of a loan.
Never Wire Money Without Verification
Wire fraud is common in real estate. Always verify wire instructions with the title company or mortgage partner via a known phone number — not via email — before sending any funds.
Never Share SSN Through RatesQ
RatesQ is not a loan application platform. Never submit your Social Security Number, tax returns, bank statements, or other sensitive documents through RatesQ messaging.
Be Cautious of Guaranteed Approval
No legitimate mortgage partner can guarantee loan approval before reviewing your full application, credit history, and property details. Guaranteed approval claims are a red flag.
Report Suspicious Behavior
If a professional on RatesQ behaves suspiciously, pressures you, or requests sensitive information through the platform, report it immediately.
Warning Signs
Key Resources
Verify any mortgage license
Federal consumer tools and complaint filing
Free or low-cost mortgage counseling
Report mortgage issues to federal regulators
Report Suspected Mortgage Fraud
If you believe you are a victim of mortgage fraud or have encountered suspicious conduct on RatesQ: