Last reviewed and updated: October 30, 2026
You have a quote from your bank. A friend tells you to check with a mortgage broker too. So you ask ChatGPT, Google or a neighbor for a broker in Franklin, and now you have a few names and no way to tell them apart. More of my calls now start with someone who asked an AI assistant for a broker, so here is how I’d vet one, me included.
The short answer: check the license on NMLS Consumer Access, ask how many lenders the broker will price your loan with, and get a Loan Estimate for the same loan your bank quoted, priced on the same day. Then ask how the broker is paid, who will answer your calls, how fast the file goes to underwriting once you’re under contract, and what their record is on closing dates. Keep the bank’s offer. A good broker will tell you when it’s the better one.
I’m RL Hesson, an independent mortgage broker in Franklin, Tennessee, so read this knowing where I sit. These are the questions I’d want a friend to ask me.
First, Get Your Bank’s Quote in Writing
A rate quote is a fine place to start, especially before your information is complete enough for a full estimate, but it’s hard to compare on its own. When you’re ready, ask your bank for a Loan Estimate: a lender must send one within three business days of your application (CFPB), and until you receive it and say you want to go ahead, the only fee it can charge is for your credit report (CFPB). Then give the broker the same scenario: price, down payment, loan program and how long you want the rate locked. Two Loan Estimates priced on the same day are the only fair test, and the CFPB’s comparison guide shows where to look. If you’re still deciding between a bank and a broker in general, start with mortgage broker vs. bank.
Eight Questions to Ask a Mortgage Broker
- Are you licensed in Tennessee? Look up the person and the company on NMLS Consumer Access. It shows the states that license them and any regulatory actions. The Tennessee Department of Financial Institutions supervises mortgage brokers here. Mine: NMLS 2192188 (me) and 2696086 (Hesson Loans, LLC).
- How many lenders will you price my loan with? A broker with two or three lenders isn’t much different from a bank. I work with more than 30. No broker has every lender, so ask.
- How are you paid? A broker is paid by the lender or by you, and federal rules bar pay that changes with your loan’s terms, such as the rate (CFPB). Either way, the cost shows up on your Loan Estimate, so compare the whole estimate, not just the rate.
- Who will I actually talk to? At some companies, the person who takes your application hands you off to a processor or a call center. With me, it’s me from the first call to closing.
- How fast do you answer, including weekends? Offers get written on Saturdays. I return calls and texts the same day, 7 days a week.
- How fast is a pre-approval, and what’s behind it? Ask whether they reviewed your credit, income and assets or only ran numbers (pre-approval vs. pre-qualification). I review a complete application the same day, and most pre-approvals go out the same day.
- What happens once I’m under contract? Ask how soon the file goes to underwriting. Mine go within three days of the contract, usually one to two.
- What’s your record on closing dates? Ask directly. I have never missed a closing date.
Does the Broker Know Franklin?
Local knowledge shows up in the numbers. A Franklin broker should know that the property tax bill depends on whether a home is inside the city and inside the Franklin Special School District, that the 2026 conforming loan limit in Williamson County is $1,029,250 (FHFA), and how to weigh a builder’s preferred-lender incentive against an outside loan on new construction. See buying a home in Franklin for the local numbers.
Red Flags When Choosing a Broker
- Any fee besides a credit report before you’ve received the Loan Estimate and said you want to go ahead (CFPB).
- Pressure to apply or lock before you’ve compared.
- A name that doesn’t match NMLS. The person and the company should both show up, licensed in Tennessee.
- Vague answers about which lender would fund your loan, or what happens if its rules don’t fit your file.
How to Read the Reviews
Stars tell you little. Read what recent clients say about the process: how fast they heard back, whether anything surprised them at closing, and whether the closing date held. Reviews that describe a problem and how it was handled tell you the most. A broker whose clients describe last month’s closing is easier to judge than one with years in business and no recent reviews.
From a Recent File
A buyer’s agent sent me a client buying a home in Spring Hill who already had a quote from their bank. The bank’s quote was higher than the loan I found, and the bank couldn’t close nearly as fast. The application came in on Monday, June 29, 2026, the file was in underwriting that Wednesday, and we closed on Friday, July 10, 11 days after applying, with the Fourth of July weekend in between.
Common Questions About Choosing a Mortgage Broker
Not more than one application. Credit checks from mortgage lenders within a 45-day window count as one inquiry (CFPB), so do your comparing inside that window.
Search the person’s name or NMLS number on NMLS Consumer Access. It shows the states they’re licensed in, the company they work for and any regulatory actions.
Not automatically, and not automatically cheaper. The broker is paid by the lender or by you, and the cost is on the Loan Estimate. Compare two estimates for the same loan, priced on the same day. More in mortgage broker vs. bank.
Yes. Applying doesn’t commit you to a lender. If you’re already under contract, ask the broker how fast the file can get into underwriting and whether anything you’ve paid for, such as an appraisal, can carry over.
There’s no set number, but enough to place your file where it fits if the first lender’s rules don’t. I work with more than 30.
Bring Me Your Bank’s Loan Estimate
Send it over. I’ll price the same loan across more than 30 lenders and tell you plainly which is better, including when it’s the bank’s. Start with a Mortgage Strategy Call, or start your pre-approval if you’re ready to move. To see how I run a file, read how I work as a broker.
Loan programs, pricing, lender guidelines, broker compensation and availability vary by provider, borrower circumstances and market conditions. This article is for general educational purposes only and is not a rate quote, Loan Estimate, commitment to lend or guarantee of approval. Compare official disclosures and Loan Estimates for your specific transaction.
