LLC Formation - Lawyer gave me some confusing info

[Michael M.]

I recently purchased a rental property and formed an LLC, to which I plan to transfer ownership of the home. Lawyer says this is standard operating procedure, and should be done. However, lawyer also said that technically, this is not allowed, because banks do not allow mortgages to be held in the names of LLCs.

However, lawyer also says that everyone does it, and it is important from a legal standpoint for liability, and as long as payments continue to be sent to the bank, everything is fine and the LLC provides protection to the owner.

Does this information sound accurate?  I know that most landlords that I have paid rent to in my life have been LLCs, and I can't imagine they all owned the properties with no mortgage.

Thanks!