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Combating Mortgage Fraud
The increased reliance by both financial institutions and non-financial institution lenders on third-party brokers has created opportunities for organized fraud groups, particularly where mortgage industry professionals are involved.
Combating significant fraud in this area is a priority, because mortgage lending and the housing market have a significant overall effect on the nation's economy.
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FTC Warns Mortgage Advertisers and Media That Ads May Be Deceptive
The Federal Trade Commission is warning mortgage brokers and lenders, and media outlets that carry their advertisements for home mortgages, that some of the advertising claims currently appearing in Web sites, newspapers, magazines, direct mail, and unsolicited e-mail and faxes may violate federal law.
“Many mortgage advertisers are making potentially deceptive claims about incredibly low rates and payments, without telling consumers the whole story – for example, that these low rates and payments apply for a short period only and can go up substantially after the loan’s introductory period,” said Lydia Parnes, Director of the FTC’s Bureau of Consumer Protection. “Home ownership is the American dream, but it can become a nightmare for consumers who don’t have the information they need to understand the terms of their mortgage.”
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Interview With Kerry Killinger
Washington Mutual CEO
“We have seen and will continue to see a number of mortgage banking organizations going out of business.” Kerry Killinger is chairman and CEO of Seattle’s Washington Mutual Inc., which has about 2,200 bank branches on the west coast, as well as New York and Connecticut, plus another 500 loan offices nationwide.
Click Here to Read Article |
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| Press Release 05/20/07 |
It Could Cost Real Estate Agents Personally If Your Office Does Not Have a “Do Not Call Policy” If you are a Realtor, Broker or Office Manager without a Do Not Call Policy that includes a tracking & audit system, consider this before you pick up the phone; that phone call may personally cost you up to $11,000 per call… or $11,000 per day. Without warning retroactive fines can add up to hundreds of thousands of dollars because they are assessed from calls made retroactively back to when the first “Complainant Call” was made (and they pull your phone records)… NO WARNING NOTICE NEEDS TO BE GIVEN! |
| CLICK HERE TO READ FULL ARTICLE |  |
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Real estate values remain the primary subject with every Realtor and Real Estate Office we walk into today, with many surprised to see lenders still calling on real estate offices. Indeed, many Realtors are exiting the business also. Newer real estate agents said it could not happen, but Southern California’s real estate market is stagnating as it has in the past real estate cycles. Just how deep this cycle will go is still a guess, but as with past cycles a mass exodus of lenders and realtors have many offices facing staff layoffs and closure. One major difference effects this cycle unlike past revaluation cycles, and that difference is the mortgage market itself.
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Did You Simply Want Some Answers
To Lending Questions?
Click Here To Go To Videos & Loan Calculators
We understand that not everyone wants to talk with a Loan Officer without first doing a little research and assuring themselves that the Lender they are speaking with honestly understands Lending and knows how to do more then simply take a loan application; after all, you could go to that "Big Awful Bank" on the corner if all you wanted to do is fill out paper work. (And for what it is worth we are wholesale corespondents with that "Big Awful Bank" on the corner "Bank of America," and over 150 other major banks and wholesale lenders).
Central City Mortgage has been in business since 1990, and the Wright Team has been providing lending services for just about as long; we have the answers to most all of your lending questions, and we love to say "Your Approved!" We want to earn the right to become "Your Personal Mortgage Lender For Life," and are doing so, one loan at a time. With over 150,000 loans funded we have the experience and expertise to get your loan funded fast!
But we understand if all you want right now is some simple numbers, (and if so, this is your page); Just click on the link below and go to the Videos and Calculators to receive quick explanations to the most commonly asked questions, or to run lending scenarios and calculations using the most comprehensive calculators in the industry. If you have any further questions please feel free to call Ed Wright, serving The Inland Empire and all of Southern California, for all of your Home Loan and Mortgage Needs. We also provide Refinance Lending and work with borrowers with less than perfect credit.
MORTGAGE CALCULATORS & VIDEOS
Realtors Click Here To Learn About FREE
Loan Center For Your Web Site
Ed Wright's Cell Phone (909) 938-3777.
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| | Quick Loan Application Form
Click on the below link to down load Central City Mortgage's Quick Loan Application... It Takes Only 5 Minutes or Less To Complete!
We Can Prequalify you 7 days a week, pretty much any time you want to dicuss your lending options. Call Now!
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Down Load |
| | Above & Beyond Realtor Support
Click Here To Learn About Free Loan Center For Your Web Site
Central City Mortgage & The Wright Team understand that Real Estate Listings & Sales revolve closely around the needs of the individual RE Agents that list & sell the actual properties, and have specialized (since 1990) in serving these needs. We specialize in Target & Pin-Point Marketing Programs that produce results plus have developed the marketing tools everyone else is trying to copy. Ed’s “Concierge Lending Services” represent a completely new level in “Full Service Lending” plus “Wright Team” Co-Op Marketing support for affiliated Realtors produces results... Combined it all equals “Above & Beyond Realtor Support.”
But just being a great “Team Player” is not enough; as a Lender it is also important to be current in product knowledge, well connected with the Wholesale Banking Account Executives (AEs) & Underwriters, and most importantly experienced… because assisting the buyer with securing the perfect loan is at least as important as finding the perfect home. Here are just a few areas “The Wright Team” leads the industry in…
1) CCM’s “RealOwn Software” instantly compares rates of multiple lenders typical of those from CCM's lists of wholesale lenders. This easily helps find the most competitive borrowing solutions for each client… and we provide this software to affiliate Realtors, so there are no rate games ever being played at any point of the transaction.
RealOwn Software also makes creating custom Agent branded Listing Fliers incredibly easy.
Click Here For Demo
2) The Wright Team’s experienced Loan Officers will gladly break out the wholesale rate sheets and work with our client’s in assuring they receive the rates and terms that they want… with a full explanation. With over 80% of our business coming from past clients & referrals we have to do a better job!
3) The Wright Team also leads the industry in Internet & Print Support Materials, Booklets & Flyers that assure our clients and Realtors are always updated and understand the status of their loan during the entire lending process, and that we will be ready to fund when it comes time to close escrow.
4) The Wright Team understands the importance of Confidentiality in the Lending Process… and although we assure the Realtor is always updated, client’s personal information remains privileged for those actually working with their loan. CCM does not list or sell homes and our referring Real Estate Agents are not “Captive” to RE Offices we own… (No Conflicting Interests or Confused Loyalties); we only assist with the loans; we simply excel in Support & Lending… Call us today! |
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