Press Release
November 4, 2008 by admin · Leave a Comment
Mortgage Watchdog Opens Office in Phoenix
For Release: Immediate
Contact: Russ Christ: (480) 577-3698 or russchrist@msn.com
Phoenix, Arizona (September 25, 2008)-Aiming to help misinformed home buyers, many of whom are still paying too much for their home loans, Mortgage Watchdog, a new Phoenix-based business, opened this week.
Mortgage Watchdog offers valuable services to home buyers, including counseling to clients who are typically referred by realtors.
A mortgage transaction is one of the largest financial transactions a consumer makes. The mortgage process is extremely complicated, and while the government has made several attempts to create more transparency to help the consumers, the end result is additional paperwork for the consumer to sign, again complicating the entire mortgage shopping experience.
Daryle Messina, president of Mortgage Watchdog, said his company’s services are valuable. “Considering the turmoil in the industry,” Messina said, “it’s apparent that most consumers need some help determining which loan type and loan program makes the most sense for them.” For realtors the Mortgage Watchdog service is a great gift to help clients, especially in times of uncertainty.
Mortgage Watchdog acts as a consultant to ensure the consumer makes the best loan choices. It’s also a disinterested third party employed by the consumer to review, negotiate and make certain the terms of the loan are not only understood, but also appropriate for a clients short and long term needs.
In June, 2007, the Federal Trade Commission released a Bureau of Economics report presenting the results of a study that found that mortgage disclosure forms failed to convey key mortgage costs to many consumers, and better disclosures significantly improved this deficiency.
With current disclosures, both prime and subprime borrowers misunderstood key loan terms, and both groups benefitted from better disclosures. The study demonstrates that better disclosures can significantly help consumers recognize loan costs, which can result in more efficient comparison shopping, reduced vulnerability to deceptive lending practices, and enhanced competition in the marketplace.
Services Offered by Mortgage Watchdog
- Interview clients to get a feel for the most appropriate loan and ensure that there is athorough understanding of alloffers.
- Review the Good Faith Estimate (GFE) for interest rate, closing costs, etc. to ensure that, givenmarket conditions, the client is not being overcharged.
- Review the estimated HUD-1 Form (also known asa “closing sheet” or “settlement form”) prior to the closing to ensure thatthe loan officer and lender did not increase the interest rate, charge additional fees, or make anyother unanticipated changes, i.e., that the terms are exactly as Mortgage Watchdog previously negotiated for the client.
Messina, a longtime mortgage professional, said that for borrowers, even shopping around for a mortgage can be difficult. “With different combinations of fees and terms, it’s hard to compare one loan to another,” he said. ”The exact level of fees may not be apparent until the borrower is at the closing table, when it may be too late to seek a better deal elsewhere.”
Statistics show that the average borrower pays more than $750.00 in unnecessary (often called “Junk”) fees, not including Origination Points. Lenders may also pay bankers and brokers a premium for selling a higher interest rate when the borrower could have qualified for a lower interest rate, which could cost the borrower thousands in additional long term interest. Messina said Mortgage Watchdog will likely save the average client a minimum of $600 to $1,200 in fees and a significant amount in long term interest.
For more information contact Daryle Messina, president of Mortgage Watchdog, via e-mail at dmessina@usmortgagewatchdog.com or by telephone at (480) 889-3212. Web site: www.usmortgagewatchdog.com