* Inside Mortgage Finance, 2021. ** Inside Mortgage Finance, 2021
Those that posted the reviews above now hold a false perception of this company. The exploitation of a ‘streamlined’ process meant to assist veterans with easily lowering their monthly mortgage payments helped to portray this perception. It brought these unsuspecting homeowners into a devious plot that has possibly been in the works since the previous financial crisis. positive Online reviews will probably not be updated when these homeowners encounter the latter part of the meticulously concocted scheme that overwhelming evidence shows has primarily targeted veterans and their families. The scheme is aided and contingent on multiple false perceptions or slight, almost imperceptible, cues meant to steer their victims into a methodical process with various elements working in concert to likely achieve the original objective. AN OUTCOME THAT YEARS OF PLANNING AND years of focused company initiatives WILL likely secure. A strategy meant to further concentrate wealth by relying on common understandings of many, the ignorance of others, and the apathetic nature of some. the ‘victims’ above have already been set onto a path that will likely bear a close resemblance to the experience detailed in the review below.
This Message Followed The Signature Of The Sender On Most Of The Numerous Emails Received:
“As a reminder, please do not have your credit run for any purpose or increase existing credit limits until your loan has funded. If you have any change in employment, please contact me immediately as additional items will be required.”
CLICK HERE to see customer reviews the Area Dispatch investigation has compiled from various websites that exhibit a consistent initiative with refinance processes. What type of refinance loan were the reviewers wanting?
LOAN CRITERIA
Loan limits: The refinanced loan cannot exceed the existing VA loan plus any financed funding fee.
Loan-to-value limits: There are no LTV limits set by VA. The new loan amount may be more than the limits established by the secondary market. It is the lender’s responsibility to ensure it has a marketable loan.
Adjustable-rate mortgages: Existing VA ARM loans may be refinanced into a fixed rate, hybrid ARM, or traditional ARM, but it must bear a lower interest rate than the loan it is refinancing, unless the loan it is refinancing is an ARM.
Down payment sources: No down payment is required; however, an IRRRL may be done with “no money out of pocket” by including all costs in the new loan.
Homeownership counseling: Homeownership counseling is not required.
Mortgage insurance: Mortgage insurance is not required.
Debt-to-income ratio: No credit review is performed.
Temporary interest rate buy downs: Generally not allowed since the purpose is to lower the interest rate.
Refinance: The borrower may not receive any cash from the loan proceeds for an IRRRL unless it is for the purpose of making energy efficiency improvements.
Interest rates and loan terms: Terms are set by the lender.
Funding fee: The funding fee for an IRRRL is 0.5 percent of the loan’s value, or 1 percent for an unaffixed manufactured home. Funding fees may be financed or paid in cash.
“As a reminder, please do not have your credit run for any purpose or increase existing credit limits until your loan has funded. If you have any change in employment, please contact me immediately as additional items will be required.”
inflation updates
- In October, the Consumer Price Index for All Urban Consumers rose 0.2 percent, seasonally adjusted, and rose 2.6 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.3 percent in October (SA); up 3.3 percent over the year (NSA).
- In September, the Consumer Price Index for All Urban Consumers rose 0.2 percent, seasonally adjusted, and rose 2.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.3 percent in September (SA); up 3.3 percent over the year (NSA).
- In August, the Consumer Price Index for All Urban Consumers rose 0.2 percent, seasonally adjusted, and rose 2.5 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.3 percent in August (SA); up 3.2 percent over the year (NSA).
- In July, the Consumer Price Index for All Urban Consumers rose 0.2 percent, seasonally adjusted, and rose 2.9 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.2 percent in July (SA); up 3.2 percent over the year (NSA).
- In June, the Consumer Price Index for All Urban Consumers fell 0.1 percent, seasonally adjusted, and rose 3.0 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.1 percent in June (SA); up 3.3 percent over the year (NSA).
“As a reminder, please do not have your credit run for any purpose or increase existing credit limits until your loan has funded. If you have any change in employment, please contact me immediately as additional items will be required.”
Inside Job
Genres: Documentary
The Academy Award® Winner for Best Documentary, Inside Job, directed by Charles Ferguson shows that the 2008 global financial Armageddon was no accident. It was predicted and could have been prevented. This compelling, serious, easy-to-follow film will make you want to raise your voice and declare…”Enough!”
Director Charles Ferguson
Starring Matt Damon
“As a reminder, please do not have your credit run for any purpose or increase existing credit limits until your loan has funded. If you have any change in employment, please contact me immediately as additional items will be required.”
“As a reminder, please do not have your credit run for any purpose or increase existing credit limits until your loan has funded. If you have any change in employment, please contact me immediately as additional items will be required.”
Why reapply?
“As a reminder, please do not have your credit run for any purpose or increase existing credit limits until your loan has funded. If you have any change in employment, please contact me immediately as additional items will be required.”
CLICK HERE to see many other reviews that seem to have a hang-up with one process. The reviews appear to imply a common link, and there are reappearing elements that seem to exhibit an intent with protocol.
Is it incompetence, or is it by design?
“As a reminder, please do not have your credit run for any purpose or increase existing credit limits until your loan has funded. If you have any change in employment, please contact me immediately as additional items will be required.”
Wallethub Ratings
Founded in 1990 and licensed in all 50 states Freedom Mortgage Corporation continues to be one of the most well-established residential mortgage lenders in the country today. Freedom Mortgage Corporation is diversified in its lending with multiple different business channels which include Retail, Wholesale and Correspondent lending. In addition to the diverse lending platform, Freedom Mortgage owns and manages over 10 billion in assets in the form of servicing rights. These attributes, combined with our Wall Street syndicated warehouse lines allow us to continue to be one of the most financially stable lenders in the country. For our retail partners, this means unparalleled strength and the opportunity to be a part of the most dynamic force in retail lending today. Freedom Mortgage Corporation offers a complete spectrum of loan products. As a large service and direct seller to FNMA/FHLMC and the major Wall Street firms, we are able to deliver strong competitive rates much easier than other mortgage lenders. We underwrite all our own loans, offer superior service and best of all guaranteed 24 turn time. We offer significant marketing support to all team members and a full spectrum of health benefits.
“As a reminder, please do not have your credit run for any purpose or increase existing credit limits until your loan has funded. If you have any change in employment, please contact me immediately as additional items will be required.”
Why the move?!?!?
What About The ‘Economic Development’ Subsidy That New Jersey Taxpayers Provided?
The naming rights deal with Freedom Mortgage Corp. is a multiyear commitment. Terms of the deal were not disclosed.
In the previous naming rights deal with Susquehanna Bank, the company committed $10 million over 15 years via a contract that outlined an initial five-year term plus consecutive five-year options, according to previous Business Journal reports.
“If we had to do this 10 years ago, we’d have failed,” said Stanley Middleman, CEO of Freedom Mortgage, who cited the internet, connectivity and various other technologies for aiding the industry in moving to remote work and handling the surge in volumes. “We were able to effectively communicate vertically, horizontally, with our peers, our subordinates, and our superiors,” Middleman said. “We were able to work with our regulators, our competitors, allies, and friends. All the people that we interface with have all come together as a community and really bonded to the satisfaction of the consumer.”
👮♂️click here for just a few of the major violations committed by Freedom Mortgage Corporation👮♀️
From The SMS Contracting, LLC Facebook Page:
SMS CONTRACTING LLC
SZAKACS Started with Freedom Mortgage Corporation in January 2020.
He was tHEN WAs Licensed to originate MortgAGE LOANS IN nORTH cAROLINA AND ILLINOIS BY THE END OF FEBRUARY 2020.
This link was functional in June, but no longer accesses the originally-linked PDF:
https://sites.rowan.edu/registrar/_docs/graduating-students-and-sp18-applied-to-graduate.pdf
This PDF was found with an unverified source, and does not include information that it should with reporting to NMLS. We have not been able to confirm the veracity of this document:
Where is Stephen Szakacs?
From Investopedia:
There is no shortage of legislation at the local, state, or federal level designed to reduce mortgage fraud. States have taken a big step recently by requiring loan officer licensing and continuing education. Additionally, real estate, title, and insurance agencies are licensed and monitored by government agencies. Many states also require periodic auditing of mortgage-lending companies’ activities and transactions to monitor compliance.
Professional organizations such as the Mortgage Bankers Associations (MBA) and National Association of Mortgage Brokers (NAMB) have a code of conduct and best practices that are peer-monitored. The FBI’s Economic Crimes Unit – II also monitors complaints and suspicious activity in the mortgage industry.
What Is Mortgage Fraud?
Fraud in its simplest form is deliberate misrepresentation and deception: One party deceives another by misrepresenting information, facts, and figures. So, mortgage fraud is not just predatory lending practices that target certain borrowers.
Fraud for profit: Those who commit this type of mortgage fraud are often industry insiders using their specialized knowledge or authority to commit or facilitate the fraud. Current investigations and widespread reporting indicate a high percentage of mortgage fraud involves collusion by industry insiders, such as bank officers, appraisers, mortgage brokers, attorneys, loan originators, and other professionals engaged in the industry. Fraud for profit aims not to secure housing, but rather to misuse the mortgage lending process to steal cash and equity from lenders or homeowners. The FBI prioritizes fraud for profit cases.
“…small and apparently insignificant details can have major impacts on people’s behavior. A good rule of thumb is to assume that ‘everything matters.’ In many cases, the power of these small details comes from focusing the attention of users in a particular direction. A wonderful example of this principle comes from, of all places, the men’s rooms at Schiphol Airport in Amsterdam. There the authorities have etched the image of a black housefly into each urinal. It seems that men usually do not pay much attention to where they aim, which can create a bit of a mess, but if they see a target, attention and therefore accuracy are much increased. According to the man who came up with the idea, it works wonders… His staff conducted fly-in-urinal trials and found that etchings reduce spillage by 80 percent.”
— From “Nudge: Improving Decisions About Health, Wealth, and Happiness“
How to Create Customer Perception
By Daria Kelly Uhlig
Craft a mission statement that defines the perception you want your customers to have. Use the information from your surveys and analyses to develop a strategy for taking the specific steps necessary to create that perception. Think about how you can refine your messaging and perhaps even your product. Communicate the strategy with your entire staff so that everyone is on the same page and working toward the same objective. Consistency is vital in influencing perception.
Expertise
Mortgages, real estate
Personal finance experience
Daria Uhlig has more than a decade of experience writing and editing for personal finance, specializing in real estate and mortgage content. Her bylines have appeared on The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.
Education
Daria studied mass communications at Centenary University in New Jersey.
