What to do About Fake Bank Accounts, Forced Placed Insurance, and No Doc Loans, by Andy May, Top Loan Officer ADRMortgage.com

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With the reintroduction of many of 2005's infamous products and "services", what can mortgage consumers do to avoid getting ripped off in the mortgage marketplace?

Consumer Trust is earned, once lost it is hard to recover. Research and education can save consumers tens of thousands of dollars in the mortgage purchase process.

What to do about Fake Bank Accounts, Forced Placed Insurance, and No Doc Loans, by Andy May, Top Loan Officer, ADRMortgage.com. It seems like just yesterday when the mega-banks were offering no-doc loans, force placing insurance, and of course, creating consumer accounts and charging billions in fees. Well, it's all coming back and it's 2018.

Top three tips for avoiding the hassle, the pain, and the fees. First, read everything. Go to nmlsconsumeraccess.org to find out what the consumer's mortgage loan officer has been doing over the past decade. The vast majority of "loan officers" are not state-licensed. Please re-read that sentence. Consumers deserve to be served by professionally licensed mortgage loan officers, yet the vast majority of "loan officers" are unlicensed by the state in which they work. One recent search revealed the loan officer had a new job every year for over ten years, before becoming an unlicensed state-loan officer (simply having an NMLS # doesn't mean the loan officer is licensed in the state in which the loan officer is operating). Many mortgage companies simply operate call centers.

Second, type into Google, complaints and the loan officers name (or mortgage lender). Here, consumers may find a million or more complaints about the process and service the consumer received from the mortgage lender.

Third, consumers should ask for everything in writing. The simple act of asking for documentation usually unveils a potentially mis-leading advertisement or product. The housing bubble isn't back yet, but with new products that push the envelope and with the constant news of certain lenders misbehaving, it's time the consumer does the research necessary to be prepared. Trust is earned. Research Andy May mortgage articles to learn more about how to prepare for the home purchase process. Due Dilgence and Earnest money topics are important, as is the new (2017) North Carolina purchase contract. A consumer must also understand that a prequalification letter in certain states isn't worth the paper it's written on (for example, certain states require a second letter that states the above - prequal doesn't mean loan). Research and education can save consumers tens of thousands of dollars in the mortgage purchase process.

ADRMortgage.com is owned by Andy May Group, LLC and is a state licensed mortgage company in North Carolina and Virginia since 2005 (NMLS #88010, MLO #103418). Since 2005 the company has received Zero BBB complaints and treats customers as family. Family owned and operated from Raleigh, North Carolina the company serves military (VA mortgages), Jumbo, conventional, FHA, USDA and other families looking to obtain the lowest financing costs available. ADRMortgage.com competes on rate and service and is located at 8522 Six Forks Road, Suite 201, Raleigh, North Carolina 27615. Andy May may be reached at 919 771 3379.

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