Prevent fraud and avoid being scammed


Become a Hero in the Arm Crisis

If there has ever been a time when the
mortgage  market  needed  heroes,  it's  now.The challenge for loan officers and mortgage
brokers is to locate, contact, and close
At least six million adjustable ratethese potential customers before anyone else
mortgages (ARMs) are scheduled for theirdoes. It doesn't take x-ray vision or any
first reset between 2007 and 2011, accordingother super power to find them. Mortgage
to Dr. Christopher L. Cagan of First Americanbrokers and loan officers now can buy
CoreLogic. Millions of consumers who havedetailed ARM leads (also known as ARM
been able to afford ARMs with lowrefinance mortgage leads) for around $12.50
introductory "teaser" rates will be hardper lead. These are not the typical public
pressed to make the new, higher payments theyrecords. These new, bionic ARM leads are
will face. At least 1.1 million of thesestrengthened with detailed property and loan
loans  will  default over the next six years.information, such as initial reset date,
current interest rate, maximum interest rate,
What, if anything, can save consumers fromlender name, loan amount, property value,
these budget-crushing ARMs? Cue the music.available equity, year built, and number of
Enter the heroes: Loan Officer and Mortgagerooms-right down to number of bedrooms and
Broker.baths. Most importantly, some companies can
guarantee that the leads they provide do not
The technical term for the solution to theappear  on the national Do Not Call Registry.
ARM crisis is "market
remediation"-refinancing through privateThe new ARM leads do not permit time travel,
lenders. This is the only viable option forbut they do allow mortgage brokers and loan
most ARM customers. "External remediation,"officers to see as much as 120 days into the
e.g. governmental intervention, is afuture, when the lead will reset. This allows
long-shot. The other main option, home sales,the lead buyer to conduct a mailing campaign
is not working well with the sluggish realin advance of the initial phone call. Some
estate  market.companies even offer direct mail templates
that can be populated with the lead data to
Market remediation is not driven by altruism,make  personalized  postcards  and  letters.
of course. There is a lot of money to be made
in home loan refinancing. The market is huge.Rising interest rates, stagnant home sales,
According to the Mortgage Bankersand fast-approaching ARM reset dates are
Association, $1.5 trillion in ARMs arethreatening the financial well-being of
scheduled to reset in 2007 alone. Thismillions of Americans. Those who can guide
includes all resets, not just first-timers.them to safety are poised to make a lot of
Many of these consumers have been able tomoney. They also are likely to become heroes
handle the higher payments so far, but theyin the eyes of the families whose homes they
are  being  stretched  to  the  limit.save.



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