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Mortgage Loan Inspection: Organization’s five-step plan fights predatory mortgage lending
11/6/2008

From: Mortgage Loan Inspection LLC.
1025 W. Glen Oaks Lane, Ste. 210
Mequon, WI 53092

Contact: Ross Lewin, 262-241-1234
or Jordan Fox, 414-352-2645

(Mequon, November 6, 2008,)---Mortgage Loan Inspection® (MLI), a consumer protection agency based in the Milwaukee area, has instituted a 5-step program designed to fight predatory mortgage lending. The organization, created as a direct response to today’s mortgage crisis, conducts a loan document inspection service that can uncover deceptive and unethical lending practices including, loan fraud, lender kickbacks for selling higher interest rates, and government lending violations. It also checks for excessive lender fees, inflated closing costs, and other dangerous loan programs.

“The concept of a mortgage loan inspection is similar to a home inspection in that we carefully check a mortgage loan documents for any problems,” says Ross Lewin, president of MLI. “Our intention is to prevent problems before they happen. Consumers have to be wary when purchasing or refinancing a home. They are at a disadvantage when they deal with mortgage lenders who will find ways to exploit them.

“For several years we’ve witnessed unscrupulous behavior of numerous mortgage brokers/lenders, bankers, loan officers and mortgage consultants. They’ve been getting rich by misrepresenting products, withholding information and outright lying, and scamming the consumers they were entrusted to assist.”

To combat this, MLI, located in Mequon, WI, provides a thorough mortgage loan and closing document review that will identify any federal or state disclosure violations, unethical broker/lender mortgage loan practices, excessive fees, kickbacks known as “Yield Spread Premiums”, inflated interest rates, prepayment penalties, and changes in mortgage terms or conditions, and any other areas of concern.

Lewin explained his company’s five-step mortgage inspection procedure.

1. “It starts with a face-to-face meeting with an inspector to review documents needed for a mortgage loan or refinance. The paperwork is scrutinized to ensure that consumers are prepared to obtain quotes from three or more lenders. Using real-time data, the inspector tells consumers what interest rate they should expect to receive.

2. “The inspector will provide information on how to choose the right mortgage lender, negotiate for a better rate and terms, make sure the lender locks in the promised rate, the pros and cons of the various options, and advice on which fees should be negotiated.

3. “Once a consumer is ready to purchase or refinance a home, the inspector will review all of the mortgage loan paperwork, starting with a comparison of the potential lenders. The inspector makes a clear comparison and communicates the true costs and looks for any bank, broker or lender errors, disclosure violations, lending abuses, deceptive loan programs and any excessive or unnecessary lender fees. A comprehensive written report will be provided and discussed.

4. “The MLI inspector will answer any of questions about the lender, mortgage loan, the process, and any other related questions.”

5. “On the day before closing, the MLI inspector will review final closing papers for accuracy and present a final loan inspection checklist to bring to the closing, enabling the consumer to know exactly what to expect, and ensuring that the mortgage loan agreed upon is the same mortgage loan that will be signed.

“This program can save consumers hundreds, if not thousands of dollars in mortgage broker/lender fees and finance charges over the life of the loan.”

MLI, skilled in mortgage fraud prevention and investigation, as well as regulatory compliance, acts as an impartial third party.

“Our only interest is our client’s best interest,” says Lewin.


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