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The Lender Police – Lenders Watch Out



There’s a new Sheriff in town

For $99 bucks consumers can fax over their good faith and for $199 they can fax their Loan docs and have them reviewed by Lender Police to make sure you’re on the the level with buyers.

I report, you decide.


Benn Rosales is the Founder and CEO of The American Genius (AG), national news network for tech and entrepreneurs, proudly celebrating 10 years in publishing, recently ranked as the #5 startup in Austin. Before founding AG, he founded one of the first digital media strategy firms in the nation and also acquired several other firms. His resume prior includes roles at Apple and Kroger Foods, specializing in marketing, communications, and technology integration. He is a recipient of the Statesman Texas Social Media Award and is an Inman Innovator Award winner. He has consulted for numerous startups (both early- and late-stage), has built partnerships and bridges between tech recruiters and the best tech talent in the industry, and is well known for organizing the digital community through popular monthly networking events. Benn does not venture into the spotlight often, rather believes his biggest accomplishments are the talent he recruits, develops, and gives all credit to those he's empowered.

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  1. Matt Wilkins

    June 23, 2008 at 1:32 pm

    Interesting service. I just wonder how many people will actually wan to fork over the money to have this done. Most of my buyers expect me as their REALTOR to scan ofer their GFE for any glaring errors or omissions. However, I can see the call to action with all of the loan scams coming to the service (Metropolitan Money Store being a prime example).

  2. Tyler, The Wealth Creation Guy

    June 23, 2008 at 4:16 pm

    It’s really too bad this is what the business has come to. I can see the benefits of using such a service though.

    Honestly – just find mortgage lenders that you can trust. Usually if you have to ask if you’re getting screwed, you’re not getting the service you deserve.


  3. Jason Sandquist

    June 23, 2008 at 4:40 pm

    What’s next a video camera bustin into an mortgage office ‘Cops’ style. Seems a little spendy for a couple of minutes of work, but then again their going to argue about saving tons of $$$ over the life of the loan.

    Touching on @Tyler, somebody should be able to find somebody to trust with all the ‘amazing’ products online these days (that’s being carrying a little sarcasm).

    Just somebody trying to make a buh

  4. Matthew Rathbun

    June 23, 2008 at 7:29 pm

    Premise – Ok, but I think Agents should be able to look over these things and know what doesn’t seem right.

    Price – too high

    Question – How is this not providing legal advice?

    Echo – Sad that this is a necessary service; but I get it.

  5. Paula Henry

    June 23, 2008 at 9:04 pm

    It’s unfortunate a company like this is needed! As an agent, I do look at my clients good faith estimate – if they use my lenders, I know they won’t get a bad deal.

    Recently, though, an out-of-city client used their local lender. I asked the lender for a copy of the GFE, asked my clients to have her send me a copy, never did get it. I wanted to see their costs before I wrote the offer. Instead, the lender told them to tell me they needed $2500. in closing costs.

    No surprise at closing, they paid 3.0% YSP. A service like this would have saved them 1000’s. Or, they could have made sure I received a copy. Sadly, the trust factor has suffered in our industry 🙁

  6. Ken Smith

    June 23, 2008 at 9:31 pm

    Think that there will be a crop of scams services like this over the next few years. Some will be legit, but most will be just playing on the fears of the general public. $200 to take 5 minutes to review the docs seems way to high.

  7. Shailesh Ghimire

    June 23, 2008 at 9:44 pm

    I got an email from these guys last week and I just deleted it thinking it was one of those wacky vendors trying to sell me something. But now that I looked at it closer, I can see a good use for this. Again, like Matt said earlier, I wonder how many folks will actually pay for this. Wouldn’t just faxing a few lenders each others GFE’s suffice?

  8. Joe Aldeguer

    May 18, 2009 at 10:30 pm

    Abhorrent practices by lenders within the mortgage industry are called abusive lending. Choosing the right lender is not easy… Earned or borrowed cash are all at stake, specially your home. That’s why it is very important to be watchful and evade those Rapacious Lenders.

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Economic News

Is the real estate industry endorsing Carson’s nomination to HUD?

(BUSINESS NEWS) Ben Carson’s initial appointment to HUD was controversial given his lack of experience in housing, but what is the pulse now?



NAR strongly backs Dr. Carson’s nomination

When President-Elect Donald Trump put forth Dr. Ben Carson’s name as the nominee for Secretary of Housing and Urban Development, NAR President William E. Brown said, “While we’ve made great strides in recent years, far more can be done to put the dream of homeownership in reach for more Americans.”

At the time of nomination, the National Association of Realtors (the largest trade organization in the nation) offered a positive tone regarding Dr. Carson and said the industry looks forward to working with him. But does that hold true today?

The confirmation hearings yesterday were far less controversial than one would expect, especially in light of how many initially reacted to his nomination. Given his lack of experience in housing, questions seemed to often center around protecting the LGBT community and veterans, both of which he pledged to support.

In fact, Dr. Carson said the Fair Housing Act is “one of the best pieces of legislation we’ve ever had in this country,” promising to issue a “world-class plan” for housing upon his confirmation…

>>>>>Click to continue reading…<<<<<


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Economic News

Job openings hit 14-year high, signaling economic improvement

The volume of job openings is improving, but not across all industries. The overall economy is improving, but not evenly across all career paths.



young executives

job openings

Job openings hit a high point

To understand the overall business climate, the U.S. Labor Department studies employment, today releasing data specific to job vacancies. According to the department’s Job Openings and Labor Turnover Survey (JOLT) for April, job openings rose to 5.38 million, the highest seen since December 2000, and a significant jump from March’s 5.11 million vacancies. Although a lagging indicator, it shows strength in the labor market.

The Labor Department reports that the number of hires in April fell to 5 million, which indicates a weak point in the strong report, and although the volume remains near recent highs, this indicates a talent gap and highlights the number of people who have left the labor market and given up on looking for a job.

Good news, bad news, depending on your profession

That said, another recent Department report notes that employers added 221,000 jobs in April and 280,000 in May, but the additions are not evenly spread across industries. Construction jobs rose in April, but dipped in professional and business services, hospitality, trade, and transportation utilities. In other words, white collar jobs are down, blue collar jobs are up, which is good or bad news depending on your profession.

Additionally, the volume of people quitting their jobs was 2.7 million in April compared to the seven-year high of 2.8 million in March. Economists follow this number as a metric for gauging employee confidence in finding their next job.

What’s next

If you’re in the market for a job, there are an increasing number of openings, so your chance of getting hired is improving, but there is a caveat – not all industries are enjoying improvement.

If you’re hiring talent, you’ll still get endless resumes, but there appears to be a growing talent gap for non-labor jobs, so you’re not alone in struggling to find the right candidate.

Economists suspect the jobs market will continue to improve as a whole, but this data does not pertain to every industry.


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Economic News

Gas prices are down, so are gas taxes about to go up?

Do low gas prices mean higher gas taxes are on the way? Budgeting for 2015 just got a bit more complicated, if some politicians have their way.



gas tax


Gas taxes and your bottom line

Many industries rely heavily on time in their vehicle, not just truck drivers and delivery trucks. Sales professionals hop in their vehicles throughout the day, as do many other types of professionals (service providers like plumbers, and so forth). For that reason, gas prices and taxes are a relevant line item that must be budgeted for 2015, but with politicians making the rounds to push for higher gas taxes, budgeting becomes more complicated.

Gas prices are down roughly 50 cents per gallon compared to a year ago, which some analysts say have contributed to more money in consumers’ pockets. Some believe that this will improve holiday sales, but others believe the timing is just right to increase federal taxes on gas. The current tax on gas is 18.40 cents per gallon, and on diesel are 24.40 cents per gallon.


Supporters and opponents are polar opposites

Supporters argue as follows: gas prices are low, so it won’t hurt to increase federal gas taxes, in fact, those funds must go toward improving our infrastructure, which in the long run, saves Americans money because smoother roads mean better gas mileage and less congestion.

Gas taxes have long been a polarizing concept, and despite lowered gas prices, the controversial nature of the taxes have not diminished.

While some are pushing for complete abolition of federal gas taxes, others, like former Pennsylvania Governor, Ed Rendell (D) tell CNBC, “Say that cost the average driver $130 a year. They would get a return on that investment” in safer roads and increased quality of life, he added.

The Washington Post‘s Chris Mooney points out that federal gas taxes have been “stuck” at 18 cents for over 20 years, last raised when gas was barely a dollar a gallon and that the tax must increase not only to improve the infrastructure, but to “green” our behavior, and help our nation find tax reform compromise.

Is a gas tax politically plausible?

Mooney writes, “So, this is not an argument that a gas tax raise is politically plausible — any more than a economically efficient tax on carbon would be. It’s merely a suggestion that — ignoring politics — it might be a pretty good idea.”

Rendell noted, “The World Economic Forum, 10 years ago, rated us the best infrastructure in the world,” adding that we “need to do something for our infrastructure, not in a one or two year period, but over a decade.”

Others would note that this rating has not crumbled in just a few years, that despite many bridges and roads in need of repair, our infrastructure is still superior to even the most civilized nations.

Regardless of the reasons, most believe that Congress won’t touch this issue with a ten-foot pole, especially leading up to another Presidential campaign season starting next year.

“I think it’s too toxic and continues to be too toxic,” Steve LaTourette (the former Republican congressman best known for his close friendship with his fellow Ohioan, Speaker John Boehner) tells The Atlantic. “I see no political will to get this done.”

Whether the time is fortuitous or not, and regardless of the positive side effects, many point to a fear of voters’ retaliation against any politician siding with a gas hike, so this matter going any further than the proposal stage is unlikely.

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