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Refinancing Boom Catalyzes Increase in Lender Mistakes

BOSTON (ContentDesk) October 15, 2003 ? Last week, a Freddie Mac press release signaled the end of the refinance boom: "Long-term mortgage rates rise on signs of economic recovery." The after-effects of the refinancing frenzy will last for years to come, and not all are good.Millions of Americans reduced mortgage payments and saved money over the past 36 months through refinancing, but many continue to pay unnecessary fees without even realizing it. As homeowners scrambled to refinance ? industry activity totaled $1.3 trillion in 2002 ? mortgage companies were more than happy to oblige, but struggled to keep up. While lender delays in the mortgage application process are annoying, the increase in lender mistakes in the mortgage payment transaction process is alarming.Time Magazine recently reported, "?as falling interest rates have pulled waves of homeowners into the refi game, an overburdened mortgage industry has been strafing them with costly errors, including miscalculated escrow payments, unneeded credit insurance and omitted special- offer discounts. Borrowers, reveling in their lower monthly payments, blithely absorb the overcharges."There is anecdotal evidence abound to support this trend. During the mortgage settlement process more and more homeowners are experiencing forgotten discounts, botched escrow accounts, incorrect fees and charges (e.g., insurance), and simple math mistakes in mortgage contracts.

Other homeowners are finding extra payments aren't being posted correctly, regular payments are being lost, escrow items are being double paid or not paid at all, and variable rates are not being calculated correctly. For example, one recent American Mortgage Auditing customer faced foreclosure when it was discovered the lender had overpaid his taxes by $7,000 in just three years. Another customer faced a delinquency until it was discovered the lender had lost several mortgage payments.Stories like these are common. Lenders may send statements to the wrong address so borrowers never know their escrow or P&I payment has increased. Or, lenders may use the wrong index when adjusting variable rate mortgages.

Or the original loan contract may contain mistakes.Of course some homeowners have experienced pleasant surprises, such as the Miami condo owner who discovered a contract clause forbidding his lender from raising the adjustable interest rate above the 4% introductory rate. Unfortunately, approximately 75% of lender mistakes result in borrowers being overcharged. Lenders admit they have never been this overwhelmed by mortgage demand. One mortgage division manager admitted: "This market is the craziest I've ever seen it and you have [various mortgage companies] saying ?No more, I can't take any more business.'"With the responsibility for finding and reporting mortgage mistakes falling on the borrower, what can people do? First, always scrutinize your lenders transactions: compare your good faith estimate to your HUD-1 and always check annual mortgage statements. Second, if you suspect a mistake, contact your lender or an independent auditing company such as American Mortgage Auditing (www.AMAuditing.com or toll free 1-877-578-0231).

Borrowers with high risk notes ? such as variable rate loans, loans that have been sold several times, or ones where mortgage holders make frequent extra payments ? should consider an audit to ensure against overpaying.
Unfortunately, mistakes that are discovered only represent the tip of the iceberg. Millions of Americans continue to be overcharged thousands of dollars without ever realizing it.About American Mortgage AuditingLocated in Boston, Massachusetts, American Mortgage Auditing, LLC is a leading provider of mortgage and loan savings solutions. Using its proprietary software, American Mortgage Auditing can analyze loans and instantly identify strategies to help homeowners save thousands of dollars and acquire refunds when lender errors occur. For more information call 1-877-578-0231 or visit www.amauditing.com.Bryn MerreyAmerican Mortgage Auditing, LLCTel: 1-877-578-0231e-mail protected from spam bots.

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Get Your Financial House in Order for the New Year

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WHAT IS AN OPTION?

You buy or trade stocks, bonds and mutual funds. Perhaps you invest in a 401(k) plan. You can us "Options" as part of your short or long term investment objectives.Did you know you may be using a form of options as a part of your everyday life?Do you pay a premium every quarter for house, auto, and medical insurance?You have purchased insurance as a safeguard against a fire in your home, a crash in your car, or large medical bills. Some investors use options on stocks or cash indexes to protect and insure the value of their portfolios.A major advantage of options is their versatility. They can be as conservative or as speculative as your investing strategy dictates.

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WHAT IS AN OPTION?

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WHAT IS AN OPTION?

Options enable you to tailor your position to your own set of circumstances. Consider the following benefits of options:

You can protect stock holdings from a decline in market price.
You can increase income against current stock holdings.
You can prepare to buy stock at a lower price.
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WHAT IS AN OPTION?

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Virtual Assistant ? Questions Answered

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GreenWood International Hires JP Nerny as Vice President ? Director of Sales

Boston, MA (ContentDesk) March 17, 2004 ? GreenWood International Insurance Services (GWI), a leading provider of medical stop loss, group personal accident and occupational accident insurance coverage to employers, today announced the addition of JP Nerny to the firm's executive management team, in the role of Vice President ? Director of Sales."We're extremely pleased to welcome JP on board with GreenWood" said Dan Boisvert, President of GWI. "He brings a wealth of experience in employer-sponsored plans to the business, and will play a vital role in helping us to expand our business opportunities with brokers, consultants and Third Party Administrators.""I'm excited about joining the GreenWood team," said Mr. Nerny. "The company is known for its diverse product line and advanced technological capabilities, and I look forward to growing the firm's core product offerings, specifically medical stop loss, travel accident and voluntary Accidental Death and Dismemberment. I will also be...

GreenWood International Hires JP Nerny as Vice President ? Director of Sales

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What is Contract Programming? An Alternative to the Conformity of Everyday Employment

What is contract programming, you ask? Well, when companies need specific computer programming expertise, for temporary periods of time, they generally hire a contract programmer or an employee of a consulting firm. Contractors almost always have a higher hourly wage than a salaried employee and are often paid for overtime. Contracts can last from one to three months to many years, depending on the situation. A contract programmer generally does one thing: program (code) for the duration of the contract. So, contract programming is just an area of computer consulting.

Other areas of computer consulting include custom developers, network consultants and information technology (IT) consultants. The contract programmer can work via two forms of contracts: 1) "W-2 " contracts and 2) "1099" contracts.There's the "W-2" contractorThe "W-2 contractor" receives the typical IRS W-2 form at tax time and works as a temporary employee of a contract broker or some form of employment agency...

What is Contract Programming? An Alternative to the Conformity of Everyday Employment

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What is the difference between Discount Dental Care Plans and traditional Dental Insurance?

Discount Dental Care Plans offer reduced fees for individuals and families looking to save money on dental care services. Most discount dental care plans allow you to visit any participating dentist in their network and receive treatment at a reduced fee. All of the dental care providers participating in a discount dental care plan have agreed to accept these discounted fees as total payment in full for each service performed. When visiting these dentists, this reduced fee is usually 10 to 60% off their customary or regular fees normally charged by the provider. Most discount dental care plans offer these discounts off of providers of general dentistry, dental care specialists, orthodontics plus many include prescription drug, vision and hearing care providers as well.A discount dental care plan is different in several ways from traditional dental insurance.

There is not normally any waiting period, pre-existing condition exclusions, time sensitive enrollment windows or dental...

What is the difference between Discount Dental Care Plans and traditional Dental Insurance?

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Switchboard.com: The King Of Great Local Search

Forget about local search with Google, Yahoo! or MSN. They don't have a clue. When it comes to great local search, Switchboard.com is king!And no matter how hard Google, Yahoo! and MSN try, when it comes to local search, they'll never even be in the same league as Switchboard, because Switchboard.com gets it. Local search is what Switchboard does better than any other search engine or directory on the planet--period!You won't believe how easy it is to get incredibly relevant results for virtually...

Refinancing Boom Catalyzes Increase in Lender Mistakes Switchboard.com: The King Of Great Local Search

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"Rising Above the SEO Reputation"

How many times have you seen an article referring to SEO (search engine optimization) as a "Black Art" or "underhanded", "manipulative", "sleazy", "deceptive", "sneaky" etc?. I could go on and on but you get my drift. The thing is - our industry has a pitiful reputation which is being reinforced on a daily basis by the media and word of mouth.This realization hit me between the eyes recently when I read a comment in a search engine forum from an SEO who claimed he used his ethical SEO methods...

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Five Ways to Judge Your Car Stereo Speakers

Car stereo speakers are very vital for an efficient car audio system. Car speakers are unique in that they are designed for reproducing sound frequencies. You can evaluate your car stereo speakers on the following criteria:

Frequency response of the speakers should be higher and wider for better sound capturing and reproducing
Efficiency of the speakers determines the distance sound will travel and is measured in terms of decibels, the higher the better.
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JulRe Designs™ to Host Gems & Jewels Trunk Show in Atlantic City Area

New York, NY (ContentDesk) July 10, 2006 -- On an average day, it's quite normal to find NY Fashion and Personal Image Consultant turned jewelry designer, Juliet Renee Williams (formerly Harmon) in a white t-shirt and jeans working diligently, stringing gemstones on silk thread, twisting precious metal or sketching designs on a pad of art paper in her design studio in Jersey City, NJ. But on Saturday, July 29, 2006 from 1 PM 4PM, she will put on a little glam to present her Spring/Summer 2006...

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What is White Noise?

What is White Noise?The best way to explain White Noise is to first look at why it has been given that name. White is used because of the way light works. White light is not an absence of color but is rather a combination of ALL colors. Going along with that same reasoning, White Noise is a combination of ALL frequencies of sound all playing at the same time.Because white noise is actually a combination of all frequencies it is most likely used as...

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