I am authorized distributor for some very special software that is given to homeowners FREE, and the services is FREE also. Mortgage Manager(TM) is an Bi-weekly mortgage service that can save the homeowner thousands of dollars. Bi-weekly mortgage services use electronic transfers to make the Bi-weekly mortgage debits from the homeowners account. All electronic transfers are governed and regulated by the United States Federal Reserve, specifically explained under Regulation E. Even through electronic transfers are becoming more common nowadays with electronic payroll, bill paying, insurance premiums, etc., sometimes you will find people concerned about a company electronically debiting their account. We usually instruct them to take the enrollment from to their local bank, a large local bank that serves as a "clearing house" for electronic transfers, or a local Federal Reserve branch and ask question about the safety of their funds. Homeowners do not change lenders because we do not "bay" their mortgage or take it over. We simply service their existing loan with existing lender so they can receive the benefits without incurring any refinance charge or other costs. We do not send any statements to the homeowners, however, they will continue to receive all information their current lender normally sends them, monthly statements, coupon payment booklets, etc.
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