When a homeowner changes to a Bi-weekly mortgage payment service we use electronic bank transfers. The Bi-weekly mortgage drbits from the homeowner's account. This is simply to provide convenience to the homeowner. Again, they are not going to from a habit of sending a check every two weeks so this makes it automatic for them. However, when we forward funds to the lender, they are forwarded in the from of a check. This is because electronic transfers do not allow the ability to transfer documentation with the funds. All this documentation is kept in our computers, meaning if funds were electronically transferred to the lender they would receive all these payments, but would not know who or which mortgagees are being paid. The check allows us to send all the proper documentation with the payments = the homeowner's name, property, address, account number, fund allocation, etc. It also creates a paper trail, which will help if and when an audit catches a lender error. The Mortgage Manager Savings Program is absolutely FREE to the homeowner. It is the only Bi-weekly mortgage service that is provided to the homeowner FREE of charge.
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