CrossCountry Mortgage is sending out offers for mortgage using the Making Home Affordable logo and offering quick closing loans. I certainly do have to give CrossCountry a hat tip on some items in the mailer. They did a much better job than you often see in the debt relief space.
Let’s start with the good news on the mailer.
The prominence of the opt-out notice is fantastic.
The clear listing of the state licenses is a welcome sight.
The physical address of the office where the license is held and employees work is a nice touch.
But more importantly is the listing of the website for NMLSConsumerAccess.com which allows consumers to verify the licensing and status of the company.
The NMLS Consumer Access website is a handy consumer tool to not only check on the licensing of a company but also to file a consumer complaint to a specific State regulator.
The Flip Side
The mailer appears directed to those who want to take cash out of their property and payoff additional debt as well.
The use of the Making Home Affordable problem make it appear to be related to some government offer. The offer promises you can:
- Refinance up to 200% of your home’s value
- No minimum [credit] score required
- FHA/VA/USDA Approved lender
- Close as quick as 7 days
- Refinance/Debt Consolidation/Cash out available
- NO CLOSING COST
- home Equity line of credit
The offer is then for a 3.299% APR but I have some serious reservations if someone who met all the bullet points above would be eligible for a 30 year mortgage at that rate.
Offers of no closing cost also need the consumer to ask how are the closing costs paid. There is no free lunch so they are typically either paid through the loan or a higher interest rate. There may not be any upfront or prepaid closing costs but are there no closing costs at all?
The website listed in the mailer, crosscountrymtg.us, actually redirects to their primary website of myccmortgage.com. I’m curious what the point is then to use the .us domain name in the mailer other than to imply this is some sort of government program.
The BBB gives the company an A rating and lists the company president as Ron Leonhardt. – Source
This offer was able to be reviewed because a kind reader sent it in via my I Buy Junk Mail program.
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