1. WHO IS
INFORMATION BROKERAGE SERVICES, INC. AND WHAT KIND OF PEOPLE WILL
BE HANDLING MY MONEY?
Brokerage Services, Inc. and its predecessors have been in
business since 1989. In 1995, we developed The Mortgage Manager™
Software and Savings Program, making it possible to provide
bi-weekly service at a very low cost to the homeowner. We are
listed with Dun and Bradstreet and our D&B number is 14-060-4419.
We’re also members of several business organizations in Kansas.
Vice President of The Mortgage Management Division of IBS, Inc.
has received national honors for his work with homeowners just
like you. These honors include being featured in “Who’s Who Among
Outstanding Americans”, “International Leaders in Achievement” and
the 1996 edition of “International Leaders of Influence”, which is
on permanent display at the U.S. Library of Congress in
International Biographical Institute awarded him “Man of the Year”
for 1995-96 for his development and production of the software –
The Mortgage Manager™. This software program has helped thousands
of homeowners just like you save $50,000 to $150,000 and more,
eliminate years of mortgage payments and avoid costly lender
certified trained mortgage reduction experts managing your
mortgage and they are just a phone call away to answer any of your
LONG AM I COMMITTED TO YOUR SERVICE? WHAT IF I TRY IT, BUT LATER
CHANGE MY MIND?
Mortgage Manager™ Savings Program, even on a trial basis, commits
you in no way. With our service, your bi-weekly mortgage payments
are fully protected and regulated by the Federal Reserve so your
funds are completely safe at all times. If you’re unhappy, you can
cancel at any time. However, our past experience tells us you’ll
enjoy the service and the savings so much, you’ll be telling your
friends and relatives about it.
3. HOW IS
MY MORTGAGE PAYMENT PROTECTED WITH YOUR SERVICE?
We all work
hard for our money and we want assurance that it’s fully
protected. We hear stories in the news every day of
“fly-by-night” companies, embezzlement of huge amounts of money,
etc. With our bi-weekly mortgage service, your funds are fully
protected, insured and are at absolutely no risk whatsoever.
mortgage service is done electronically and governed by Regulation
“E” of the Federal Reserve System. Regulation “E” is a consumer
protection law which regulates the transfer of your funds. In its
simplest form, Regulation “E” states, “An account holder has 120
days to contact their bank to reverse any unauthorized electronic
debit to their account.” This can be verified at your local bank
or Federal Reserve location.
mortgage payments are also protected by various safeguards to
eliminate illegal activities, such as embezzlement. Any fund
transfer over $1,000 has to be approved by an officer of the
company and NO fund transfer can exceed the maximum amount of any
single mortgage we service. Every company employee is covered
under a self-insured “employee dishonesty bond” protecting every
one of your mortgage payments up to $10,000.
also allows you to track and audit your mortgage payoff and
savings every step of the way by using a special code that we send
to you after a minimum of twelve months on the service.
HEARD OF THIS SERVICE BEFORE, BUT IT WAS NEVER SO INEXPENSIVE.
HOW CAN YOU PROVIDE THIS SERVICE AT SUCH A LOW COST?
Manager™ competes with over 600 banks and other private companies
who offer bi-weekly mortgage service. They all charge a fee
normally ranging from $395 to over $1,000. We could easily do the
same, but homeowners who are just getting by (and who need this
service the most) have a hard time paying several hundred dollars
even when it’s going to save them thousands of dollars, so that is
why we offer the service for just $197.
developed The Mortgage Manager™ Savings Program, we wanted to
provide the service inexpensively and be consumer friendly and
that is why The Mortgage Manager™ is the most popular and
efficient mortgage reduction system in use today.
In addition to
the $197 set up fee, there is a small banking debit fee of $3.45
to process your electronic transfers. This fee exists with all
bi-weekly mortgage services (even our competitors who charge
homeowners over $1,000 up-front for the service), however, our
debit fee also beats the competition as most other bi-weekly
mortgage services charge anywhere from $3.95 up to $15 per debit.
5. CAN I
DO THE SAME THING MYSELF WITHOUT YOUR SERVICES?
can pay off your mortgage early and save money by increasing your
monthly payment and making additional principal payments, but
human nature is against you. Statistics show 97% of people who
try to do this fail consistently and never save any substantial
money – those aren’t good odds to gamble with on what will most
likely be the biggest investment of your life. Plus, when you
start making these increased monthly payments, that’s where a lot
of the mistakes indicated by the FDIC occur. The 3% of American’s
who have the self discipline and resources to make increased
monthly payments have a 50/50 chance of losing a lot of their
savings due to errors in loan amortization, interest compounding,
index and margin calculations, etc.
includes AUDITING your mortgage to track your savings and catch
possible lender mistakes. To have an outside company audit your
mortgage can cost $100 to $150 per year and is critical since the
FDIC estimates errors occur in nearly every other mortgage, with
the average mistake costing the homeowner over $1,500. Below are
two articles that emphasize the seriousness of this fact.
GENERAL OF NEW YORK –
the nation’s largest mortgage lender to refund $150 million in
“We dug deeper and deeper and found that this system of
overcharging is virtually universal. It runs across the entire
mortgage lending industry.”
principal payments: About four months ago, my wife and I decided
to start making extra payments on our mortgage. We were shocked
when we realized the lender held these checks more than 60 days
before applying them to our loan.”
CONTACTED MY MORTGAGE LENDER AND THEY SAID THEY WOULD NOT ACCEPT
ELECTRONIC BI-WEEKLY PAYMENTS, SO HOW CAN YOU DO IT?
doesn’t actually change to a bi-weekly mortgage because that would
require refinancing (which involves new appraisals, surveys,
inspections, title verification, financial statements, etc.) and a
cost of several thousand dollars. Rather than you budgeting a
full payment once per month, you’ll budget a half payment every
two weeks. We restructure your mortgage onto a bi-weekly mortgage
“schedule” through electronic fund transfers (EFT) to give you the
same savings and benefits of paying your mortgage bi-weekly
without the cost of refinancing or changing your existing mortgage
agreement with your lender. This reduces your loan amount much
quicker than a “monthly schedule” and builds your home equity up
to 300% faster.
The funds will
be automatically debited from your bank account every other Friday
and forwarded to your lender in the form of a check or EFT each
month. This creates no problem with your lender and is very
convenient for you. No more writing a check each month and no
worries about your payment’s ever being late.
7. I’M ON A
SAVINGS BUDGET, ALWAYS PAYING MY BILLS AT THE LAST POSSIBLE
MINUTE. CAN I STILL ENJOY THE SAVINGS?
fact, you’ll find “bi-weekly” payments much easier to budget than
“monthly” payments. It might take a little getting used to at
first, but the benefits and savings you’ll enjoy make it well
worth it. The National Council of Savings Institutions says
“bi-weekly payments are ‘pro-consumer’ because they equal the
paycheck flow.” Since bi-weekly payments correspond to America’s
paydays, it makes mortgage payments much easier for homeowners who
are on a tight budget or have difficulty saving money.
If your budget
is so tight that you commonly mail checks before you have the
available funds in your account, knowing the check will not be
presented for a few days, you can still take advantage of the
bi-weekly mortgage savings. Asking your bank for “overdraft
protection” will allow your bi-weekly electronic fund transfer to
occur, even if you deposit funds a few days later.
EFFECT WILL YOUR SERVICE HAVE ON MY ABILITY TO DEDUCT INTEREST
PAYMENTS ON MY TAXES?
Many people are
led to believe it’s bad to pay off their homes early because they
will lose the tax write-off. This couldn’t be further from the
truth. In reality, it gives you added income. For example, if
you’re in a 25% tax bracket and you write off $10,000 in home
interest payments, you save $2,500 on your taxes. That’s $10,000
in expenditure to save $2,500. On the other hand, if you owned
your home and didn’t pay $10,000 in interest payments, you would
have to pay $2,500 in taxes on this money, but you end up with
$7,500 in spend able income.
It’s a fact
that most Americans sell their homes after about 7 years. It’s
also a fact that you can make monthly mortgage payments for 7
years and still not have enough equity in your home to pay a
realtor to sell it. By tripling the accumulation of home equity,
you’ll have additional money at your disposal to pay for
education, vacations, a new car or boat, retirement, etc. You’ll
be able to deduct those interest payments where you normally
wouldn’t be able to if you took out a loan for such items.
have the ability to dramatically upgrade the quality of the home
you live in by building equity up to 300% faster and transferring
this extra equity into a more expensive home if you desire.