United Benefits
Important Notice to All Home Owners
As industry professionalswe recognize
the extreme circumstances many people face in today's mortgage crisis.
We suggest to anyone that is facing foreclosure to seek
immediate assistance through a qualified organization which specializes
in mortgage underwriting and mortgage retention.
It
is important to note, we being a former mortgage banking branch of
Benchmark Mortgage, we have direct specialized experience in mortgage
banking procedures and protocols that are absolute requirements for
navigating through today's loan problems. In today's high risk
environment, there is far too much weighing in the balance to involve
entities who are not directly educated within the mortgage banking
industry. While legal experts help make up our teams, today's mortgage
problems are not dominated by legal problems, they are dominated by
financial ones. These are serious financial problems which require
serious financial solutions. Non-confrontation is the vernacular of the
day which requires escalation through to decision makers of portfolios
not escalation through a legal process.
the
state of California regulators, as well as thorough financial
background inspections and credit checks on all who joined our branch at
Benchmark Mortgage. Benchmark Mortgage as a financial institution as
well as state regulators require specific long term financial and
mortgage banking experience to even
apply
for licensing. Our particular branch was HUD certified and passed
strict regulatory inspections not just once but twice in 2008. Tim
Gibbons was the Benchmark Branch Partner and co-branch manager along
with Berta Ruiz of the California Benchmark Branch.
Mr.
Gibbons has more than 20 plus years experience in investment banking,
mortgage banking, and financial portfolio management. Mr. Gibbons was
one of the youngest applicants to successfully pass and acquire the
elite series 7 (stocks, bonds, and mutual funds license) and 63 licenses
for investment banking, and has held several other required regulatory
licenses in relation to mortgage and investment banking. This is just
one example of the vast experience our organization brings when helping
our clients navigate through to tomorrow’s solutions.
Our
company strictly manages and oversees the financial programs and
portfolios of " United Benefits and United Pre-legal Mediation Group".
Through our nationwide corporate networks we provide Pre-Legal
Financial Mediation (Financial Restructuring and Re-organization) to the
nations employed.
V E R I F I C A T I O N L E A D S TO T R U S T
Special comment from former Branch Partner of Benchmark Mortgage, Mr. Gibbons
"It
is very important that clients today go well beyond conventional
methods in vetting the entities they do business with. It's no longer
prudent to simply rely on traditional agencies such as the "Better
Business Bureau" when it comes to researching companies and their
reliability or validity. For a few hundred dollars and a business
license virtually any organization can become a "BBB" member with a few
easily attained and rather fundamental documents. It comes as a shock to
many to learn that the Better Business Bureau is not a government
agency or government regulator. It is a membership driven business
supported by those who enroll their companies. The Better Business
Bureau has no power or authority to acquire financial records,
historical regulatory reports on the principle owners or any other
relevant information one would need in evaluating the experience of a
particular company.
Even
with that being said we were very proud of our (A+) 9 year company
standing with the "BBB" while a lending branch of Benchmark Mortgage (Click here to verify reliability report).
However, these are different times and we recognize the "Better
Business Bureau" alone is not enough to determine the reliability of
entities portraying themselves as credible in this time of crisis."
It
is in that spirit that we go beyond what we accomplished through our
rating with the "BBB" with Benchmark Mortgage Branch (Ark-La-Tex
Financial Services, LLC.)and provide this link to the state of
California licensing division that regulates California Lenders. This
allows our clients to see (click here to verify information through State of CA.)
that we (Winton Ca. branch individually) were duly licensed in our
capacities within the mortgage banking industry and had met California
state regulatory standards to conduct the full range of mortgage
banking lending services in the state when we operated as our Benchmark
branch (mortgage origination , Ark-La-Tex Financial Services, LLC). This
authenticates that myself, our staff and our particular branch of
Benchmark was licensed by the state regulatory agencies to conduct
business in mortgage banking. We are very proud of the fact that our
branch of Benchmark Mortgage never received a single reported regulatory
complaint or client complaint to any regulatory agency (including the
"Better Business Bureau") in our branches history.
"Let me be clear, mortgage banking is just a fraction of the experience it takes to resolve today’s mortgage issues. Knowing the mechanics, the flow of authorities and their limitations at each level is what elevates our abilities beyond that of the industry as a whole. This crisis is dynamic, multi-level, multi-layered within our industry. Few in our industry offering services understand or even realize the tier level of protocols and tier level of authorities that exist. Without the direct experience in understanding "Securitization" the pass through procedures and protocols of the "Servicing Agent" to "Securitization" which flow on to the investors (owner of record) there is no resolving these financial problems our nation faces. If I am talking past your understanding of this market do not be alarmed, be more alarmed that I am talking past roughly 99.9% of those in the industry offering services to fix home mortgage issues. In short, not many exist on this side of the (borrower/lender) line to be able to navigate safely to resolutions for the borrower. We know we are up against a much wounded, very broken machine but for the first time in history (including the "Great Depression") the odds in this battle are heavily slanted towards the borrower.
This
is about everyone with risk being front and center to minimize exposure
for all involved while eliminating the people in the middle
(modification companies and Servicing Agents) who profit from financial
misfortune through added fees. Our success comes through managing
expectations of our clients and flexing at the appropriate times on
lenders which expose the broken realities of this machine and the risk
it brings to the lender. It's not magic, it’s a dangerous mine field.
But having the map to the mine field certainly helps in making us appear
magical to our clients." Mr. Gibbons, former branch partner/manager Benchmark Mortgage, Winton, Ca. branch
(Please
note the CA. license link is being provided for information purposes
only as genuine proof of our state verified experience and credentials
through to 2009 as staff and management (partners) of benchmark
mortgage. However, we will be not be renewing these licenses since our
business focus is now dedicated to our mortgage "Retention" portfolios
not "New" mortgage loan origination portfolios( we terminated our
contracted branch with Benchmark corporate in Texas, aka Ark-La-Tex Financial Services, LLC.
on November 3rd, 2008). We have committed ourselves and our experience
to the resolution of existing loans in trouble and not adding to what
has created our national lending crisis. We will not re-apply for
origination licensing until foreclosures are under the 1% national
threshold.)
What to do?
To
expedite and protect your situation it is advised that you call
immediately or seek guidance only from recognized (and/or) regulated
financial services organization which have specialized programs designed
to protect the sole interest of (You) the borrower.
stop foreclosure, interest rate adjustments, Balloons, I/O & ARM adjustments.
Here are a couple of reliable options dealing in these areas. Our
financial retention program called "The Employee Benefits Group and
governments HOPE NOW. Both can expedite assistance for stopping
foreclosure, reduced payments, balance reductions, interest rate
reductions, payment forgiveness (forbearance), short sales, deed in
lieu, etc.
For full financial overview of other financial programs Please see our subsidiary programs at www.nebgroup.org or call (888) 341-8999 or (888) 557-0111 (for professional assistance in dealing with home retention for all US banks and lending institutions. Be
advised that "Retention “programs are only for those borrowers who are
experiencing serious financial hardships in relation to home mortgages.
Special Report Mortgage Meltdown
The House Financial Services Committee heard from executives at two big lenders: Michael Gross of Bank of America Corp. (BAC, Fortune 500) and Mary Coffin of Wells Fargo & Co. (WFC, Fortune 500)
Also testifying was Faith Schwartz, the executive director of Hope Now,
an industry alliance of lenders, loan servicers and housing counselors.
The House Financial Services Committee is chaired by Rep. Barney Frank, D-Mass., who has led the House's legislative response to the housing crisis. On Wednesday, the House passed sweeping legislation that will offer up to $300 billion in assistance to troubled homeowners and throw government support behind mortgage finance giants Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500). The Senate is expected to vote on the bill on Saturday.
"Reducing foreclosure is an essential matter of justice and an essential matter [for the economy as well]," Frank said in his opening remarks.
He also urged lenders and loan servicers - the middlemen that administer and collect payments on the loans - to inform the committee of any barriers to their foreclosure prevention efforts that still exist after the bill takes effect in October.
"There are no silver bullets," he said. "I'm not the Lone Ranger. If there are obstacles, tell us. And we will do the best we can to remove those obstacles."
"We know that consumers who are experiencing financial challenges, but who ultimately have the ability to repay their loans, often need our help to stay in their homes," Gross said. "We are ready to help them. We do so because no one benefits from a foreclosed home."
Many critics of the mortgage industry have charged that lenders and loan servicers are dragging their feet when it comes to helping at-risk mortgage borrowers.
But David Kittle, chairman-elect of the Mortgage Bankers Association, said that wouldn't be in their best interest. "It makes good economic sense for mortgage servicers to help borrowers who are in trouble," he said. "Foreclosure is a lengthy and extremely costly process for the industry and, generally, a losing financial proposition. Several independent studies have found the losses to be quite significant: over $50,000 per foreclosed home or as much as 30 to 60 percent of the outstanding loan balance."
More Modifications
Indeed, foreclosures are growing at a faster rate than mortgage workouts, according to the most recent data from Hope Now. Meanwhile the housing crisis continues to deepen.
Home prices have plunged 15% nationwide over the past 12 months, according to the S&P/Case-Shiller Home Price Index. More than 340,000 borrowers have lost their homes to foreclosure during the first six months of the year, up 136% compared with the same period in 2007. The number of homeowners in default during the same period rose to 1.4 million, up 56% from a year earlier.
The housing rescue bill should help break the cycle, and lenders and loan servicers are promising to do more to keep borrowers in their homes.
In the past, servicers have said they they are afraid to change mortgage terms because that would violate the contracts that they have with investors.
But Wells Fargo's Mary Coffin replied that the servicers absolutely had the authority to modify loans under the bill, as long as the modification maximized profits for the investors.
Frank also noted that the housing bill won't take effect until Oct. 1 due to budgetary constraints, and said he was concerned that many homeowners might lose their homes in the interim.
"I am urging the mortgage servicers to hold off on foreclosures in applicable cases so borrowers can take advantage of the program," he said.
Representative Mel Watt (D-N.C.) broached the subject of predatory lending, which is not specifically addressed in the pending legislation. He asked the eight witnesses whether they thought that legislation to combat abusive lending practices, like putting people into loans that they could clearly never afford, merited its own piece of legislation.
Seven of the eight panelists agreed such legislation was necessary. Bank of America's Gross said that his company supports a national registry of loan officers and brokers that would do background checks and credential anyone originating loans. The eighth witness, James Barber, chairman of Virginia-based mortgage lender and servicer Acacia Federal Savings Bank, who represented the American Bankers Association, had no opinion.
Mortgage industry grilled in Washington
House panel probes just how much lenders and loan servicers are doing to keep troubled borrowers in their homes.
House panel probes just how much lenders and loan servicers are doing to keep troubled borrowers in their homes.
NEW
YORK (CNNMoney.com) -- A key House committee grilled home lenders and
housing advocates on Friday about mortgage industry efforts to work out
affordable loans for troubled homeowners.
The House Financial Services Committee is chaired by Rep. Barney Frank, D-Mass., who has led the House's legislative response to the housing crisis. On Wednesday, the House passed sweeping legislation that will offer up to $300 billion in assistance to troubled homeowners and throw government support behind mortgage finance giants Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500). The Senate is expected to vote on the bill on Saturday.
"Reducing foreclosure is an essential matter of justice and an essential matter [for the economy as well]," Frank said in his opening remarks.
He also urged lenders and loan servicers - the middlemen that administer and collect payments on the loans - to inform the committee of any barriers to their foreclosure prevention efforts that still exist after the bill takes effect in October.
"There are no silver bullets," he said. "I'm not the Lone Ranger. If there are obstacles, tell us. And we will do the best we can to remove those obstacles."
A pledge to help
Bank
of America's Gross said that the bank will modify and work out at least
$40 billion in mortgages by the end of 2009, helping about 250,000
troubled homeowners. "We know that consumers who are experiencing financial challenges, but who ultimately have the ability to repay their loans, often need our help to stay in their homes," Gross said. "We are ready to help them. We do so because no one benefits from a foreclosed home."
Many critics of the mortgage industry have charged that lenders and loan servicers are dragging their feet when it comes to helping at-risk mortgage borrowers.
But David Kittle, chairman-elect of the Mortgage Bankers Association, said that wouldn't be in their best interest. "It makes good economic sense for mortgage servicers to help borrowers who are in trouble," he said. "Foreclosure is a lengthy and extremely costly process for the industry and, generally, a losing financial proposition. Several independent studies have found the losses to be quite significant: over $50,000 per foreclosed home or as much as 30 to 60 percent of the outstanding loan balance."
More Modifications
Gross
told the committee that Bank of America is making more substantive
workout offers than in the past, and is doing far more mortgage
modifications - which permanently change the terms of a loan to make
them more affordable - rather than just granting borrowers repayment
plans.
"Loan modifications have become the predominant form of workout assistance,"
he said. Seventy percent of all of Bank of America's workouts this year
were modifications, he said, while 14% were repayment plans.
But
that's not enough, according to Janet Bowdler, who testified on behalf
of the National Council of La Raza, a Hispanic civil rights
organization. "Current efforts are falling short," she said. "While
there are reports that loss mitigation activity by servicers this
quarter is up from previous quarters, these loan modifications continue
to lag far behind market demand." Indeed, foreclosures are growing at a faster rate than mortgage workouts, according to the most recent data from Hope Now. Meanwhile the housing crisis continues to deepen.
Home prices have plunged 15% nationwide over the past 12 months, according to the S&P/Case-Shiller Home Price Index. More than 340,000 borrowers have lost their homes to foreclosure during the first six months of the year, up 136% compared with the same period in 2007. The number of homeowners in default during the same period rose to 1.4 million, up 56% from a year earlier.
The housing rescue bill should help break the cycle, and lenders and loan servicers are promising to do more to keep borrowers in their homes.
Discussing the housing bill
To
that end, Frank asked the servicers whether they felt had sufficient
legal authority under the new bill to help borrowers, without having to
worry about lawsuits brought by people who invest in the pools of
mortgages that lenders securitize.In the past, servicers have said they they are afraid to change mortgage terms because that would violate the contracts that they have with investors.
But Wells Fargo's Mary Coffin replied that the servicers absolutely had the authority to modify loans under the bill, as long as the modification maximized profits for the investors.
Frank also noted that the housing bill won't take effect until Oct. 1 due to budgetary constraints, and said he was concerned that many homeowners might lose their homes in the interim.
"I am urging the mortgage servicers to hold off on foreclosures in applicable cases so borrowers can take advantage of the program," he said.
Representative Mel Watt (D-N.C.) broached the subject of predatory lending, which is not specifically addressed in the pending legislation. He asked the eight witnesses whether they thought that legislation to combat abusive lending practices, like putting people into loans that they could clearly never afford, merited its own piece of legislation.
Seven of the eight panelists agreed such legislation was necessary. Bank of America's Gross said that his company supports a national registry of loan officers and brokers that would do background checks and credential anyone originating loans. The eighth witness, James Barber, chairman of Virginia-based mortgage lender and servicer Acacia Federal Savings Bank, who represented the American Bankers Association, had no opinion.
Freddie aims to slow foreclosures
Mortgage financier to offer increased payments to loan servicers in effort to increase mortgage
NEW
YORK (AP) -- Freddie Mac is doubling the amount of money it pays loan
servicers for each successful mortgage workout among other measures to
keep struggling borrowers out of foreclosure, it said Thursday.
The mortgage financier is also giving more time to negotiate workouts in states with fast foreclosure processes and will reimburse servicers for door-to-door outreach.
Freddie will pay $500 for each repayment plan and $800 for each loan modification on Freddie-owned mortgages. Servicers will receive $2,200 for each short sale where Freddie accepts less than the full amount owed on the mortgage.
In some states and Washington, D.C., the government-sponsored entity will give up to 10 months from the due date of the last payment to find sustainable workouts for strapped borrowers. These states allow a lender to foreclose in less than 10 months.
The affected states are Alabama, Alaska, Arizona, Arkansas, California, Georgia, Hawaii, Maryland, Michigan, Minnesota, Mississippi, Missouri, New Hampshire, North Carolina, Rhode Island, Tennessee, Texas, Virginia, West Virginia and Wyoming.
Freddie also will reimburse a servicer up to $15 per mortgage for leaving a door hanger and up to $50 per mortgage for knocking on a door that results in the borrower contacting their servicer.
These new policies go into effect Aug. 1. The outreach reimbursement expires March 31, 2009.
Shares of Freddie (FRE, Fortune 500) fell 25 cents, or 2.9%, to $8.48 in midday training.
The mortgage financier is also giving more time to negotiate workouts in states with fast foreclosure processes and will reimburse servicers for door-to-door outreach.
Freddie will pay $500 for each repayment plan and $800 for each loan modification on Freddie-owned mortgages. Servicers will receive $2,200 for each short sale where Freddie accepts less than the full amount owed on the mortgage.
In some states and Washington, D.C., the government-sponsored entity will give up to 10 months from the due date of the last payment to find sustainable workouts for strapped borrowers. These states allow a lender to foreclose in less than 10 months.
The affected states are Alabama, Alaska, Arizona, Arkansas, California, Georgia, Hawaii, Maryland, Michigan, Minnesota, Mississippi, Missouri, New Hampshire, North Carolina, Rhode Island, Tennessee, Texas, Virginia, West Virginia and Wyoming.
Freddie also will reimburse a servicer up to $15 per mortgage for leaving a door hanger and up to $50 per mortgage for knocking on a door that results in the borrower contacting their servicer.
These new policies go into effect Aug. 1. The outreach reimbursement expires March 31, 2009.
Shares of Freddie (FRE, Fortune 500) fell 25 cents, or 2.9%, to $8.48 in midday training.
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