Mortgage Council Created by BBB

\r\nThe mortgage industry has always had a few bad apples, professionals that would prey on people looking to realize the American dream of owning a home. But in recent years, changing market trends and a lack of national policy has created an environment for mortgage fraud to increase. The state of Arizona has decided that, in the wake of no new national laws, the Better Business Bureau should create a council to oversee regulations and complaints.\r\n

Other goals of the council are to improve the industry’s image through advertising and education of the state’s mortgage professionals. Educational materials will be funded through the BBB via the council in an effort to educate the public about mortgages and mortgage fraud. Some advertising in the area has been reported to the BBB under complaints of refinance “bait-and-switch” techniques, guaranteeing rates to homeowners, then changing the product, rate or monthly payment once paperwork is being filled out. The council will be chaired by a member of the Arizona Association of Mortgage Brokers, who are working closely with the BBB to enhance the reputation of the mortgage industry.\r\n