Group Wants Ethical Mortgage Professionals

\r\nAmerica’s Watchdog has been following the rise of mortgage fraud and gauging over the past few years, and has now decided to do something about it. The group, which normally focuses on consumer protection, is expanding their services to include mortgage professionals and real estate brokers that can sign up on their site and adhere to specific guidelines. Homeowners or buyers will be able to refer to the site to be assured that they are receiving quality service, much like a form of the Better Business Bureau.\r\n

The overall goal of the service is to focus on industry professionals willing to live up to high ethical standards. The site will also offer explanations of terminology and fees, thus protecting the consumer from inflated pricing. Finally, the site will host interventions, much as the BBB does, if the consumer alone cannot reach a resolution to their problem. Mortgage fraud increases by about 15% each year since 2000, and it is estimated that 85% of all homeowners were overcharged when obtaining a mortgage, thus making the Watchdog service of great value to the public.\r\n