Bank Merging Scam Seeks to Steal Identities

In the wake of recent financial mergers and closings, new scams are being devised to part individuals with their identities. According to the Federal Trade Commission, e-mails, phone calls and letters are being circulated which claim to represent an individual's financial institution. The purpose of the scam is to take advantage of the recent upheavals in the financial marketplace and confuse consumers into sharing personal information.
One scam in particular focuses on bank mergers. Bank clients are contacted by phishers through email or the phone who claim that a merger has occurred with the customer's bank or mortgage company. The phisher requests account numbers and account access information. The most important thing for bank clients to remember is that their bank will never call them requesting information that is already on file with the bank.
In light of the financial concerns many consumers are facing in today's marketplace, phishers are doing their best to prey on those fears. "A consumer should never give information through emails or through emails that lead them to other websites - The banks have the passwords and for the most part, access to accounts. They would never request that information, even through email," said a Federal Trade Commission representative. The FTC stresses that banks do not use email to communicate important matters with clients.
Those who receive a phone call or email requesting personal bank information should hang up on the caller or delete the request. Those who may have concerns that the phone call may represent a legitimate request are advised to hang up and call the bank directly, using the phone number provided on statements or in the phone book. Avoid dialing another number provided by the caller in case the call is fraudulent.
In addition to questionable requests for bank information, clients should also be wary of any requests being made for credit card or social security numbers. Consumers are encouraged to stay vigilant, examining financial statements that may list unusual or strange charges, as well as using only customer-service telephone numbers to communicate with a financial institution. Raise any concerns or verify suspicious contacts with a customer service representative.
To emphasize the importance of identity protection, consider the following stats provided by the Federal Trade Commission and Javelin Strategy and Research:- 8.4 million Americans became victims of identity theft fraud in 2007- ID thefts in 2007 totaled $49.3 billion dollars - Identity theft has ranked as the top consumer complaint to the FTC for the past five years in a row- It is estimated that victims of Identity Theft lose an average of $5720 per ID theft incident and spend an average of $1400 repairing their name and credit record.
Take the following steps to protect your identity:1. Your Social Security number is considered the gateway to your identity. Avoid carrying a S.S. card in a wallet. Instead, keep it locked in a safe deposit box at home.2. Less is more when it comes to personal information provided on checks. Avoid including a phone number or address if possible.3. It may be tempting, but leaving charge or bank receipts in a car is asking for trouble. ID thieves know personal account information is more valuable than the car stereo.4. Debit or credit cards that are used occasionally are safer at home rather than in a wallet. That way, if a theft occurs, there will be fewer entities to notify.5. Report a lost or stolen card the second you realize it is not in your possession. This will help limit liability.6. Your credit report is available free of charge from each of the three major credit bureaus every 12 months.
About the Author
AmericanMomentumBank.com provides a wide array of personal banking and business banking options and banking solutions tailored to your individual needs. For more information, please visit AmericanMomentumBank.com.

13 Reasons Why Reverse Mortgages Just May Be The Perfect Marketing Niche

For most of us, our mortgage pipelines are in dire need of some good solid loan business. If you fall in this category, it may be time to evaluate the business opportunities that await you in the Reverse Mortgage marketplace.

If you've been paying attention at all, you probably know that the projected potential of the Reverse Mortgage market is absolutely staggering. As you probably know...The Department of Housing and Urban Development (HUD) refers to a Reverse Mortgage as a HECM, which stands for Home Equity Conversion Mortgage.

When you do your review and evaluation of this growing niche, be sure to take into account these thirteen (13) facts and how they can impact your mortgage future:

1. It is estimated that between 9,500 to 12,000 people a day turn 62 years of age and if they are home owners, eligible for a Reverse Mortgage.
2. Seniors that are 62 years of age and older (our definition of a senior for this discussion), control more than three quarters of our nation's wealth.
3. They are living longer and continue to be more active than any generation before them. They, like many of us...continue to have goals, aspirations, desires and even problems...that they would love to solve.
4. They have equity in their homes but don,t have a clue how to convert their equity (non-liquid asset) into spendable and useable cash (a liquid asset).
5. Originations of Reverse Mortgages have increased 109% for the past few years. In fact, each year for the past 5 years the number of loans has doubled each year.
6. FHA endorsed 10,026 reverse mortgages in June alone, bringing the year-to-date total to 83,871. By comparison, FHA insured 8,925 loans in June 2007 totaling 80,425.
7. Its estimated that there are now 75 million prospects that would benefit from this type of program and that number continues to grow every day.
8. Less than one quarter of all Mortgage Companies currently offer the Reverse Mortgage product. Now is the time to market Reverse Mortgages while competition is minimal.
9. Recognizing our current credit crisis and the problems we have funding our normal forward based mortgages...credit and credit scoring models are not used with the Reverse Mortgage product. The benefits received are based on age and equity.
10. The Reverse Mortgage product is a Federal Housing Authority (FHA) insured non-recourse loan and subject to FHA loan limits.
11. Recent surveys of Reverse Mortgage holders indicate more than a 95% satisfaction rate of the product.
12. There have been drastic improvements since the first Reverse Mortgage was written in 1989 and, the number of Lenders has increased.
13. Effective January 1st, 2009, the HECM Purchase Program is now operational, allowing Seniors to purchase a primary resident.

On the surface you may feel that a Reverse Mortgage could be the easiest type of loan you could ever originate. After all...there is no Credit Qualification, no Income Verification, and best of all...your commission is generally based on the value of the home...not the loan amount.

But please remember...a marketing niche is only as good as the dedication, knowledge, expertise, and professionalism you are willing to bring to bear on the marketplace.
Yes...working with Seniors can and will prove to be extremely profitable. Plus...You will also get personal satisfaction and gratification as a result of your efforts.
If your current organization or situation does not allow you to originate Reverse Mortgages, you need to either be the catalyst to change that...or, find a home that does allow you to market to Seniors.

You can become very successful by dedicating yourself to Reverse Mortgages and the Senior market. If you prepare yourself and your marketing program well, you can get ready to explode your Mortgage Business.

About the Author
Tom Domin is a contributing author to The Reverse Mortgage Mentor membership training site. Put your mortgage production back-on-track with the very best Reverse Mortgage marketing training. Sign-up for our $1.00 ten (10) day trial membership at http://www.TheReverseMortgageMentor.com/

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