LOS ANGELES, Oct. 13 /PRNewswire/ -- Launching today, CheckMyARMonline.com is the world's first completely online Adjustable Rate Mortgage Auditor. Millions of Americans have adjustable rate loans but few understand that ARM loans can be rife with costly interest rate errors. Rampant MBS sales, bank liquidations and servicing transfers have moved hundreds of thousands of loans between loan servicers, inviting numerous errors in the databases which calculate homeowners' variable interest rates. Some mortgages have been sold and transferred multiple times, increasing the chance for interest rate errors, and complex loans like payment option ARMs, negative amortization and interest only loans further increase those risks. Past GAO studies have shown that up to 60% of ARM loans in the U.S. may have interest rate errors.
As news stories surface about fraudulent paperwork and robo-signing of foreclosure documents, homeowners with ARM loans need someone on their side, fighting to keep banks and loan servicing companies honest. ARM notes typically include up to 15 rules determining when and by how much the interest rate can change, but are often too complex for an average person to understand. CheckMyARMonline.com (CMAO) makes auditing an adjustable rate mortgage for interest rate errors simple and quick, the entire process taking less than 15 minutes. CMAO is also available to real estate agents, CPAs, foreclosure lawyers and any other professional serving clients with ARM loans, many of whom may qualify for discounted pricing.
CMAO is the most affordable ARM interest rate audit available; our pricing starts at $19.95. Considering other companies offer this service for as much as $400, we have an opportunity to reach millions of Americans who never knew they needed an interest rate audit, or could not previously afford one. No other company offers this service online, meaning a homeowner must mail their mortgage documents to a central location and wait weeks to receive an audit from our competitors. Such printed ARM audits are static snapshots and do not update each month as the homeowner's loan matures, a feature CMAO offers at no extra charge. CMAO ARM Reports are available online immediately and homeowners who find errors in their ARM loan can use the site to print a "qualified written request" to send to their mortgage servicer, asking for any necessary corrections or adjustments.
Please visit http://www.checkmyarmonline.com for details.