Money Odds & Ends

New Mequon company inspects mortgage documents for buyers
A new company, Mortgage Loan Inspection (MLI) LLC in Mequon, has created a mortgage document inspection program designed to protect homeowners and homebuyers who are financing or refinancing their home.

"This will restore the very much needed consumer confidence in the mortgage industry," said Ross Lewin, president of the company. "Today’s mortgage crisis has changed many lives in the nation, and not for the better. Foreclosures are at an all-time high and one economic research company even predicts one million foreclosed homes by year-end. Families are being displaced, and the economy is suffering. As many people are now learning, it’s too late to fix a mortgage problem after it’s already happened. No matter how many laws the government passes, it’s still up to individuals to protect themselves during the mortgage transaction. Unfortunately, even the new lending guidelines and policies provide little, if any protection."

MLI has designed its mortgage loan inspection program to provide a thorough review of all the loan documents associated with a mortgage, from the initial application and lender disclosures to the final loan closing document review, Lewin said.

"We constantly look for lender errors or abuses and prevent lending problems before they happen. We will identify any federal or state disclosure violations, unethical broker/lender mortgage loan practices, excessive fees, kickbacks known as ‘yield spread premiums,’ inflated interest rates, prepayment penalties, and changes in mortgage terms or conditions and any other areas of concern," Lewin said.

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