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FIB - Scams 101 - Ye Olde Archives
Posted By: liz l <busybee62@juno.com> In Response To: Re: National Capital Funding Group (Tim Clark)
Friday, 24 December 2004, at 7:48 a.m.
> I called them yesterday also and the agent seemed more interested in my $89 than explaining exactly what the company does. I said I would have to think it over as I questioned the financial info he wanted from me. Told me to call in April and hung up...he also said only one opening in my area...I also called them today while looking for an "at home" type
> job. I'm in the mortgage industry and questioned whether or not there
> would be a conflict of interest. Of course, the lady said no.
> Here is something esle to consider. You pay for the software, which they
> can't tell you what it does...then you pay to print solicitation letters,
> pay for envelopes, and then pay for postage of your letter to these
> prospects. They say that you will get some type of update letter to show
> what's in your "pipeline".
> Here is what I see. This company (..um ?) charges you money to perform
> their marketing functions. You incur all the cost to drive business in the
> door but are provided little guarantee that your sales will be credited
> back to you in the form of a check. Their sales pitch is that you get to
> split the broker fee 50/50 however they are unable to tell you what the
> broker fee is. Is it a percentage of the loan amount, a flat fee, % of
> funded balance, closing costs, points, basis points??????
> Look...the info you are being told to go and find for them is PUBLIC
> RECORD!!! Once a person obtains a mortgage or home equity product, it is
> recorded with the county and then becomes available to the public. If I
> want to know who my neighbor's mortgage is with and how much they owe, I
> can walk down to the recorders office and look it up....for free. The only
> thing I can think of that the software might do is help pre-qualify
> customers. When I called, they said I could pay the money to learn
> more.....while holding the carrot of "If I offer you the job
> today"
> The business concept seems legit.....but I can't see paying money to get
> started. Nor have I seen a post of someone actually getting paid doing
> this. I'm going to keep my $90 and remain skeptical.
> I'll tell you what.....somebody pay the $90 and burn me a copy of the CD.
> I'll find a few prospects, print the letters, sign them, stuff the
> envelopes, lick and attach the stamps, and drop them in the mail
> box......then we can split the broker fee.....just make sure to also send
> me you social security, checking account, & the routing numbers to get
> started!