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FIB - Scams 101

Re: Lots of confusion on here....

Posted By: Craig
Date: Friday, June 20, 2008, at 7:27 a.m.(pst)

In Response To: Lots of confusion on here.... (Bill)

>> Wow, I don't even know where to start.

If you're a UFF agent, I'm not surprised.

>> I'm not sure if the person talking about commissions has their head
>> attached to thier shoulders or below their waste, but they need to fix it
>> if possible

My head is on perfectly straight. The commission schedule posted is correct, unless it has been changed by UFF. If you followed my link, you would have been able to click another link with the actual UFF document.

>> ....a good chunk of the $3,500 goes to commissions, yes, but
>> that isn't what the company is all about. U1st is using that money to
>> develop different parts of the company i.e. more options, new software,
>> etc.

Yes, version 4 of the MMA is due before the end of the month. And forget new features - as of version 3, the vaunted "algoriths" still can't get the HELOC transfers right.

Are you going to the big UFF convention in Atlanta on June 27-28? I believe they're rolling out version 4. Let's hope they get something right with this release. Of course, even if they do, it's still a bad deal at $3500. It's a bad deal at $35.

>> They're growing fast, and yes banks abosolutely hate it and have
>> tried calling them out on being a scam so many times I've lost count. Why
>> you ask? Because people aren't having to rely so much on them which is a
>> relief.

Banks love UFF. It sure isn't bankers calling UFF a scam. Sure, the few thousand MMAs out there have lowered mortgage balances, but they've resulted in new HELOCs. HELOCs *earn* money for banks. The borrower pays interest on the average daily balance. If you have money out of the HELOC, even for one day, you pay interest on it for that day. HELOCs (on average) also have slightly higher interest rates than mortgages. If you want to transfer some mortgage debt to your HELOC, the bank will be happy to oblige. If you time the transfers right (i.e. better than the MMA can), you can save a few bucks. But that takes a lot of discipline. It takes a lot of discipline to enter information into the MMA every month.

>> The comments on you can do it yourself is right, sure, but you have to
>> be willing to put a good amount of your money, basically all of it into
>> your mortgage.

By definition, the MMA puts all of your money into the mortgage. Not "basically all of it" - ALL of it, including some borrowed HELOC money.

>> Honestly, who is going to do that. The mma, simply put,
>> helps you keep everything straight, not to mention helps you be able to
>> know what's going where, if that makes sense.

It keeps nothing straight. It doesn't balance your checkbook, or even help with a budget. It works with monthly snapshots of your finances to make ill-advised HELOC transfers "every 2-6 months".

>> Oh, and last pet peeve of mine, whoever did that analysis was wrong,
>> so your years are way off. We don't use the savings line unless you have
>> it on your heloc statement. I'm sure the agents out there that have had
>> their stuff sent to missing docs know exactly what I mean :)

Which analysis?

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