| INFORMATION ON HOMEOWNER REFUNDS Each year there are millions of homes financed, many of them with FHA mortgages. With an FHA loan, you may be required to pay a mortgage insurance premium (MMI or MIP) which basically is an insurance policy on that loan. This is a popular type of loan because: 1. It enables the borrower to get into a home with less money down. 2. It protects the lender if the borrower ever defaults on the loan. When FHA mortgage insurance is terminated prior to the term of the insured loan, a portion of the insurance collected may be refundable to the homeowner if the mortgage was held for less than 84 months. Homeowners are informed of this when they are taking out the loan, but over the years many forget about it and never claim their refund. These unclaimed funds are placed into special accounts that have continued to build over the years. After tens of millions of dollars had accumulated in these accounts, the Government devised a way to get the money back to its rightful owners. A system was created which has become known as "The Third Party Tracer Program". It allows people like yourself to become independent processors of these unclaimed funds. As a Third Party Tracer you are allowed to contact these people and initiate their mortgage refund. The fee that you charge is based on the percentage of the refund and your time and effort in locating them. You can charge between 10% to 25%, or whatever you deem necessary. If a refund is $3,000 - your 25% fee would be $750! If you completed just two cases in a week, that would be $1,500! |