What's in a name? For some borrowers, it could be plenty. Like their monthly mortgage payment.
Immediate Payment Sought
Last week, World Wide Financial Services and the Mortgage Bankers Association of America released a statement warning consumers not to send their mortgage payments to Worldwide Mortgage Bankers, a bogus mortgage bank in San Antonio.
"Worldwide Mortgage Bankers is not to be confused with Birmingham, Mich.-based World Wide Financial Services, one of the fastest-growing mortgage lenders in Michigan," it read in part.
Number of Victims Unknown
The MBA said homeowners reported receiving in recent weeks notices from Worldwide Mortgage Bankers telling them they should immediately send their payments to Worldwide.
Worldwide apparently has no shame. The letters were addressed to "Dear Valued Customer," and went on to say a new coupon payment booklet was on the way, but that in the meantime they should just send in a payment in the enclosed, self-addressed, stamped envelope.
Both the MBA and World Wide Financial said it was almost impossible at this time to tell how many homeowners had fallen for the ploy.