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10/20/2008

Fort Worth, TX – Home Mortgage Services (HMS) is a third-party payer service based in Weatherford, Texas. HMS advertises that its bi-weekly mortgage program converts a monthly mortgage payment into a bi-weekly payment; according to the company, the program reduces the amount of interest paid, helps to build equity at a more–rapid rate, and reduces the mortgage term. In actual practice, it is the consumer who pays HMS on a bi-weekly basis while HMS pays the lender on a monthly basis. HMS also charges the consumer a bi-weekly “transfer fee.” The solicitation also includes the name of the lender, leading some consumers to conclude that the lender endorses the services of HMS. A disclaimer at the bottom of the page discloses that the information was obtained through public records. There is also a non-refundable processing fee for paperwork which applies from the time that the processing agent talks to the consumer, even if the consumer ultimately does not enroll for the service.

This company currently has an unsatisfactory record with the BBB at Fort Worth due to a pattern of complaints. While the company resolves the complaints, it has failed to correct the underlying reasons for the complaints. Consumers should keep in mind that they can set up a bi-weekly payment program directly with their mortgage companies; they do not have to resort to a third-party payer service.