Today, I’d like to focus on one thing. The disclaimer that appears on most MMA agents’ web sites:
“United First Financial, its agents and subsidiaries provide Internet web based software and support services. United First Financial does not provide accounting, tax, legal, real-estate, mortgage, or investment advice. Interested parties should seek and consult with persons or entities licensed and qualified in those areas for advice relating to those matters. United First Financial is not liable or responsible for claims or representations made by any party which are not included in the Money Merge Account Limited Guarantee.”
Let’s look at this to really understand what they are saying here. They provide web based software. Ok, got that. But, they do not provide “mortgage or investment advice.” Now that’s really interesting. They sell an expensive, hard sell, product to reduce your mortgage (and perhaps other debt), yet they hide behind the claim of not providing advice of any kind. The good news about this is that it’s an honest declaration that their agents have no credentials, and in fact, should not be providing advise of any kind.
When we read the rest of the disclaimer, we get to the Money Merge Account Limited Guarantee. (note – this site is down, link removed) Reading through it, it simply states that if one follows the plan, that they’ve done the math right. In other words, thry guarantee that their amortization table, if the buyer follows the payments exactly, will be accurate. Of what value is such a guarantee? No more than if I guarantee you that if you put one dollar on your night table for 10 days that you will have 10 dollars at the end of that time.
I’ll close will this thought – the agents are fond of using an endless stream of analogies, including the fact that one seeks a professional such as a doctor and doesn’t attempt to perform surgery on themself. I’ll agree with this, but I’d be sure when I need a doctor I don’t find one who has no real MD, no medical schooling, and a large disclaimer stating that he does not actually offer medical advice.
Until next week, Joe