Jim Marchese is the owner of a mortgage company called Mortgage. According to the company’s website the business specializes in FHA lending:
“Mortgage Now is one of the nation’s leading expert on FHA lending. We are committed to providing the fastest service in processing and closing your FHA loan application. Call today and see how we can close your loan request in 5-Days!”
On the RHONJ 30-minute preview, Amber mentioned, she is the face of Mortgage Now and is prominently featured on the company’s website and all marketing materials.
Now here’s the tea….
Mortgage Now underwent an audit which revealed some things were not entirely on the up and up. The audits findings revealed discrepancies with the company’s records and paperwork. The issues relate to a previous audit that discovered the company was not complying with all of the regulations from the Department of Housing and Urban Development (HUD); leading some to question the company’s integrity practices.
The following are some highlights of the audit that stood out to me:
1) The business was not accurately documenting some loans which led to an increased risk for the Department of Housing and Urban Development.
2) Various HUD guidelines for quality control were not performed
3) Borrowers’ income were not properly analyzed or supported with recurring debts to an analysis
Wowzers! Corruption and shady business seem to be a prerequisite for RHONJ casting! And nothing like a shady business scandal to promote the new season, which premieres on July 13th.
It’s not clear if Amber and Jim’s issues will be featured on the upcoming season.
Watch Mortgage Now commercial:
Amber and Jim have not commented about their business issues and despite the scathing report, Mortgage Now is still currently operating. Stay tuned for developments on this case.