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WORLD WIDE FINANCIAL SERVICES NOT TO BE CONFUSED WITH WORLDWIDE MORTGAGE BANKERS

    BIRMINGHAM, Mich., Aug. 5 /PRNewswire/ -- The following was released by World Wide Financial Services, Inc.:
    On Aug. 3, 1993, the Mortgage Bankers Association (MBA) released the following information to the media alerting consumers of fraudulent operations by San Antonio-based Worldwide Mortgage Bankers.
    Worldwide Mortgage Bankers is not to be confused with Birmingham- based World Wide Financial Services, one of the fastest-growing mortgage lenders in Michigan.
    Founded in September 1990, World Wide Financial Services, Inc.'s client portfolio has recently exceeded $1 billion.
                           MBA CONSUMER ALERT
                                           Wednesday, August 4, 1993
                                           CONTACT:
                                           Pete Loomis    (202) 861-6554
                                           Kim Buermann   (202) 861-6568
                                           Mike Schlerf   (202) 861-1929
         CONSUMER ALERT: MORTGAGE PAYMENT NOTICES MAY BE PHONY
    WASHINGTON -- The Mortgage Bankers Association of America (MBA) today issued a warning to homeowners to be on the alert for correspondence from "Worldwide Mortgage Bankers," a bogus mortgage banking company, advising them to begin sending their mortgage payments to a new address in a provided self-addressed stamped envelope.
    Warren Lasko, Executive Vice President of the MBA, said a number of homeowners have reported receiving in recent weeks a notice from Worldwide Mortgage Bankers, which lists a San Antonio, Texas address, advising them that their mortgage company has been acquired by Worldwide.  The advisory states that "effective immediately" the homeowners should begin sending their mortgage payments to Worldwide.
    "The letters issued by Worldwide Mortgage Bankers, while authentic- looking, are fraudulent and homeowners should take precautions and continue making their usual mortgage payments to their same mortgage company," said Lasko.
    Addressed to "Dear Valued Customer," the letter from Worldwide Mortgage Bankers informs homeowners that they will be issued a new coupon payment booklet within six to eight weeks.  "The letter also states that Worldwide Mortgage Bankers is the fourth-largest mortgage banking company in the country, which is absolutely false," said Lasko.
                            - - -
    MBA is the national association representing exclusively the real estate finance industry.  Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand home ownership prospects through increased affordability; and to extend access to affordable housing to all Americans.  MBA promotes fair and ethical lending practices and fosters excellence and technical know-how among real estate finance professionals through a wide range of educational programs and technical publications.  Its membership of over 2,600 companies includes all elements of real estate finance:  mortgage companies, savings and loan associations, commercial banks, savings banks, life insurance companies and others in the mortgage lending field.
    -0-             08/05/93
    CONTACT:  Jack Wolfe of World Wide Financial Services, Inc., 313-647-1199 CO:  WORLD WIDE FINANCIAL SERVICES, INC. IN:  FIN ST:  MI


-- DE030 -- X342 08/05/93
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Publication:PR Newswire
Date:Aug 5, 1993
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