Program 3648 Clarifies "Seven Red Flags" About Program 3648

LOUISVILLE, Ky., June 2, 2010 (GLOBE NEWSWIRE) -- Program 3648 announces official clarification to "Seven Red Flags" blog post. Jeremy Bowman, Co-Founder and CEO of Program 3648 states, "In order to protect the thousands of homeowners and real estate agents that we serve, sometimes it becomes necessary to provide official clarification to misinformation that has been publicly posted."

Woods Davis, Vice President of Marketing, adds, "We greatly value informed feedback about ways we can improve and better serve our homeowners and agents. On the other hand, misinformation posted publicly from competitors or other commentators, if left unanswered, can potentially undermine the honest efforts of our agents to provide free help to homeowners in desperate need."

The purpose of this press release is to transparently and directly address each "red flag" and equip homeowners and real estate professionals with accurate information so they're empowered to make informed decisions with respect to Program 3648.

Below are the seven red flags that were named along with Program 3648's official clarification for each one:

Red Flag #1: Program 3648 "promised full commissions [to agents] on short sales." It is stated that, "full commission is an impossible guarantee."

Clarification: Program 3648 helps process unlimited short sales for their Certified Program 3648 Representatives (CPRs) while allowing their CPRs to keep one hundred percent of the real estate commissions approved by the seller's lender…guaranteed! Approved commissions can range from 5-6 percent; however, almost all lenders working with Program 3648 agree to pay at least a 6 percent commission.

Red Flag #2: A Program 3648 email was "absent a company name, but sported a Washington D.C. address, made to look like a government-sponsored entity."

Clarification: Davis states, "Using Program 3648's Washington D.C. address in several email campaigns may have led some to assume that we are associated with the Federal Government. We are required by law to provide our address in email marketing messages. To avoid confusion, we now provide the address of our headquarters in Louisville, KY."

Red Flag #3: Program 3648 requires its agents to have a "proactive approach", and a "proper mindset". These two requirements are stated as "#3 red flag" because, "Those are not things one would promote to an experienced real estate agent. It's insulting."

Clarification: In an interview with Jay Kinder, one of Program 3648's top CPRs who also happens to be the #2 Coldwell Banker agent in the world (his company closed 651 transactions last year), he said that he agreed with Program 3648's stance on mindset and approach. In fact, he stated these characteristics were "necessary to be successful with short sales and real estate sales period." He further stated, "I believe one of the keys to my success has been that I'm always looking for ways to improve my mindset and approach regardless of how much experience I have." Kenn Lewis, Co-Founder and President of Business Development for Program 3648, concurs with Kinder. He stated, "Jay Kinder epitomizes the mindset and approach that most of our successful CPRs have; yes, many of them are experienced and successful short sale agents; however, they are still humble and teachable. These are the kind of agents we are looking for." 

Red Flag #4: Program 3648 "sports a little icon as its logo…it looks suspiciously like a government program."

Clarification: Program 3648 is proud to be a privately sponsored nation-wide initiative. Program 3648's logos, symbols, and branding have an official and professional appearance by design. Davis states, "Homeowners want a legitimate, credible, and free source of assistance for their foreclosure problem. Program 3648 is designed to provide all these solutions for the homeowner; we want our branding to be consistent with our offer." Additionally, Program 3648 is built on the foundation of H.R. 3648 "The Mortgage Forgiveness Debt Relief Act" which was signed into law by the Federal Government. Program 3648 raises awareness to this government legislation and helps homeowners take advantage of its benefits. Program 3648's logo explicitly displays the words, "A Privately Sponsored Nation-wide Initiative."

Red Flag #5: It is stated, "An agent pays an upfront fee, signs a 6-month contract and agrees to pay a triple digit monthly fee to Program 3648. In return, the agent receives training on how to become a short sale listing agent…Wait. Didn't they just say they wanted experienced short sale agents? #5 red flag."

Clarification: As stated, Program 3648 seeks experienced agents who find value in learning new strategies and skills to help homeowners in a market that is constantly evolving. As clearly stated in all of Program 3648's terms and conditions, webinars, etc., Program 3648 does not charge agents a "FEE." Agents make small monthly "DEPOSITS" to share in their lead harvesting cost (the exclusive leads provided by Program 3648 are not available to the general public, cannot be accessed in public records, and can be found nowhere for free). Real estate agents' deposits are refunded back to the agent upon successfully closed short sale transactions, enabling every agent to receive all their leads, services, training, coaching and processing help absolutely free.

Red Flag #6: "The Program purports to turn real estate agents into telemarketers."

Clarification: This statement is false. Telemarketing plays no roll in Program 3648's system; of course, real estate agents are free to call their exclusive leads if they choose. If an agent feels that contacting a distressed homeowner to offer help is beneath them, then their mindset may be inconsistent with what Program 3648 looks for in a potential partner.

Red Flag #7: Program 3648 gets paid a fee from the buyer for their services, "20% of which is rebated back to the listing agent." The question, "Why would the buyer agree to pay…" is brought up as "red flag #7".

Clarification: Eighty percent of buyers gladly agree to pay their fee, simply because Program 3648 provides a valuable service that helps bring the short sale to a successful completion as well as structuring the buyer's fee so that it has no net negative impact for the buyer. In other words, the buyer does not pay any more than the accepted and approved offer for the home. If a buyer cannot pay a fee, Program 3648 always continues to successfully process the short sale for the buyer, homeowner, agent, and lender.

It is also implied that Program 3648 may not be operating legally in the state of California. This implication may scare certain agents and homeowners seeking help or services from Program 3648. It also falsely leads others to believe Program 3648 is a scam.

Clarification:   Program 3648 has worked very closely, openly, and transparently with the Department of Real Estate (DRE) in California. They have provided the DRE complete access to all aspects of the Program, including business model, methods of operation, terms and conditions, and revenue sources (including the buyer's discount fee). In fact, Bowman states, "In the spirit of transparency, we gave one of their deputy commissioners his own user name and password so he could access everything about the Program and our business practices at anytime." After two thorough reviews by the DRE in California, Program 3648 received two letters from them. One dated November 5, 2009 states, "It appears from the information obtained during our inquiry that further investigation would not be warranted at this time…your cooperation during this inquiry was appreciated." The second letter dated, March 30, 2010, states, "This letter will inform you that the California Department of Real Estate (DRE) has concluded its investigation…and the case has been closed…Thank you for your cooperation during this inquiry."

It is Program 3648's hope that this press release helps provide clarification to homeowners and real estate professionals throughout the country who are seeking help or services from Program 3648.

Bowman says, "We are very grateful to our CPRs for all the good they are doing helping homeowners through one of the most difficult times in their lives. We have CPRs serving homeowners in almost every major county in the country. Every CPR is a licensed real estate agent or broker. We have many more exciting services and products that will be made available to all of them soon. These products and services will add tremendous value to them, the homeowners they serve, and all of Program 3648's future CPRs."  

You can listen to the audios of many grateful homeowners who have been interviewed about Program 3648 and their CPR by going to

If you feel you need further clarification on Program 3648 or it's services, you can go to or call Program 3648 at 1-800-915-1988. To read comments about Program 3648 from agents who are actually part of the Program 3648 community, you can go to To listen to agents who have been interviewed about Program 3648 go to

The Program 3648 logo is available at


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