RateSpeed, The Automated Transparent Anonymous Mortgage Rate Pricing Widget
May 13th, 2008 Categories: General
“In a time of universal deceit, telling the truth is a revolutionary act.”-George OrwellWhen it launches in May of 2008, RateSpeed‚ will give consumers their first glimpse at wholesale mortgage rate and pricing information without broker/banker manipulation. The information will be free; the application anonymous.
Why would a mortgage pro want anything to do with this?
RateSpeed‚ is based on a proven, robust, real-time mortgage data exchange platform. It will be offered as a widget mortgage professionals can embed on their own websites so professionals and businesses may maintain 100% of their brand identity. Using the 12 most common credit and financial risk factors that influence mortgage rates, RateSpeed‚ will Search a broker/banker‚ personal wholesale lender database and return the most favorably priced loan programs, automatically. Think of RateSpeed as a front end pre qualification Underwriting Engine.
Give consumers what they want, easy access to accurate mortgage rates without having to directly engage you…and you don’t have to waste time selling yourself to a guarded consumer before you can get enough information to do the same, only manually. Follow up with the exclsuive leads RateSpeed provides via validated email, credit and financial data as well as the specific pricing results they’ve already received from your wholesale lenders.
The efficiency RateSpeed stands to bring your business allows you to establish a logical fixed fee for services, based on loan criteria, consumer and process needs. The fee a mortgage professional chooses to set is entirely their choice. As consumers understand that rates change daily, sometimes twice, compensation shouldn’t change, as it often can due to inefficiencies within the current mortgage Matrix.
RateSpeed is scalable to accommodate any individual broker or bankers existing wholesale lender relationships personal pricing feeds. The application offers unlimited consumer ‘pricing pulls’, no ‘cost per use’ fee structure.
Why would consumers want anything to do with this?
Real Rates In Real Time. Imagine calling a mortgage professional and anonymously giving them the infomation they need to accurately quote you an interest rate, and having them disclose exactly how much in cash rebate that accepting a higher rate qualifies you to receive. Imagine the mortgage professional doing this in 15 seconds. Dream with me cause dreams come true. Want to check wholesale rates from your local mortgage professional everyday, twice, five times per day? Have at it. Watch the market in real time.
We hope RateSpeed‚ spawns a national network of transparent mortgage professionals who not only disclose true par rates (the rates the banks actually approve you for), but offer flat-fee loan services as well. Under this model, consumers can expect a fixed-fee negotiated up-front that never changes, determined not by the amount of the loan, but the level of service required to close it. 100% of Yield Spread Premiums are disclosed and credited towards a borrowers closing costs, as is their black letter law intent.
To qualify as a RateSpeed‚ affiliate, a mortgage professional must apply for a license, which will require a cursory level background check and abide by its terms of use, which will include adoption of a transparent flat-fee model like the one described above.
Built out by a mortgage industry veteran and acclaimed pioneer in the transparency movement, RateSpeed is designed to be the most robust application of it’s kind. The XBroker is partnering with a nationally acclaimed mortgage technology platform so professionals and consumers may access the largest and most reputable selection of lenders and programs in todays market.
Don’t settle for someone else’s watered down version of a mortgage transparency widget.
There is only one RateSpeedTM‚Real Rates in Real Time. Transparency in its truest form.
