The Inherent Benefits of RateSpeed for Mortgage Professionals
June 13th, 2008 Categories: Mortgage Professionals
The number one question I’m asked when discussing RateSpeed with mortgage and real estate industry pundits is:
Why would a mortgage professional want to use RateSpeed?
It’s a reasonable question, to which I generally answer making the following points:
- RateSpeed configures an individual mortgage professionals multiple wholesale lender rate pricing feeds into one application, allowing them to input the ubiquitous credit, financial and property pre-qualification information once to shop and return best case program and pricing results. This saves the mortgage professional valuable time rather that having to do the same multiple times for multiple lenders.
- Consumers are voyeurs. They like to shop, ‘kick the tires’ and otherwise access what rates they (may) qualify for without calling a mortgage professional and giving up their information. Mo-pro’s spend inordinate amounts of time catering to consumers who are ‘just looking’, don’t qualify or otherwise don’t want to deal with a human being. RateSpeed allows the mo-pro to focus on the clients who want a mortgage now, allowing RateSpeed to cater to the ’shoppers’.
- Since RateSpeed redisplays a mo-pro’s wholesale direct interest rate pricing feeds, consumers know that they are receiving the very best of what a mo-pro has to offer. Being 100% transparent with your information and business builds instant credibility and trust with a consumer who is ’shopping’ on your site without having to ’sell’ this proposition in person.
- RateSpeed is a sticky lead generation application for mo-pros. While a majority of consumers who use the application won’t need, qualify or retain you for a mortgage, the individuals who do contact you are buyers, ‘the good leads’ if you will, they’re asking buying questions…Obtaining a mortgage client has always been a numbers game, you must ‘touch’ a certain number of consumers before you convert one to a client. RateSpeed allows you to touch huge amounts of consumers that would otherwise pass you by, and most importantly delivers motivated clients with great efficiency.
- RateSpeed allows the mortgage professional using the application to wield transparency to their advantage. Many mortgage brokers (rightfully) feel they are being treated unfairly with the legislation and disclosure laws that require them to disclose certain fees while their mortgage banker cousins are afforded the ability not to disclose. Once a consumer sees what is truly available to them, and more importantly who is providing this information to them, Pandoras Box is open. It’s a matter of time before consumers demand transparency and RateSpeed delivers it with accuracy and efficiency.
- Running a flat-fee compensation model is far less confusing to a consumer and protects the financial interest on the mortgage professional by establishing compensation regardless of frequent rate fluctuations.
- RateSpeed runs as a link within a mortgage professionals website, allowing you to maintain your branding and keep consumers on your site.
Differentiate yourself and your business by adopting a progressive transparent model, one that can future proof your business for many years to come.
There are those who talk it and others who walk it. Which one are you?
