Wholesale Lender, Program and Pricing Results For RateSpeed Licensed Mortgage Professionals
June 19th, 2008 Categories: Mortgage Professionals
Below is a screen shot from an email a RateSpeed licensed mortgage professional would receive when a consumer hits the ‘Buy Now’ button next to any of the rate rows on the results page.
The blue hi-lighted row is the ‘Buy Now’ choice the consumer made. As you can see the mortgage professional can quickly discover exactly what lender that they are approved with is offering the best rate at the best price for any given scenario. In this case, Chase Wholesale happens to be offering best case pricing at 5.500% while Flagstar prices best for the other rates.
Consumers are not shown who the wholesale lender is, this is up to the mortgage professional to disclose. We didn’t want to create the chaotic confusion of consumers trying to (unsuccessfully) usurp the mor-pro and attempting to call either a wholesale only lender or someone like Chases Retail side saying they ’saw this rate’. Most consumers don’t understand that lenders have a wholesale and retail side and they have little to do with each other, i.e. the retail side can’t deliver the wholesale sides pricing and wholesale doesn’t deal with ‘the public’…well, now they do.
We also didn’t want other mortgage professionals abusing a licensed RateSpeed affiliates site by trying to price their own customers…get your own license stingy! Along that thread, consumers should be aware that only the mortgage professional running RateSpeed on their site can deliver the rates that are returned. Remember, the application is specifically tied to that professionals lender database, so getting a quote here and then calling some other outfit demanding a rate you saw on a RateSpeed pro’s site is probably not going to bear fruit, is kind of disingenuous, and opens one up to bait and switch tactics.
