Updates to RateSpeed, Beta Launch Coming Soon
August 1st, 2008 Categories: Front Page
Below are some screen shots showing some updated field entries and FHA data ahead of our beta launch…
Property Details
Notice the addition of County level specifics to accomodate for FHA criteria…
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Assets Fields
Asset information is now broken down into three specific types:
- Checking/Savings
- Stocks/ Bonds
- IRA/ Retirement
These are really the only types of assets the mortgage world in concerned with. While your iPhone may be worth a few hundred bucks and your furniture may be paid off, they aren’t considered hard assets.
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Program Selections
RateSpeed will allow users to choose from Conforming/Alt-A/SubPrime with an Interest Only option or FHA guidelines and up to four program types.
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Real Time FHA Rates and Pricing
RateSpeed will offer hyper-local FHA information based on County level MSA data determined by HUD. The Loan Amount of $700,000 works in high median home value MSA (Metropolitan Statistical Area) areas like Orange Count, CA where the FHA Loan Limit is $729,750.
The same Loan Amount would not qualify in a MSA like Charlotte, NC where median home values yield an FHA Loan Limit of $303,750.
The 30 Year Fixed program pricing matrix above was derived from the following submission data on 8/01/2008 @ 10:00am EST:
- Primary Residence
- Purchase
- Single Family Residence
- <90%LTV
- 620 FICO score
- DTI <42%
- 720,000 Loan Amount
- Fully Documented Income and Assets according to FHA guidelines.
We’re in the home stretch, eliminating unecessary fields, tightening up the verbiage and definitions for the User Interface to make it more read friendly and consistently relevant to the consumer user.
Finally, we’ll have our site overhaul complete in the next few days, moving away from the doom and gloom in your face version that’s currently up and into friendlier confines that better defines what we’re about as a company…Stay Tuned…we’re almost there!
Mortgage Professionals, have your own personalized edition of the RateSpeed Mortgage Search Engine configured and embedded directly on your sites (yes we white label).
