Archive for the 'Mortgage Professionals' Category
What is RateSpeed?‚
August 14th, 2008 Categories: Consumer Information, Front Page, Mortgage Professionals
RateSpeed‚ was developed in response to what appear to be two opposing mortgage market forces: The consumer‚ need for transparency, and the professional‚ need for efficiency. Read the rest of this entry »
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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.
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The RateSpeed Lender Stable
June 13th, 2008 Categories: General, Mortgage Professionals
Although RateSpeed has the unique ability to configure most any wholesale lenders rate pricing feeds into the application, below is a list of quality lenders currently in our ’stable’ and available for immediate implementation:
1st Advantage Mortgage Wholesale
Alternative Mortgage Express (AMX)
Astoria
Cendant/PHH
CitiMortgage
Coastal Funding
Columbia Bank
Everbank
Fifth Third Bank
First Advantage
First Horizon
Flagstar
Franklin American
HSBC
ING Mortgage
Investor Savings Bank (ISB)
JP Morgan Chase
Liberty Mortgage
MSI 3
Provident Funding
RMC Funding
Senderra
Sovereign
Taylor Bean & Whittaker
The Provident Bank
Valley National Bank
Wells Fargo
Updated 9/8/2008…
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Top Ten Reasons Why A Mortgage Professional Should Use RateSpeed
June 13th, 2008 Categories: Mortgage Professionals
Top Ten Reasons Why A Mortgage Broker or Banker Should Use RateSpeed.
- Bend transparency into your advantage instead of a burden.
- Consumers get to play ‘What’s my Rate Today?’ without bothering you.
- Instant ‘Credibility Juice’.
- Real estate professionals will be able to put it on their site too, this expands your marketing reach.
- Increase your website traffic, huzzah!
- Watch your mortgage rate market in real time.
- It’s the ultimate organic lead generation tool.
- It’ll scare the crap out of your mortgage friends who aren’t using it.
- You’ll be ‘Cutting edge’ and ‘Innovative’.
- Pretty soon, consumers wont deal with a mortgage professional that doesn’t.
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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?
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