What is RateSpeed?
RATESPEED™
When it launches in Spring 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, real-time mortgage data exchange platform. It will be offered as a widget mortgage professionals can embed on their own websites. Using the 12 most common credit and financial risk factors that influence mortgage rates, RateSpeed™ will search a broker/banker’s personal lender database and return the most favorable loan programs for each borrower. Plus, there are the added benefits of adopting a pro-consumer business model, including reduced marketing costs and increased customer retention rates— significant advantages in an increasingly competitive market.
Why would consumers want anything to do with this? We see RateSpeed™ spawning 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. 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.
To qualify as a RateSpeed™ affiliate, a mortgage professional must apply for a license and abide by its terms, which will include: 1) Adoption of a flat-fee model like the one described above, and 2) Prominent placement of the RateSpeed™ widget on their home page so consumers have access to the same information they do—transparency at its finest.
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.
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