The XBanker
Business Financing eXpert
Introducing RateSpeed – The Transparent Mortgage Search Engine
June 17th, 2008
The mortgage industry just experienced an earthquake – 10.0 on the Richter scale! RateSpeed, the world’s first transparent mortgage search engine launched into Beta today. RateSpeed gives consumers direct access to the rates they actually qualify for – straight from the banks. You will not be able to find a lower rate than what you see on RateSpeed, because these rates are coming directly from the banks that brokers are using and the rates can’t be manipulated or marked up.
In the Finance Traps report, I discuss the concept of YSP or Yield Spread Premium. Whenever you have a brokerage model, one where an independent broker is packaging a loan or lease with a particular bank, you will encounter YSP. Banks will tell a broker what rate you qualify for, and if you elect to have a higher rate, the banks pay the broker more commissions on the loan. This rebate is called YSP. It was designed to help pay closing costs – so rather than pay your closing costs, you can take a slightly higher interest rate and use that rebate at closing. Unfortunately, most brokers don’t explain or even disclose YSP. Instead, they markup the rates that they show you – pocketing over $3 billion in YSP rebates each year. This gravy train just got derailed.
RateSpeed will do for mortgages what Travelocity did for travel. The mortgage finance world is about to change, as is expected when you offer consumers transparent pricing and access to once-privileged data. With RateSpeed you can enter your loan information, anonymously, and pull completely transparent mortgage rates. You can see exactly how much YSP you can use to offset your closing costs, and all the loan data that your broker sees. Progressive mortgage professionals will flock to RateSpeed, some out of necessity, others out of a desire to offer flat-fee mortgages, transparently. Go to www.ratespeed.com and search mortgage rates today.
February 2nd, 2009 at 8:18 am
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