Austin, TX (PRWEB) June 24, 2008
REtech Group, LLC, a company committed to providing transparent technology and marketing applications for the real estate and mortgage consumer through the professional, and Jeff Corbett, a former mortgage industry insider and author of The XBroker blog (http://www.thexbroker.com), have launched RateSpeedÂ (http://www.ratespeed.com), a powerful new transparent mortgage search engine that is based on a robust, proven, real-time data exchange platform. Using the most common credit and financial risk factors that influence mortgage rates, RateSpeedÂ will help mortgage professionals differentiate themselves in today's increasingly competitive environment by allowing consumers to anonymously search their existing wholesale lender pools with a single push of a button in order to find the 'best cost' mortgage loan.
RateSpeedÂ also stands to reduce mortgage professionals' marketing costs by automating the point-of-sale pre-qualification and communication process, delivering consumers who are ready to do business Â are done shopping Â and generating referrals and repeat business. Finally, RateSpeedÂ will put mortgage professionals on the leading edge of the industry reforms being spawned by the current mortgage crisis -- namely greater mortgage loan transparency -- by providing them with a future-proof, pro-consumer business model.
Mortgage lenders/brokers who want to benefit from RateSpeedÂ must obtain an affiliate license by completing a short application, which is available at http://www.ratespeed.com. If they are approved as affiliates, they must also pay a modest up-front fee and a monthly licensing fee (substantially cheaper than current market alternatives). In addition, they must agree to be 100% transparent in their interest rate pricing; charge borrowers a flat fee that is based on the amount of work required to close a particular loan and that is negotiated up-front with a customer; and they must embed a RateSpeedÂ widget on the front page of their web sites. Also, affiliates can extend their market reach by giving the RateSpeedÂ application script to real estate professionals to place on their own sites.
Consumers who visit the web site of a RateSpeedÂ affiliate and click on the widget will gain free, unlimited, anonymous access to the exact same information that the lender/broker has, most importantly Par interest rates and subsequent Yield Spread Premiums (YSPs). In other words, RateSpeedÂ licensed affiliates will not be able to manipulate interest rate information before it's shared with borrowers. No more bait and switch and smoke and mirrors as has been occurring in the industry and no more borrowers left wondering if they really got the very best possible deal.
RateSpeedÂ is the brainchild of Jeff Corbett, a real estate futurist and former mortgage broker. His The XBroker blog is one of the blogosphere's most well-read and controversial blogs about the need for radical transparency in the mortgage and real estate industries. Corbett believes that RateSpeedÂ will help move the industry in the direction it needs to go. He explains, "It's time for the industry to acknowledge that misusing YSPs in order to drive up mortgage lender/broker profits has harmed borrowers and been an important contributor to today's high rate of consumer default. Mortgage professionals must also recognize that they need to move the baseline for what constitutes a good mortgage away from interest rates and costs and toward qualified, efficient service. RateSpeedÂ will help them make the transition from being sales people to being transparent service providers who compete on the basis of how well they deliver their services to borrowers."
REtech Group, LLC, was formed by Corbett and Shared Success, LLC, an early-stage investment company. Shared Success has capitalized REtech with an undisclosed amount of capital for the development of RateSpeedÂ and several other groundbreaking real estate technologies.
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