Connect with us

Economic News

What If Consumers Had Complete Access To…

Published

on


Wholesale Rates

What if a consumer could log on to an agent’s website, enter their anonymous financial credit and property information and instantly obtain their wholesale direct interest rates?

Hidden Lender Commissions

What if in the same process of obtaining that wholesale interest rate, the buyer also learned about the incentive lenders have to charge them a higher interest rate?

What the Lender Makes on the Backend

What if immediately beside the interest rate, the buyer learned the reality of what the lender will make on the backend of the loan?

True Costs of the Loan

What if your buyer knew exactly the true cost to close their loan in an easy to understand flat fee, and knew the lender had done all they could to absolutely squash those costs?

The Type of Loan That is Best for Them and Why?

What if the details were presented to the buyer in black and white for them to understand and select which loan was best for them, rather than best for their lender?

Crazy? No. It’s here and it’s Right Now

What I’m talking about is Rate Speed, by Jeff Corbett, the XBroker. Many of you know Jeff and his passion for transparency in lending. Jeff has committed not only his business, but his life to shining light on the mortgage industry and exposing consumers to the truth.



I’m Absolutely Convinced

I’ve spent hours on the phone with Jeff and working with Rate Speed personally, and I am absolutely convinced that this product will change lending forever. Any agent that professes to have their buyers’ best interests at heart owes their client this option when beginning the buying process.

I do not say this lightly because if your buyers are asking for your advice, and there is a product that you can point to that based on their most accurate information they convey, will provide them with the accurate wholesale rate- your ethics say you must point them to Rate Speed.

Why? (if your ethics aren’t enough…)

Because in doing this, you’re arming them for their meeting with their lenders, and we’re not talking about saving pennies here- we’re talking about thousands of dollars over the life of the loan in rates, closing costs, fees, commissions- seriously, this is no joke!

Yes, it’s in Beta

But don’t let the Beta deter you. The information is absolutely accurate and untainted, and it works by your Preferred Lender signing up with Rate Speed. Your Lender then supplies you with a site widget that installs into your own website. Your client simply hops on and enters a series of data points (the more accurate the better) and Rate Speed presents them with everything I’ve mentioned here and more. The buyer will also understand by changing the data points why their rate might increase or decrease. For example, if a buyer adjusts his FICO ‘downward’, obviously their risk increases and the cost of the loan changes. It cannot be manipulated; it’s absolutely transparent and based on their personal (yet anonymous) financial, property and credit information. The buyer can then email themselves their rates and loans with the data points they’ve entered and know that the Preferred Lender providing your widget credits them all money available on the backside of the loan, insures the lowest possible rate, and has no incentive to do otherwise.

What’s Next for Rate Speed?

In the coming weeks, users will soon see a fantastic 2.0 interface that guides the buyer through the process to ensure they absolutely understand what they’re reading and why.

Lenders are already entering into beta testing, including national lenders, and are aggressively seeking to improve the success of Rate Speed for your buyers.

Agent input is also important as Jeff Corbett, CEO of Rate Speed believes that the power of this product is and will be fueled by Agents’ passions for their clients.

Want to Get Involved?

Talk to your lender about joining in and beta testing Rate Speed with you. There are only five beta licenses available exclusively for Agent Genius readers. Get the widget, and put it on your site- why? Because the conversion from lead to active client is 70+%! What does that mean to you? SALES! What does that mean to your Lender? LOANS! What does that mean to your buyer? Absolute faith in you, your motives, your ethics, and your passion for their best interest… because YOU made this happen.

How Else Can You Get Involved?

  • First off, by commenting here your feedback and suggestions after trying the product. Jeff is also inviting lenders and agents to email info[@]ratespeed.com if you as a lender are interested in learning more about Rate Speed.
  • Also, I’ll be placing a banner on our sidebar for you to steal and place on your blog or website to call more attention and action to this kick ass new consumer product.
  • Blog about Rate Speed!
  • Most importantly- tell every lender you know that lending as they know it has changed and this is a train they’ll absolutely need to catch.

Will your Lender Freak Out?

Probably! But I assure you, after about five minutes on the phone with Jeff and his team, your Lender will thank you for showing them Rate Speed.

How Serious Am I?

I am so passionate about Rate Speed that I am and will be doing everything in my power to get the word out. I’m even asking the same of you. Go to Rate Speed, try it out on your most recent transaction (remember, the user interface is raw and will improve in the coming weeks) and learn what your lender is really pulling down on the loan and tell me that you don’t have serious questions for the lender. Better yet, present these new facts you’ve learned to your buyers and ask them if they knew- I bet they had no idea, and that is the power of Rate Speed.

One Last Reason (as if you really needed one to check it out)

Consumers need this. Let’s make it happen.

Benn Rosales is the Founder and CEO of The American Genius (AG), national news network for tech and entrepreneurs, proudly celebrating 10 years in publishing, recently ranked as the #5 startup in Austin. Before founding AG, he founded one of the first digital media strategy firms in the nation and also acquired several other firms. His resume prior includes roles at Apple and Kroger Foods, specializing in marketing, communications, and technology integration. He is a recipient of the Statesman Texas Social Media Award and is an Inman Innovator Award winner. He has consulted for numerous startups (both early- and late-stage), has built partnerships and bridges between tech recruiters and the best tech talent in the industry, and is well known for organizing the digital community through popular monthly networking events. Benn does not venture into the spotlight often, rather believes his biggest accomplishments are the talent he recruits, develops, and gives all credit to those he's empowered.

Continue Reading
Advertisement
37 Comments

37 Comments

  1. Bob

    July 15, 2008 at 5:27 pm

    I want one of the licenses!!!!!!!

  2. Matt Wilkins

    July 15, 2008 at 5:29 pm

    It owuld be great if agent/brokers could be able to have this widget on our blogs.

  3. Lani Anglin-Rosales

    July 15, 2008 at 5:29 pm

    Hey Bob, hit Jeff up by emailing info at ratespeed dot com!

  4. Benn Rosales

    July 15, 2008 at 5:33 pm

    Matt, have your lender contact Rate Speed!

  5. Matt Wilkins

    July 15, 2008 at 5:36 pm

    Thanks Benn that’s what I thought. Hopefully I can use this to try and push my lender into the web 2.0 world.

  6. ines

    July 15, 2008 at 5:41 pm

    Wow Benn, if you put it that way I guess I will HAVE to go check out @JeffX’s product (I’ve been waiting for him to come up with something that would blow our hats off)

  7. Larry Yatkowsky

    July 15, 2008 at 5:44 pm

    Oh my! Rate Speed is going to kick some serious ass.

    Any idea if it applies in Canada???

  8. Lani Anglin-Rosales

    July 15, 2008 at 5:44 pm

    Matt, talk about diving right in to the deep end!!!

    Ines, this is major. Really major. We probably need to get security detail for him at Inman…….

  9. Bob

    July 15, 2008 at 5:52 pm

    I’m curious to see what lenders will play ball. There is going to be some serious grinding.

    This is like new car shopping now – all the info is out there.

  10. Holli Boyd

    July 15, 2008 at 5:54 pm

    Is there any way to get a quote without property information – like a prequal/preapproval? I would love to be able to offer that as well.

  11. ines

    July 15, 2008 at 5:56 pm

    excuse my devilish nature here – but what’s in it for Jeff? OK he achieves transparency for the consumer, but how does this benefit him? I’m trying to understand the motive to be able to engulf myself in the concept (and this is with all due respect to jeffX who I know is a stand up guy)

  12. Benn Rosales

    July 15, 2008 at 6:06 pm

    @Ines Jeff makes no points on any transaction. He is simply selling licensing in the form of setup and monthly hosting. Honestly, it’s dirt cheap- I told him he should charge more, but he said no…

  13. Travis Stecklein

    July 15, 2008 at 6:13 pm

    RateSpeed is awesome! I’ve already priced out a ton of scenarios over the last couple weeks and it’s so fascinating to see how rates change on a daily basis. You’re right, consumers do need this.

  14. Benn Rosales

    July 15, 2008 at 6:14 pm

    ((((NOTE))))

    This article has been dug, if you’re behind Rate Speed and what it represents, click the sharethis button and dig it!

  15. ines

    July 15, 2008 at 6:17 pm

    OK – now it’s getting clear and it’s making sense – and with his SEO smarts and great connections, he will have a high ranking site in no time and well worth it for everyone involved…..very clever! win win for everyone

  16. Benn Rosales

    July 15, 2008 at 6:30 pm

    I’m getting tons of emails about not having a preferred lender in your market- Maybe Jeff can shed some light on the national Lenders cooperating, or those national lenders might make themselves known. We may be able to supply some local needs in the short term, but remember, the demand will be created by us and us alone- consumers really don’t know this exist yet in order to demand it…

    Dig the story
    Blog on your own blog
    retwit the article
    the badge will be up in 24 hours for you to steal for your own use

    Thanks for the emails, keep them coming… benn[@]agentgenius.com or info[@]ratespeed.com

  17. David Giesberg

    July 15, 2008 at 7:04 pm

    Well, I’m not quite at the point where I’m ready to be getting a mortgage, but this sounds pretty cool to me. Most of this stuff is Greek to me anyways, but fully disclosed Greek is better than hidden Greek. I think that if everyone puts their cards on the table, it can only be a good thing at the end of the day.

  18. Matthew Rathbun

    July 15, 2008 at 7:07 pm

    This is AWESOME!

  19. JeffX

    July 15, 2008 at 7:11 pm

    @ Benn and Lani…thx for being such gracious hosts 🙂

    @Larry: you are the 3rd person to ask about a Canadian version…we’re looking into it, but probably wont happen for at least a few months.

    @Bob: Here’s a link to a list of lenders we can configure on behalf of the licensed mortgage professional: https://ratespeed.com/2008/06/13/the-ratespeed-lender-stable/

    RateSpeed is a licenseable piece of software (an embeddable script actually) that aggregates a broker/bankers wholesale lender raw rate and pricing feeds…it redisplays the proper results based on proper input…very similar to a conventional search engine, just dialed into the very tight niche of mortgage rates and their risk based pricing variables.
    It’s important to understand that RateSpeed runs on a mortgage professionals (broker or banker) website, although there is a current rendition running at ratespeed.com, once we come out of beta we’ll shut this live version down and push all traffic to the mortgage pro licensing their personally branded version of RateSpeed with their lenders configured into the application…

    So, what you get are real wholesale rates in real time with a qualified mortgage professional ready and waiting to further advise and close the transaction.

    RateSpeed licensed mortgage professionals may also give their real estate agents a ‘copy’ of the application to run on their sites as well. (If you’re an agent, tell your mortgage pro you want one)

    @Ines, yes there is something (very small:)) in it for me, we charge a one time set-up and a monthly hosting fee…and the only thing I really know about SEO is that if you write about something long enough, even Google will find you…and I do have great connections, I know you don’t I? 😉

    The set-up is waved for our beta testers and the 1st month of hosting is free.

    @Holli Every piece of information RateSpeed asks for is vital to properly ‘pre-qualing’ a potential client. Factors like property type, use and location play a big part in what interest rates and at what price are available.

  20. ines

    July 15, 2008 at 7:23 pm

    “THE” JeffX made me blush…..rare things my friends. I can’t wait to see how system pans out – nothing like empowering the consumer.

  21. JeffX

    July 15, 2008 at 7:27 pm

    Whoops…Our core value proposition as a company:

    We quite simply maintain the integrity and purity of information flow between the wholesale market to the consumers eyeballs, while keeping the qualified mortgage pro in the middle of the transaction.

    We can safely guarantee the information is pure, untainted and uninflated because we are compensated to do just that…which is quite the opposite of how the industry has worked for eons.

    A mortgage pro licensing RateSpeed isn’t just talking ‘it’ they’re walking ‘it’. Since they’re effectively taking their hands off the wheel and are allowing anyone unabated access to their products and pricing, they should be recognized, respected and rewarded as progressive pioneers in ethical lending.

  22. Ginger Wilcox

    July 15, 2008 at 7:37 pm

    full disclosure in lending? Amazing concept! You are absolutely right, this could completely change the way lenders do business. Consumers should have the full picture so they can make informed choices. I can’t wait to learn more.

  23. Matt Stigliano

    July 15, 2008 at 7:50 pm

    Benn – Thanks for sharing.

    JeffX – Thanks for doing.

  24. Paula Henry

    July 15, 2008 at 8:29 pm

    I am talking to my lenders and sending them a link to the site. I hope one will get on board. Oh yeah, the consumer needs to know – can’t wait to see this in action! I will blog it 🙂

  25. popelynne

    July 15, 2008 at 9:50 pm

    5+9 is to make sure I’m human? humm…

    this is what Pat Kitano has been talking about….how do I show it to some lenders..
    how can they get it? how can we get it?

  26. Holly White

    July 15, 2008 at 11:14 pm

    I’m in! Already submitted info for my lender to get on board with this. This tool is just what we need in these times of uncertainty in the mortgage industry.

  27. Ken Smith

    July 16, 2008 at 1:38 am

    Interesting. Think my lender will like this a lot as he without fail has better pricing then the competition. Will be forwarding the the link to him.

  28. Mike Mueller

    July 16, 2008 at 7:49 am

    Love the system, Love the back end, Love everything about the system.
    If you are a Mortgage Broker and don’t contact Jeff – you are making a mistake!

  29. Nicole Boynton

    July 16, 2008 at 8:12 am

    Thanks for the info Benn. We can always count on you to have the latest and greatest info!

  30. Bob

    July 16, 2008 at 10:05 am

    Thanks for clarifying this Jeff. I have moved away from “preferred lenders” as the mortgage meltdown has progressed and wholesale options for my brokers have diminished.

    If I ask a WF rep for this, he isn’t likely to show the competition’s rates. It would be great if i could just display the rates of 10 lenders and allow my users to go to battle well armed. Similar to the sites that give you all the new car info that discloses the dealer’s costs, rebates, marketing dollars, etc.

  31. Glenn fm Naples

    July 16, 2008 at 2:25 pm

    WOW – this is truly a great idea. Too bad it is not available to individual agents. Would sure cut down on issues of real estate agents pushing certain mortgage brokers.

  32. Diane Cohn

    July 16, 2008 at 2:41 pm

    Wow, if only we could open the MLS like this…

  33. daniel martin

    July 17, 2008 at 10:51 am

    I love the concept. This is absolutely the direction lending needs to go. I applaud @Jeffx for a great idea.

  34. Eric Blackwell

    July 17, 2008 at 4:42 pm

    Great find Benn…

    I will be looking into this big time…so far, this is the first post in a while where i have yet to see many (read: any) red flags…wow.

    JeffX- I don’t think I know you, but you have created an intriguing product! Kudos.

    Best;

    Eric

Leave a Reply

Your email address will not be published. Required fields are marked *

Economic News

Is the real estate industry endorsing Carson’s nomination to HUD?

(BUSINESS NEWS) Ben Carson’s initial appointment to HUD was controversial given his lack of experience in housing, but what is the pulse now?

Published

on

NAR strongly backs Dr. Carson’s nomination

When President-Elect Donald Trump put forth Dr. Ben Carson’s name as the nominee for Secretary of Housing and Urban Development, NAR President William E. Brown said, “While we’ve made great strides in recent years, far more can be done to put the dream of homeownership in reach for more Americans.”

At the time of nomination, the National Association of Realtors (the largest trade organization in the nation) offered a positive tone regarding Dr. Carson and said the industry looks forward to working with him. But does that hold true today?

The confirmation hearings yesterday were far less controversial than one would expect, especially in light of how many initially reacted to his nomination. Given his lack of experience in housing, questions seemed to often center around protecting the LGBT community and veterans, both of which he pledged to support.

In fact, Dr. Carson said the Fair Housing Act is “one of the best pieces of legislation we’ve ever had in this country,” promising to issue a “world-class plan” for housing upon his confirmation…

>>>>>Click to continue reading…<<<<<

#CarsonHUD

Continue Reading

Economic News

Job openings hit 14-year high, signaling economic improvement

The volume of job openings is improving, but not across all industries. The overall economy is improving, but not evenly across all career paths.

Published

on

young executives

job openings

Job openings hit a high point

To understand the overall business climate, the U.S. Labor Department studies employment, today releasing data specific to job vacancies. According to the department’s Job Openings and Labor Turnover Survey (JOLT) for April, job openings rose to 5.38 million, the highest seen since December 2000, and a significant jump from March’s 5.11 million vacancies. Although a lagging indicator, it shows strength in the labor market.

bar
The Labor Department reports that the number of hires in April fell to 5 million, which indicates a weak point in the strong report, and although the volume remains near recent highs, this indicates a talent gap and highlights the number of people who have left the labor market and given up on looking for a job.

Good news, bad news, depending on your profession

That said, another recent Department report notes that employers added 221,000 jobs in April and 280,000 in May, but the additions are not evenly spread across industries. Construction jobs rose in April, but dipped in professional and business services, hospitality, trade, and transportation utilities. In other words, white collar jobs are down, blue collar jobs are up, which is good or bad news depending on your profession.

Additionally, the volume of people quitting their jobs was 2.7 million in April compared to the seven-year high of 2.8 million in March. Economists follow this number as a metric for gauging employee confidence in finding their next job.

What’s next

If you’re in the market for a job, there are an increasing number of openings, so your chance of getting hired is improving, but there is a caveat – not all industries are enjoying improvement.

If you’re hiring talent, you’ll still get endless resumes, but there appears to be a growing talent gap for non-labor jobs, so you’re not alone in struggling to find the right candidate.

Economists suspect the jobs market will continue to improve as a whole, but this data does not pertain to every industry.

#JobOpenings

Continue Reading

Economic News

Gas prices are down, so are gas taxes about to go up?

Do low gas prices mean higher gas taxes are on the way? Budgeting for 2015 just got a bit more complicated, if some politicians have their way.

Published

on

gas tax

gas-tax

Gas taxes and your bottom line

Many industries rely heavily on time in their vehicle, not just truck drivers and delivery trucks. Sales professionals hop in their vehicles throughout the day, as do many other types of professionals (service providers like plumbers, and so forth). For that reason, gas prices and taxes are a relevant line item that must be budgeted for 2015, but with politicians making the rounds to push for higher gas taxes, budgeting becomes more complicated.

Gas prices are down roughly 50 cents per gallon compared to a year ago, which some analysts say have contributed to more money in consumers’ pockets. Some believe that this will improve holiday sales, but others believe the timing is just right to increase federal taxes on gas. The current tax on gas is 18.40 cents per gallon, and on diesel are 24.40 cents per gallon.

bar

Supporters and opponents are polar opposites

Supporters argue as follows: gas prices are low, so it won’t hurt to increase federal gas taxes, in fact, those funds must go toward improving our infrastructure, which in the long run, saves Americans money because smoother roads mean better gas mileage and less congestion.

Gas taxes have long been a polarizing concept, and despite lowered gas prices, the controversial nature of the taxes have not diminished.

While some are pushing for complete abolition of federal gas taxes, others, like former Pennsylvania Governor, Ed Rendell (D) tell CNBC, “Say that cost the average driver $130 a year. They would get a return on that investment” in safer roads and increased quality of life, he added.

The Washington Post‘s Chris Mooney points out that federal gas taxes have been “stuck” at 18 cents for over 20 years, last raised when gas was barely a dollar a gallon and that the tax must increase not only to improve the infrastructure, but to “green” our behavior, and help our nation find tax reform compromise.

Is a gas tax politically plausible?

Mooney writes, “So, this is not an argument that a gas tax raise is politically plausible — any more than a economically efficient tax on carbon would be. It’s merely a suggestion that — ignoring politics — it might be a pretty good idea.”

Rendell noted, “The World Economic Forum, 10 years ago, rated us the best infrastructure in the world,” adding that we “need to do something for our infrastructure, not in a one or two year period, but over a decade.”

Others would note that this rating has not crumbled in just a few years, that despite many bridges and roads in need of repair, our infrastructure is still superior to even the most civilized nations.

Regardless of the reasons, most believe that Congress won’t touch this issue with a ten-foot pole, especially leading up to another Presidential campaign season starting next year.

“I think it’s too toxic and continues to be too toxic,” Steve LaTourette (the former Republican congressman best known for his close friendship with his fellow Ohioan, Speaker John Boehner) tells The Atlantic. “I see no political will to get this done.”

Whether the time is fortuitous or not, and regardless of the positive side effects, many point to a fear of voters’ retaliation against any politician siding with a gas hike, so this matter going any further than the proposal stage is unlikely.

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!