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.