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.
Boomers retirement may be the true reason behind the labor shortage
(ECONOMY) Millennials and Gen Z were quick to be blamed for the labor shortage, citing lazy work ethic- the cause could actually be Boomers retirement.
In July, we reported on the Great Resignation. With record numbers of resignations, there’s a huge labor shortage in the United States. Although there were many speculations about the reasons why, from “lazy” millennials to the number of deaths from Covid. Just recently, CNN reported that in November another 3.6 million Americans left the labor force. It’s been suggested that the younger generations don’t want to work but retiring Boomers might be the bigger culprit.
Why Boomers are leaving the labor force
CNN Business reports that 90% of the Americans who left the workplace were over 55 years old. It’s now being suggested that many of the people who have left the labor force since the beginning of the pandemic were older Americans, not Millennials or Gen Z, as we originally thought. Here are the reasons why:
- Boomers are more concerned about catching COVID-19 than their younger counterparts, so they aren’t returning to work. Boomers are less willing to risk their health.
- The robust real estate market has benefitted Boomers, who have more equity in their homes. Boomers have more options on the table than just returning to work.
- Employers aren’t creating or posting jobs that lure people out of retirement or those near retirement age.
As Boomers retire, how does this impact the overall labor economy?
According to CNN Business, there are signs that the labor shortage is abating. Employers are starting to see record number of applicants to most posted jobs. FedEx, for example, just got 111,000 applications in one week, the highest it has ever recorded. The U.S. Bureau of Labor Statistics projects that the pandemic-induced increase in retirement is only temporary. People who retired due to the risk of the pandemic will return to work as new strategies emerge to reduce the risk to their health. With new varients popping up, we will have to keep an eye on how the trend ultimately plays out.
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?
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…
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.
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.
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.
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.
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