Community Manager at SmartHippo -- a community-powered search engine that helps consumers save money on mortgages.
The internet provides us a unique opportunity to start 'self-regulating' the industry through the transparent nature online and the demand by consumers for accountability. For example, SmartHippo.com (where I work) provides a real-time search on mortgage rates to help consumers find the best rates. It's taken a step further because consumers are allowed to rate and review lending institutions, therefore those that are honest and upfront will succeed over ones that may be using dishonest tactics to lure consumers in. Those lenders who step up and proactively offer excellent customer service and operate with the consumers best interest in mind will ultimately thrive in the Internet landscape and though it may be hard to swallow at first, it will (hopefully) change the industry for the best and help us avoid another crisis in the future. The same idea can (and probably will) be applied to home sales as well. Thanks, Kelly Rusk Community Manager SmartHippo.com
A little late but I'll throw mine up anyway. I tweet as @smarthippo http://www.twitter.com/smarthippo And I tweet about RE/mortgage trends & personal finance.
Given the current financial crisis, which was essentially fueled by consumers taking out bad mortgages, I think this is a step in the right direction. I don't believe it's putting big banks at an advantage as already smaller banks and credit unions are the ones offering better rates and customer service (at least according to what we see at http://smarthippo.com). Obviously right now it's too little, too late, but hopefully this will promote a better sense of responsibility on behalf of lenders AND consumers so that we don't find ourselves back in the same place. Kelly Rusk Community Manager SmartHippo
