Industry NewsMortgage

RateSpeed rolls out mortgage pricing tool

Widget can be embedded in any site

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

A new mortgage pricing tool, RateSpeed.com, went live this week promising to show consumers wholesale rates and yield spread premiums lenders pay to mortgage brokers -- without asking for their personal information. Participating loan originators and mortgage brokers must also disclose their fees, ensuring a transparent process, said developer Jeff Corbett. Consumers are asked to provide their e-mail address and fill out 19 information fields about the prime, alt-A or subprime loan they are seeking. In return, they get back five pricing options in loan categories, including 30-year fixed-rate, 15-year fixed-rate, 5-year adjustable-rate mortgage (ARM), and 3-year ARM. The five options allow borrowers to choose whether they want to "buy down" their interest rate or pay more than the par rate in order to earn a yield spread premium -- cash rebates that can be applied to their lender's fees or other closing costs. "We don't sell leads or charge for the traffic t...