The XBroker: April 2007

The Mortgage Cartel and the Need for Transparent Mortgage Search II

Picking up where the previous post left off…..

Faced with the most uneven of playing fields, many brokers rationalized a culture of deception. One look at a typical HUD-1 broker closing statement is all the proof you need. Nevertheless, it was the online direct lender that posed the most imminent threat to consumers. Why? Because it wasn’t perceived as one….

With slick user interfaces, no high pressure mortgage jockey, and the ease of ‘point and click’, e-lenders utilized the Web and their exemption from Reg-X to their full advantage, they appeared to be the solution from the ‘unscrupulous mortgage professional’. 

What RealEspace.com is doing on the finance side of the transparent real estate equation is nothing short of cataclysmic. If ever there was a poster child for disruptive web technology, the RealEspace transparent mortgage engine is it.

Designed to enable anyone to pre-qualify their own wholesale mortgage using 10 simple questions (none of which involving name, address, phone or social security numbers), it uses an anonymous risk profile to pre-qualify against the wholesale rate sheets of any number of opt-in lenders.  No nagging phone calls, spammed up inboxes…and in a matter of moments, you’re staring at something you’ve never seen before:

The mortgage rates and programs you actually qualify for— REAL RATES, IN REAL TIME

Including what it really costs to buy down your rate (points) and what the lender will pay if you elect to bump it up (YSP).  Once you’ve seen what you really qualify for, you can use the information to negotiate a better deal with your broker, or you can leverage the RealEspace network to find a reputable broker willing to deliver your wholesale mortgage on a true, flat fee basis with a 100% full-disclosure guarantee.   DiTechs of the world: Watch your backs.

Comment balloon 2 commentsJeff Corbett • April 02 2007 11:49AM
The Mortgage Cartel and the Need for Transparent Mortgage Search II
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Picking up where the previous post left off….. Faced with the most uneven of playing fields, many brokers rationalized a culture of deception. One look at a typical HUD-1 broker closing statement is all the proof you need. Nevertheless, it was the… more