Upcoming Additions to The XBroker
September 4th, 2007 Categories: Mortgage News, Random, Real Estate Technology
Below are a couple of updates and services pending to the site…They will be under open construction until I work the bugs out on a live basis, so please don’t mind the mess over the next week or so…
Speaking of mess, this Wordpress site was hacked up beyond all recognition this past Sunday afternoon for about 4 hours…so much so that I had to completely restore it’s database from scratch to make it work again. I still don’t know the cause (probably an agent of The Mortgage Cartel or just The Man trying to silence a brotha :)), alas it’s a lesson to back-up your work with regularity!
Mortgage X-Ray.
Either myself or another very qualified mortgage professional will review anyones current mortgage qualification/ transaction to insure 100% transparency and related disclosure of true wholesale rates and fees. Further, we will negotiate a flat fee for service on the borrowers behalf. Through our negotiation, if we cannot save you a dollar amount that exceeds our fee ($250), we will rebate the difference. Finally, we will maintain involvement through three milestones of the mortgage qualification process:
First, we will review the initial Good Faith Estimate (GFE) and Truth In Lending statement (TIL) for cross referencing the specific individual financial and credit information against common wholesale lenders program and rate pricing matrices. This step insulates borrowers against deceptive marketing tactics and lays the ground for an open relationship with the originating broker/banker.
Second, we will review an updated GFE and TIL doc, after RESPA submission and upon lender approval. This step insures any deviations from the first version of the docs are consistent with logic and not profit.
Third, we will review the lenders rate lock pricing sheet, final GFE, TIL and HUD-1 closing statement 36 hours prior to the closing date as a final measure of compliance.
So you have nothing to lose and you get to scare your mortgage professional straight 
I’ve decided to roll out a manual version of RateSpeed. It’s an anonymous pre-qualification form that will give anyone a solid idea of what their specific credit and financial situation qualifies for in todays market. Within 24 hours of submission you can expect a spreadsheet with the following information: interest rate pricing (5 levels deep), amount of rebate for accepting the corresponding higher rate than one qualifies for (YSP), corresponding payments, broker/banker flat fee for service, and approximate 3rd party closing costs.
RateSpeed submissions are free. If one wishes to pursue a mortgage via the RateSpeed form, we will pair them with a (relatively) local broker/banker who contractually adheres to a 100% transparent policy using the measures outlined in the Mortgage X-Ray above.
Warning, do not try and take a RateSpeed generated spreadsheet to an unaffiliated mortgage broker or banker and expect to negotiate a similar deal…while it may seem simple enough, it won’t happen and you’re then subject to becoming another manipulated victim.
Note: The automated version of RateSpeed has been encumbered by the mass exodus of lenders and brokers due to the current credit recession and daily underwriting guideline changes. The method of automatically aggregating real time wholesale interest rate pricing has been tweaked and is due for a mid October release. The technology is being developed as a Widget/Gadget for qualified mortgage professionals to host on their own web-sites (for a nominal fee, of course).
Note 2: E-commerce functionality has recently been added to the XBroker as well. All the recent updates are a little raw right now, so bear with us…were saving the mortgage world one person at a time 
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