{"id":3251,"date":"2008-06-21T01:53:15","date_gmt":"2008-06-21T08:53:15","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=3251"},"modified":"2008-06-21T01:53:15","modified_gmt":"2008-06-21T08:53:15","slug":"redefining-mortgage-disclosure","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3251\/redefining-mortgage-disclosure\/","title":{"rendered":"Redefining Mortgage Disclosure"},"content":{"rendered":"

Jeff Corbett announced that he launched Ratespeed this week<\/a>:<\/p>\n

What is it? <\/a> An anonymous, automated, transparent, mortgage program and interest rate pricing pre-qualification Search Engine widget, thingy.<\/em><\/p>\n


\nWhy is this important? For the first time anyone can transparently access wholesale direct mortgage interest rates and program quotes without having to talk to a licensed mortgage professional first. Yep, this is important to a lot of people.<\/em><\/p><\/blockquote>\n

I”ve been thinking about how to improve a mortgage shopping experience for consumers and am enthralled with both Jeff’s offering and the Zillow Mortgage Marketplace. Both platforms are trying to better display information to consumers about loan terms. Zillow approaches it from a “live market” while Jeff Corbett focuses his efforts on yield spread premium<\/a>.<\/p>\n

I think the answer lies in a combination of a suggestion Todd Carpenter made<\/a>, about eliminating all yield spread premium disclosure, and the Bank of America No Fee Plus Mortgage<\/a>. I demonstrated how the No Fee Plus Mortgage was no real bargain today<\/a>, after I visited my bank.<\/p>\n

There is an answer. Isolate one variable; rate. <\/strong> Make loan originators guarantee all third-party fees, as well as their fees, when quoting mortgage terms. ABN-AMRO (now Citigroup) tried this some 3-4 years ago when they offered the “Guaranteed One Fee Mortgage<\/a>“. When you do a side-by-side comparison with rates and loan programs matched up, you’ll get a true cost of credit if the originator is required to manage the closing costs and disclose them as one fee.<\/p>\n

Banks or brokers will only disclose two things to the consumer: rate and one fee. It would be stupendously simple to understand.<\/p>\n","protected":false},"excerpt":{"rendered":"

Jeff Corbett announced that he launched Ratespeed this week: What is it? An anonymous, automated, transparent, mortgage program and interest rate pricing pre-qualification Search Engine widget, thingy. Why is this important? For the first time anyone can transparently access wholesale direct mortgage interest rates and program quotes without having to talk to a licensed mortgage […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,25],"tags":[172,173],"class_list":{"0":"post-3251","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-zillowcom","8":"tag-guaranteed-one-fee-mortgage","9":"tag-no-fee-plus-mortgage","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2150,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2150\/mortgage-grader-revolutionary-or-just-one-more-marketing-widget\/","url_meta":{"origin":3251,"position":0},"title":"Mortgage Grader: Revolutionary or Just One More Marketing Widget?","author":"Brian Brady","date":"November 1, 2007","format":false,"excerpt":"Mortgage Grader is a consumer-operated, automated underwriting system. Jeff Lazerson, its founder, has been working on this idea for 3-4 years. It was released this summer. Consumers enter information and are issued an approval. The mortgage grading engine mashes up various automated underwriting systems (FNMA Desktop Originator, proprietary sub-prime engines,\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2910,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2910\/the-odysseus-medal-competition-voting-for-the-peoples-choice-award-is-open-25\/","url_meta":{"origin":3251,"position":1},"title":"The Odysseus Medal competition — Voting for the People’s Choice Award is open","author":"Greg Swann","date":"April 6, 2008","format":false,"excerpt":"We have 14 entries on the short list this week, out of a long long list of 96 posts. I've already decided on the winner of the Odysseus Medal, so I'm not linking that way. This week's Short List is all Zillow Mortgage Marketplace posts, all of them written by\u2026","rel":"","context":"In "Blog Carnivals"","block_context":{"text":"Blog Carnivals","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blog-carnivals\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2892,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2892\/zillow-mortgage-marketplace-one-way-transparency-like-a-bad-online-dating-site\/","url_meta":{"origin":3251,"position":2},"title":"Zillow Mortgage Marketplace: One Way Transparency Like A Bad Online Dating Site","author":"Brian Brady","date":"April 4, 2008","format":false,"excerpt":"Zillow Mortgage MarketPlace rang the opening bell and loan requests came flying in the door. I was pleasantly flabbergasted! It's no secret that I'm a Zillow-phile; I believe they are leading the way to transparent loan and real estate transactions. I'm tenuous, however, about spending too much time there. My\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3237,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3237\/zillow-mortgage-must-verify-consumers-to-become-a-marketplace\/","url_meta":{"origin":3251,"position":3},"title":"Zillow Mortgage Must Verify Consumers To Become A Marketplace","author":"Brian Brady","date":"June 16, 2008","format":false,"excerpt":"Mike Mueller is leaving the Zillow Mortgage Marketplace. A poor consumer performance review drove him to do just that. From the consumer review on Zillow Mortgage: Rating: 1 \/ 5 Comment: I asked for conforming quote, got sent jumbo quote with huge fees. I even specifically noted the request in\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":930,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/930\/interview-the-x-broker-jeff-corbett\/","url_meta":{"origin":3251,"position":4},"title":"INTERVIEW: The X Broker, Jeff Corbett","author":"Brian Brady","date":"January 22, 2007","format":false,"excerpt":"Jeff Corbett is one of the rising stars in Real Estate 2.0 . I interviewed Jeff last month in Laguna Beach, CA. Jeff is a remarkably shy person who bears little resemblance to the hard-hitting, on-line, pit bull who advocates transparency in mortgage brokerage and banking. He is unfailingly polite\u2026","rel":"","context":"In "Interview"","block_context":{"text":"Interview","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/interview\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2958,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2958\/zillowcoms-mortgage-marketplace-brings-anonymous-apples-to-apples-mortgage-rate-quotes-to-consumers-free-consumer-leads-to-lenders\/","url_meta":{"origin":3251,"position":5},"title":"Zillow.com’s Mortgage Marketplace brings anonymous apples-to-apples mortgage rate quotes to consumers, free consumer leads to lenders","author":"Greg Swann","date":"April 13, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link): \u00a0Zillow.com's Mortgage Marketplace brings anonymous apples-to-apples mortgage rate quotes to consumers, free consumer leads to lenders Wouldn't it be great if you could get a broad array of mortgage quotes without having to make dozens of phone\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3251","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=3251"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/3251\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=3251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=3251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=3251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}