What’s the best way to describe a new product that is somewhat controversial? Start by describing what it isn’t. Jeff Corbett of Ratespeed took some time to speak with me yesterday about the service they describe as “the transparent mortgage search engine”. Also known as “The X Broker”, Jeff has been working for some time now on a tool designed to allow consumers to price mortgages without providing any personal information. Jeff tells me that his tool will revolutionize an industry that has a need for better consumer facing value propositions that demystify the process of pricing mortgages. He plans to launch a new website tomorrow that takes a less “in your face” approach to describing the need for something like Ratespeed and tells me that he has some mortgage professionals that have been in beta test mode for a while that are ready to go with the product. Jeff also tells me that Real Estate professionals will be able to take advantage of the Ratespeed widget on their blogs and websites as well.
I’m far from an expert on the complexities of the mortgage industry and I’ve heard compelling arguments on both sides of the Ratespeed issue. One thing is for sure though, with an industry this large undergoing this much turmoil, new business models are bound to emerge. It will be interesting to see how products like Ratespeed fit into the mix. Take some time to listen to the interview and leave comments on what you think of Ratespeed and new mortgage pricing business models.