On of the most puzzling , confusing and secretive little corners of the financial world is mortgage rates ; and how you can get the 'best' available rate for your personal 
credit and financial situation.
Mortgage brokers perform a very important function. However, when it comes to what rate you are paying, I don't know anyone (outside the industry) who knows how they are quoted and/or how mortgage brokers are paid.
With the recent meltdown of the sub-prime section of the lending industry and re-setting of adjustable rate mortgages, there is now, more than ever, a call for more and more disclosure of how the industry operates, detail of loan structures, broker payments and rate transparency.
I need to point out that 99% of the mortgage brokers are honest, hard working, care about the clients best interest and provide an important service to the real estate and lending industry. I can without hesitation recommend many. Unfortunately, there are always a few bad apples that spoil the bunch for the rest.
There are efforts from the government, to the major web sites, to smaller tech savvy entrepreneurs to address the challenge head on.
One of the best, products to come to the lending market is just recently launched by RealEspace called "Rate Window" which I like to call the future of loan shopping
Mortgage bankers and brokers and real estate agents can now offer this transparent pricing tool to their clients through their websites or blog-sites. The paradigm shift has begun for how consumer's will price their mortgage loans.
Transparency is now available to the public as never before! They will no longer need to negotiate with their mortgage banker or broker like a used car salesman.
The window is open (RateWindow) to the world of wholesale mortgage rates where the public can't be manipulated on the cost of their mortgage loan. Mortgage bankers and brokers and real estate agents with vision will join in on this first to market rate pricing engine so they can wear the white hat.
For more about Rate Window and how it can benefit home buyers, mortgage brokers and real estate agents, please call or email Matt Dunlap
In my humble opinion, Rate Window is the future of the mortgage industry.
More transparency and disclosure is always a good thing. It instills trust and confidence for the consumers and public. Most importantly, transparency protects everyone involved before a situation occurs; not after a problem arises, often before it's too late.
James,
Great information, I will take a look later on on this information, sound very interesting to consumers, thanks :)
Ray Saenz
I have tried this product and its great. I hope it doesnt put loan officers out of business. :)
disclosure and transparence garner trust in consumers. This is badly need right now to gain confidence in a critical industry- Rate window is taking big strides towards that end.
James,
you illustrated the factors that affects the economy when a disaster like this happen, oohh well, hope that it will not do too much now or it can go to other way this Gustav thingie.
Ray Saenz