The introduction of Ratesheet.ca, an online mortgage rate auction site, received several comments and feedback on MortgageBrokerNews.ca this week. Vik Palan, Ratesheet.ca president, wanted to address some of the concerns.
The introduction of Ratesheet.ca, an online mortgage rate auction site, received several comments and feedback on MortgageBrokerNews.ca this week. Vik Palan, Ratesheet.ca president, wanted to address some of the concerns.
Q: Will Ratesheet.ca start an interest-rate war in mortgage industry in Canada?
Vik Palan: No. This would be a misconception about Ratesheet.ca. The notion that Ratesheet.ca may create an interest rate war is a myopic view of this industry-friendly website. We are not just about interest rates, although Ratesheet.ca focuses on interest rates, since it is one of the most essential components to the mortgage borrowers, which they understand easily. However, there is equal emphasis placed on service also with our review, feedback and rating system.
This system can help the agent build credibility on Ratesheet.ca. Positive feedback and review could help secure mortgage agents and brokers new business even though the interest rate bids are not the lowest in comparison. For example, a broker with 10 or more positive reviews and offering a slightly higher interest rate is more likely to secure an application in comparison with a broker who offers the lowest interest rates but has 5 negative feedbacks.
Q: How will Ratesheet.ca affect the mortgage industry in Canada?
VP: Ratesheet.ca acts as a platform to connect mortgage brokers and agents with mortgage borrowers. In the current Canadian mortgage industry, most mortgages are rendered by banks and a relatively small portion is serviced by brokers. Banks are not invited to bid on Ratesheet.ca, thus mortgage borrowers who traditionally approach banks would consider using Ratesheet.ca and gives more opportunity to brokers to generate more business.
At Ratesheet.ca, mortgage agents have access to a large number of applications that help them increase their business. Ratesheet.ca is designed to create a positive effect on the mortgage industry in Canada by creating fair competition and equal opportunity to the mortgage brokers, and also giving consumers a vast choice of mortgage offerings.
Q: What is the relation between iToolPro and Ratesheet.ca?
VP: iToolPro and Ratesheet.ca have completely different business models. Both businesses do not share and compromise data with each other. iToolPro has been in business for the past four years and is a service provider to the Canadian mortgage industry. We maintain integrity and are committed to our esteemed clients. Client data is strictly secured and is never distributed to any third party or within the company umbrella.
All in all, Ratesheet.ca is similar to eBay, where the same product is sold by different sellers for a different price and most people tend to buy this product from the seller who has the maximum positive feedbacks, not necessarily the lowest price. Ratesheet.ca is a new concept intended to grow the Canadian mortgage industry by making the lead generation process work towards the benefit of the mortgage professional.
