Frequently Asked Questions - Mortgage Professionals
Q: What is a RateTrack report?
A: A RateTrack report is a customer-specific refinance report that shows a consumer his or her available refinance options.
The report calculates six different refinance options (options are based on loan officer's settings). Options include ARMs, interest-only ARMs, fixed rate loans and a "no closing cost" option. The report calculates applicable closing costs and estimated prepaid expenses and determines possible monthly savings amount assuming that the consumer will finance the closing costs in to the new mortgage.
Q: Are there additional features of the RateTrack report?
A: Yes. In addition to the six refinance options shown, the RateTrack report also includes:
Break-even calculation of Monthly Savings vs. Closing Costs
Calculations for making additional principle payments
ARM Watch page for consumers with Adjustable Rate Mortgages
Additional historical graphs and charts with interest rate and index data
Q: Can I view a sample RateTrack report?
A: Yes. You can view a sample report here.
Q: What about taxes, hazard insurance and PMI?
A: Because the taxes and hazard insurance will be the same amount as with the current loan, those figures are not necessary for calculating a difference in monthly payment and monthly savings. As for clients who currently pay PMI each month, a refinance is more likely to cause that part of the monthly payment to decrease or possibly stay the same.
Taxes and insurance are estimated in order to calculate an amount for the new prepaid expenses.
Q: How do clients receive their RateTrack reports?
A: Clients receive their reports via email weekly, monthly or quarterly (depending on their preferences), and can access a report any time by logging in to their account and using the 'instant report' feature.
Q: How are the interest rates on the RateTrack report calculated?
A: Interest rates on RateTrack reports are calculated and updated automatically by the myRateTrack.com system each day and are based on variables each subscriber sets and saves in their account profile.
Q: Are the interest rates accurate?
A: Yes, the rates on the RateTrack report are accurate; however, they may not be available to every client. Because interest rates are based on a consumer's credit score, loan-to-value ratio, combined loan-to-value ratio, and their overall ability to qualify for financing, it is impossible to quote an actual rate to a consumer without knowing all of those details.
Q: How are closing costs calculated on reports?
A: Closing cost information is saved as part of the loan officer profile and are based on the state where the subject property is located.
Q: How are clients entered in to the system?
A: Clients can be entered in to the LO's database three ways:
the LO can input one client at a time (recommended for entering clients at month end)
the LO can import clients from an existing database
clients can enter the site by use of a mortgage professional's PROMO codes.
Q: What is a PROMO code?
A: A PROMO code is a promotional code created and managed by a subscribing mortgage professional that he or she can give to past clients, new leads, and friends -- allowing them to gain access to the myRateTrack.com service FREE. A subscribing loan officer can create and manage multiple PROMO codes for different channels of business.
Q: How does the Target Refi rate notification system work?
A: The system notifies the LO and the client via email when a particular rate and program are available. The consumer can set a target rate and program based on their personal preference. The system does not calculate when or if a consumer should refinance (we leave that advice to the mortgage professional).
So, how does the client know when they should refinance? We recommend they call their mortgage professional to have that discussion.
Q: Does myRateTrack.com work in every state?
A: Yes. The myRateTrack.com system works in every state in the US. When you set up your account, you will establish closing cost and interest rate templates for each state where you do business. When RateTrack reports are generated for clients, the closing costs and available rates are specific to their property address.
Q: How long does it take to set up my new account?
A: Once you have signed up for the service, your account will be activated within 24 hours.
At that time, you will receive an email walking you through the necessary steps of setting up your account (uploading your photo and company logo, setting up state templates, customizing RateTrack report features, adding company and legal disclosures, etc.). The process takes approximately 20 minutes (maybe longer depending on how many states need to be set up).
Q: How much does the myRateTrack.com service cost? We thought you would never ask . . .
A: A yearly subscription is $700 per year for one loan officer (unlimited clients)
Q: Can I try the myRateTrack.com system for free?
A: Yes. For information about gaining access to the site and our 30-day free trial, click here.