*We’re Adding A New Service*
**By Tony Garritano**
***As the industry evolves, so must we. We have an obligation to provide new and different offerings to keep you in the know. To this end, PROGRESS in Lending Association has entered into a partnership to help all of our followers get real-time market. We think it’s important and we’re happy to bring this new service straight to you. Here’s the details:
****PROGRESS in Lending has partnered with LoanSifter to bring you real-time rate information as provided through AMRi. What’s AMRi? The LoanSifter Available Mortgage Rate Index or AMRi is the mortgage industry’s first complete, real-time mortgage rate index that is based on same-day rates and the only index that provides a realistic idea of what borrowers typically pay for a loan. Three main characteristics set LoanSifter AMRi apart.
****First, it provides the most accurate depiction of current and historical mortgage rates available on the market. It is the only index based on same-day rates. Rather than using past sources of information, the LoanSifter AMRi’s indices are created by leveraging real-time data from 25 wholesale and correspondent lenders. Second, the LoanSifter AMRi was created in partnership with the Federal Reserve Bank of Boston, one of twelve district Reserve Banks in the Federal Reserve System. Third, use of the LoanSifter AMRi is completely free of charge.
****The LoanSifter AMRi lists all relevant rate information all on a single page. There are two indices presented: the prime rate Index (for 30-year fixed rate conventional mortgages), and the FHA rate index, which covers mortgages for “nonprime” borrower scenarios. Each index is updated daily to demonstrate the most current calculated rate a borrower would receive from the average lender, based on the system’s given par scenario.
****Why is this significant? LoanSifter AMRi provides real value to so many of the industry’s constituents– lenders, borrowers, researchers, journalists and others – its significance is particularly broad. But most importantly, it personifies the definition of innovation – the creation of better and more effective products, processes and ideas. The LoanSifter AMRi provides an alternative, eliminating the industry’s need to rely on backward-looking data collection methods that rely on reported mortgage rate information, and replaces it with actual rate quotes. It replaces a quasi-information source that does not provide a true comparison of typical points from week to week with a real-time accurate snapshot that allows for variances and adjustments.
****Today you can get real-time AMRi data in the Data Center Section on our website in the right column. And starting next week we will also be providing AMRi data in or daily electronic newsletter. We see this as a great value add for our followers and we’re grateful to LoanSifter for sharing this innovative new service with us.
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.