Real Estate Mortgage and Loan Social Network Community
Kutro announces the launch of a web site that provides online borrowers with a platform enabling them to rate their mortgage brokers' performance and/or the experiences they had when using their services. Borrowers compare loan cost and mortgage fees, and share and communicate loan experiences with other borrowers.
The site's founder, Wayne Faulkner, believes that if change is to take place it has to be meaningful change indeed. Change that is well thought out, far reaching and long lasting. A complete paradigm shift is required in the mortgage industry.
Example: Usually when a mortgage loan transaction takes place, there is an imbalance of knowledge and power along with great mystic on one side of the table with the mortgage broker. What we find on the other side of the table are borrowers who seem to work in a vacuum, where there is often very little knowledge of the entire process.
Many borrowers may feel powerless to make sound as well as rational financial decisions that will impact their lives both short and long term.
These important decisions are made not knowing what other borrowers encountered with similar circumstances.
More importantly how were they able to navigate the entire loan process to a favorable out come with a win-win conclusion or were they also misled because no one held up the red flag to alert others?
Are borrowers receiving full disclosure and fair prices on loan cost and fees?
No one knows for sure because until now this information was never compared or communicated with other borrowers. Faulkners says that Kutro offers the solution with a real estate mortgage and loan community social networking web site. He says that the community concept and mortgage broker rating system can help stop predatory subprime lending.