Articles About Finance And Refinancing

Newly Launched Website Offers Loan Borrowers A Platform For Ratings and Feedback: Helps Borrowers Avoid Pitfalls

Memphis, TN (PRWEB) March 11, 2008 -- Kutro announces a new social networking website at www.kutro.com for borrowers detailing groundbreaking new concepts. The first primary objective is to provide borrowers the tools and a platform to assist in leveling the playing field as well as managing the loan information and decision making process before the loan documents are signed. It is believed that when borrowers are afforded accurate, rational and financially beneficial information, only then will this serve as a basis where sound financial decisions can be made. Only in its absence, can a mortgage debacle occur. Borrowers for a long time now have worked in a total vacuum without prior knowledge and feedback from other borrowers.

Kutro brings together several important new innovative elements to help facilitate the loan process. Borrowers can:

* Rate the performance level and quality of service of brokers

* Compare loan cost and fees

* Share loan experiences

* Communicate loan experiences with other borrowers

This innovative approach should create a new open, fair and enhanced working relationship with mortgage brokers and loan officers that will culminate into a win-win outcome for all parties concerned.

Founder Wayne Faulkner, believes borrowers will quickly realize the value of the vast knowledge base of the entire Kutro online community that can be readily accessed at any time. Until now borrowers did not have a means to compare loan cost and fees with other borrowers. Borrowers were without the tools and concept Kutro provides; a loan borrower's social networking community, blogs, forums and a Borrower's Chat Area to discuss what other borrowers are encountering with similar circumstances. It's quite obvious now that many borrowers had no idea they were being overcharged in mortgage cost and fees. Why? Because they had no basis to compare their charges. Now, Kutro removes the mystery and allow the entire online community to share and communicate with other borrowers. Home, Auto and Personal loan borrowers can also learn from the experiences of other borrowers; therefore avoiding costly borrower mistakes.

Just imagine the number of foreclosures that could have been avoided and the billions of dollars saved- had someone in the Borrower's Social Networking Community sounded the alarm and raised the red flag alerting other borrowers to the dangers of Teaser Rates found in ARMs (Adjustable Rate Mortgages). Most borrowers did not realize that the Teaser Rates would reset higher and therefore cause their loan to be unaffordable. No one considered the risk of homes not appreciating in value thus preventing re-financing of adjustable rate mortgages due to low or no equity.

The sites founder, Wayne Faulkner also suggest additional Kutro solutions: Mortgage brokers and loan officers should encourage their clients to use Kutro as a rating service and to track their (BSI) Borrowers Satisfaction Index. This will insure credibility, integrity and a reliable benchmark where by all brokers can be evaluated. Naturally, the loan market place will reward those brokers with the best ratings. Mortgage brokers should consider using their earned rating status in their marketing campaigns. Once again this is a win-win for brokers. Best practice standards should be the goal that all brokers should strive for.

Brokers should invite borrowers to share and communicate loan suitability and affordability concerns in the Kutro online community this can be an unbiased source of information to help in the decision making process.

Users can also access rich content on the website at http://www.kutro.com including:

* Borrower's Chat Area

* Financial Market Reports

* National News

* Sports

* Weather

* Entertainment

* Health and Medical News

* High Tech News

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