Your 15-year-old could program an e-mail service that automatically e-mailed rates to anyone who signed up for the service (aka “listserv”). But not to worry, your child would still need mom or dad to make sure the e-mails complied with truth-in-lending regulations and met the standards of the marketing department!

We’ve seen e-mail rate update services on eight Web sites recently (see table right). There are probably dozens more out there now; and by this time next year, we expect it to be as commonplace as payment calculators are today.

Over the next couple years, these programs will evolve into sophisticated financial advisory services customized to the user. For example, instead of inundating the user with daily e-mails, the server will be programmed to send an e-mail only at certain intervals and/or trigger points. For example, a user with a balloon due in five years, may have only a casual interest in mortgage rates now. Normally they would get a monthly e-mail summarizing rate trends during the past month. But if rates sink more than 100 basis points below their current rate, they receive an immediate e-mail and phone message.

Recipients of e-mail rate updates should also be allowed to use the e-mail channel to take action on the information. E-mail reply options should be offered so that with a couple keystrokes the user could initiate a credit application, lock in the current rate, request a phone consult, or order a credit report.

Countrywide offers two choices after viewing rates: “Guarantee a Rate” which links to a prequalification form; or “Rate Watch” to set up e-mail notification.

The Online Credit Assistant at Security Federal Mortgage offers e-mail, U.S. mail or fax options for rate updates, credit bureau info, or a complete loan analysis www.secfed.com/html/assistant.html .

Loan World offers three free e-mail rate notifications:
(1) daily/weekly update; (2) when to refi; (3) any significant rate drop www.loanworld.com .