Boston, MA: RateGravity, a Boston-based financial technology company that saves consumers tens of thousands of dollars when financing their home has appointed David Cotney as its Regulatory Advisor.
Cotney most recently served as Commissioner of Banks for the Massachusetts Division of Banks, where he was responsible for the supervision of nearly 200 state-chartered banks and credit unions holding combined assets of over $400 billion, as well as over 500 mortgage companies.
While Commissioner, Cotney served as the chairman of the State Liaison Committee of the Federal Financial Institutions Examination Council, and was previously the first state voting member of the FFIEC’s task force on consumer compliance.
“We are thrilled that David has agreed to join our organization,” said RateGravity CEO, Patrick Boyaggi. “David brings a passion for innovative technology that levels the playing field for consumers and will help to guide RateGravity’s compliance with the evolving regulations of financial technology, ensuring that we continue to offer the highest quality service to those we serve.”
“RateGravity is not only bringing greater transparency to the mortgage process, it is helping consumers find lower rates on what is the biggest investment of their lives,” said Cotney. “RateGravity’s innovative technology and its partnerships with community-based lenders is key to understanding consumers’ needs. I am excited to work with the team at RateGravity.”
Since launching in 2016, RateGravity has worked with hundreds of consumers to provide price transparency and access to a network of vetted local lenders that return the savings from working with RateGravity back to consumers in the form of lower interest rates. To date, RateGravity customers have closed with interest rates that average .35% below the available market rate, providing an estimated $29,000 in savings to homeowners over the life of their mortgage.