Last Updated November 11, 2021
He is Jack M. Guttentag, now Professor of
Finance Emeritus, formerly Jacob Safra Professor of International
Banking, at the Wharton School of the University of Pennsylvania.
Earlier he was Chief of the Domestic Research Division of the Federal
Reserve Bank of New York, on the senior staff of the National Bureau of
Economic Research, and managing editor of both the Journal of Finance
(1974-77) and the Housing Finance Review (1983-89).
Professor Guttentag has been a student of the
home loan market for many years, and his bibliography of scholarly
articles, books and monographs is large and diverse. He has also been an
active practitioner, serving as a consultant to many government agencies
and private financial institutions, including the Department of Housing
and Urban Development, USAID, Freddie Mac, Citicorp, Dominion
Bancshares, the World Bank, J.P. Morgan Securities, the New Zealand
Bankers Association, and many others. In addition, he has been a
director of the Teachers Insurance and Annuity Association, Federal Home
Loan Bank of Pittsburgh, Guild Mortgage Investments, and First Federal
Savings and Loan Association of Rochester.
Throughout his career, Professor Guttentag
has been concerned with the difficulties faced by consumers in the home
loan market. In 1985 he joined with Gerald Hurst, a colleague at
Wharton, to found GHR Systems, Inc. which developed a nationwide
electronic network that lenders use to deliver complex mortgage
information quickly to loan-officer employees, mortgage brokers, and
consumers using the internet. The company also provided easy-to-use
tools that enabled loan officers to act as consultants to borrowers
during the origination process, while speeding up the process. In August
2005, GHR was purchased by Metavante Corporation.
In 1997 Professor Guttentag began to phase
out his teaching at Wharton to focus his efforts more fully toward
helping consumers navigate the home loan market effectively. He
began the development of this web site and published The Pocket Mortgage
Guide in 2003 and The Mortgage Encyclopedia in 2004, with a
second edition in 2010.
In 2011, the professor began the development
of a loan origination network on this site, with participating lenders
transmitting their prices and underwriting rules directly to the
network, with no intermediation by loan officers. The many advantages
this has for borrowers are discussed in
Why Shop Here: Superior to Lead Generation Sites.
In 2013, a similar network was developed for
HECM reverse mortgages, which he designated as “Kosher” -- See Comparison
of Kosher and Standard Reverse Mortgages. This was
later extended to a web site exclusively directed to reverse mortgages.
More recently, Professor Guttentag turned his
attention to not-very-affluent retirees, a rapidly growing
segment of the population, with large numbers of them worried about
outliving their money. With Allan Redstone, he developed a third web
site to meet their needs. It is called the
Retirement Funds Integrator (RFI) and it went online November 8,
RFI constructs superior retirement plans by 1)
integrating financial asset management, deferred annuities, and - for
homeowners - HECM reverse mortgages; 2) providing the best competitive
prices in very imperfect markets; and 3) segregating a complex decision
process into an initial “self-serve” phase designed for direct use by
retirees, and a second phase managed by a trained and licensed advisor.
Details are available at
Integrating Retirement Plans – It Is Long Since Overdue. As with his
other web sites, advertising is not permitted.