Move, Inc., an online real estate company that operates the official Web site for the National Association of Realtors (NAR), is targeting first-time homebuyers with its new site, MortgageMatch.com. The Campbell, California-based company developed the site to enable buyers to search for homes, evaluate financing options, and apply for loans online.
According to NAR’s latest profile study of homebuyers and sellers, 34 percent of Realtors report that difficulty in obtaining mortgage financing is the most important factor limiting their clients.
“Like many Realtors, we’re concerned about the recent difficulties buyers are having throughout the home loan process, especially in getting approved in time to keep a purchase from falling through,” said Move CEO, Steve Berkowitz. “While there’s no single, easy solution to this problem, we believe making it easier for consumers to navigate the mortgage loan and approval process will help them as they work with an agent to purchase a home.”
MortgageMatch.com allows buyers to explore mortgage options utilizing conventional, Federal Housing Administration (FHA), Veterans Affairs (VA), and jumbo
loans backed by real rates in numerous scenarios, according to a statement from Move.
While Move operates the site, Cornerstone Mortgage Co., a Houston-based mortgage banking firm, will underwrite and fund the loans. The site also integrates multiple third-party data streams that are continually refreshed from private and public property data providers, credit agencies, document providers, and loan product providers. Estimated closing costs are provided to borrowers up front based on details borrowers provide about personal finances and locations.
MortgageMatch.com also provides free credit checks and guaranteed electronic pre-qualification letters for qualified buyers, and borrowers are provided with personal MortgageMatch.com accounts, where they can check their funding status.
“MortgageMatch.com is an ideal option for first-time buyers who have little or no experience with mortgage finance, especially those who prefer the flexibility and transparency of an online experience,” said Move SVP, Sue Stewart, who notes that half of all homebuyers in 2010 were first-time buyers.
Developed to work in tandem with online property listings, the site targets consumers who are more comfortable using the Internet to find a home.
“First-time buyers or consumers that conduct much of their business online will find MortgageMatch.com to be a comfortable, secure online environment that lets them explore scenarios and move at their own speed to find the loan and terms that best fit their financial situation,” Stewart said. “However, for homebuyers, homeowners interested in refinancing, or consumers who want to talk to a mortgage specialist in real time, we operate a full-service off-line call center staffed by loan officers, loan processors, underwriters, and customer service representatives.”
12/03/2010 By: Heather Hill Cernoch
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