LoanCity Launches Broker Marketplace

LoanCity.com, San Jose, Calif., has launched an online mortgage marketplace and fulfillment center for mortgage brokers in California. The online service, which is scheduled to be introduced nationwide early in 2000, provides instant access to more than 50,000 loan programs, the company said. "While some Internet companies are touting an all-electronic, self-service model as the future of mortgage lending, in reality these services often fail to meet the true needs of most consumers," said Rick Soukoulis, LoanCity.com's president and chief executive officer. "LoanCity.com is providing an alternative model that recognizes the value and role that mortgage brokers play in completing residential real estate transactions, while leveraging the power of Internet technology." The company's website address is http://www.loancity.com.