Mortgagebot Launches D2C Site

Leveraging its integration with 250 of the 700 lenders on its system, Mequon, Wis.-based Mortgagebot has launched a direct-to-consumer site, MortgageMarvel.com, to give mortgage shoppers the initial information they are looking for by having them anonymously input just three pieces of information: loan amount, property value, and ZIP code.When search results are returned, those shoppers get a detailed and accurate list of closing costs as part of the anonymously generated rate-and-fee quote. If they want to transact immediately, shoppers can hit the submit button to the lender they select. Twenty minutes later, an accurate good-faith estimate is sent out to them, according to the company. Mortgagebot said the launch of the site capitalizes on predictions that the Internet will be the dominant mortgage channel within five years, now that 70% of mortgage shoppers go the Internet to research rates and fees. The company can be found online at http://www.mortgagebot.com.