The company which operates the National Association of Realtors' official website is now in the mortgage business.
Developed to work in tandem with the online property search, Move Inc.'s new MortgageMatch.com site will allow would-be buyers to experiment with different financing scenarios and evaluate their options as they hunt for houses on the Internet. Buyers also will be able to apply for loans completely online.
MortgageMatch was developed to make the purchasing and financing processes as seamless as possible, said Move CEO Steve Berkowitz. "Our goal is to get homes sold and loans closed," he said. "One without the other is meaningless. The ability to connect the listing to what people can afford is an integral part of what we're trying to do. "
Move is operating the site, but Cornerstone Mortgage Co., a full-service, Houston-based mortgage banking firm, will underwrite and fund the loans. A selection of conventional and jumbo loans is being offered, including fixed-rate loans and ARMs, but nothing that might be considered "exotic."
MortgageMatch is focusing on first-time buyers, who are not only accounting for more than half of all sales in today's market but also are more likely to apply for their home loans on the Internet. "These are younger people who are getting their first exposure to houses online and are more apt to go online for a mortgage," Berkowitz said.
The site also hopes to leverage borrower dissatisfaction with the current state of the lending process. According to NAR's latest profile of buyers and sellers, four out of 10 purchasers report the application and approval process was more difficult than expected. And according to a Fannie Mae study, this spring, 60% say obtaining financing is more difficult than it was for their parents.
"We're concerned about the recent difficulties buyers are having, especially in getting approved in time to keep a purchase from falling through," Berkowitz said. "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."
The state-of-the-art pricing and decision machine allows the potential borrowers to mix and match loan selections, terms and rates with various pricing scenarios, allowing them to make serious offers on properties by pre-qualifying online in a matter of minutes.
Move plans to integrate the MortgageMatch experience into its network of real estate websites. Besides Realtor.com, NAR's site for houses listed for sale, the Campbell, Calif.-based company operates Move.com, a destination for information in new homes and rental listings; Moving.com, and SeniorHousingNet. The Move family of search sites attracts more visitors than any other homes-for-sale site on the Internet.
