CAMPBELL, Calif., Dec. 1, 2010 /PRNewswire/ -- While 40 percent of
all homebuyers last year reported the mortgage application and
approval process was more difficult than they expected(1), today's
buyers now have a fast, reliable, easy to navigate and understand
online mortgage solution. Developed and operated by Move,
Inc. (Nasdaq: MOVE), the leader in online real estate,
MortgageMatch.com was developed to give first time buyers or
refinancing owners the tools they need to find and prequalify for
the right loan in as little as 10 minutes.
"Like many Realtors(2), we're concerned about the recent
difficulties buyers are having(3) throughout the home loan process,
especially in getting approved in time to keep a purchase from
falling through," said Move Chief Executive Officer, 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. Move is
committed to helping both buyers and Realtors be more successful
together, and we believe the choices, reliability and user
experience MortgageMatch.com delivers will help everyone involved
avoid the frustrations and confusion that can lead to lost deals or
costly delays."
Berkowitz said that Move has more than a decade of experience in
helping millions of consumers find homes every year on its network
of real estate websites. "Move is therefore in a unique and
unmatched position to successfully apply the same easy-to-use,
intuitive and content rich real estate search experience and
technology to home loans," he said.
Unlike other online mortgage sources, MortgageMatch.com
leverages the first online consumer-facing decision and pricing
engine designed specifically to empower buyers to explore their
mortgage options in real time with real loan products including
conventional, Federal Housing Administration, Veterans Association
and jumbo loans backed by real rates using a multitude of scenarios
that reflect their situation.
By integrating multiple third-party data streams continually
refreshed from an extensive array of private and public property
data providers, credit agencies, document providers, and loan
product providers, the MortgageMatch.com engine empowers borrowers
to quickly obtain all of the details they need to select,
pre-qualify and apply for a loan online. All estimated closing
costs are also provided to borrowers up front through the engine,
and are based on details borrowers provide about their personal
financial situation and location of the home they wish to purchase.
This seamless online automated process is intended to help
buyers avoid delays that may cause them to miss out on a property
purchase, or a homeowner interested in refinancing their current
loan to miss out on low interest rates.
Unlike other online mortgage sources, MortgageMatch.com enables
buyers to check their credit for free, and take advantage of the
MortgageMatch.com PreQual Plus feature that provides qualified
buyers with a guaranteed electronic pre-qualification letter in as
little as 10 minutes. Buyers can then email their prequalification
letter that includes actual loan terms and corresponding rates to
their real estate agent or print it out themselves before touring a
home. Because MortgageMatch.com employs automated
underwriting, buyers are a step closer to approval than they would
be through other prequalification programs. MortgageMatch.com
borrowers can also apply for their loan completely online using
MortgageMatch.com's intuitive application process that is first
time borrower-friendly and includes off-line customer support.
To help avoid last minute surprises or delays that may
compromise the purchase of a home, MortgageMatch.com provides a
list of all estimated closing costs, documents, and conditions each
pre-qualified borrower must provide to close their loan. To
help MortgageMatch.com borrowers stay organized and on top of their
loan's progress, they simply log into their personal
MortgageMatch.com account where they can quickly check their status
towards funding.
Noting that half of all home buyers in 2010 were first time
buyers(4), Sue Stewart, senior vice
president, Move Inc., said "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. 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."
Because MortgageMatch.com was designed with first time home
buyers in mind, visitors are welcomed to the site with a full
library of easy-to-understand information integrated throughout the
MortgageMatch.com prequalification and application process.
"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 says. "We envision consumers
using the MortgageMatch.com PreQual Plus tool in the comfort of
their own home, at their favorite coffee house, or with their agent
before they begin the home search process," said Stewart.
"Consumer transparency, education and empowerment have been the
vision for MortgageMatch.com and consequently we don't promise
'teaser' rates and we only quote customers the actual rates based
on their financial standing and loan terms. MortgageMatch.com
is not a lead aggregator and will not sell information to others.
We provide the most accurate and complete information
possible to our customers, and the experience is intended to help
potential buyers know what they can afford and which loan options
are best for them before they begin their search for a home with an
agent," Stewart said.
MortgageMatch.com was developed to work in tandem with online
property listings to empower buyers with the financial information
they need to make the best real estate decisions for their personal
lifestyle and financial situation. Move plans to integrate
the MortgageMatch.com experience into the Move Network of real
estate web sites so buyers can experiment with different financing
scenarios and evaluate their options as they house hunt online.
Home buyers interested in obtaining a home loan and current
homeowners interested in refinancing their current mortgage will
find MortgageMatch.com at www.mortgagematch.com.
ABOUT MORTGAGEMATCH.COM
MortgageMatch.com is operated by Move, Inc. (Nasdaq: MOVE).
Through a partnership with a national mortgage banker d/b/a
Mortgage Match, a variety of quality loan products are offered to
home buyers interested in financing the purchase of a property or
current homeowners interested in refinancing their current
mortgage. Consumers can access such products at
www.mortgagematch.com.
ABOUT MOVE, INC.
Move, Inc. (NASDAQ:MOVE) is the leader in online real estate
with 12.29 million(5) monthly visitors to its online network of
websites. Move, Inc. operates: Move.com, a leading
destination for information on new homes and rental listings,
moving, home and garden and home finance; REALTOR.com®, the
official website of the National Association of REALTORS®;
MortgageMatch.com, Moving.com; SeniorHousingNet; ListHub; and TOP
PRODUCER Systems. Move, Inc. is based in Campbell, California.
This press release may contain forward-looking statements,
including information about management's view of Move's future
expectations, plans and prospects, within the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. These statements involve known and unknown risks,
uncertainties and other factors which may cause the results of
Move, its subsidiaries, divisions and concepts to be materially
different than those expressed or implied in such statements. These
risk factors and others are included from time to time in documents
Move files with the Securities and Exchange Commission, including
but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other
unknown or unpredictable factors also could have material adverse
effects on Move's future results. The forward-looking statements
included in this press release are made only as of the date hereof.
Move cannot guarantee future results, levels of activity,
performance or achievements. Accordingly, you should not place
undue reliance on these forward-looking statements. Finally, Move
expressly disclaims any intent or obligation to update any
forward-looking statements to reflect subsequent events or
circumstances.
(1) 2010 Profile of Home Buyers and Sellers, National
Association of Realtors
(2) 34% of Realtors say the most important factor limiting their
clients is difficulty in obtaining mortgage financing,– 2010 NAR
Profile of Home Buyers and Sellers
(3) 30% of homebuyers say obtaining a mortgage was more
difficult than they expected – 2010 NAR Profile of Home
Buyers and Sellers
(4) 2010 Profile of Home Buyers and Sellers, NAR.
(5) comScore Media Metrix, October
2010
SOURCE Move, Inc.