CAMPBELL, Calif., Jan. 19, 2011 /PRNewswire/ -- In its first month
in operation, MortgageMatch.com's state-of-the-art decision engine
helped more than 30,000 prospective homebuyers know in just a few
minutes how much they can afford to borrow and what their monthly
payments would be based on real rates and loan choices for which
they qualify.
Nearly 100,000 consumers visited MortgageMatch.com in its first
month, and nearly 1,000 potential homebuyers pre-qualified in real
time—in a matter of minutes—using MortgageMatch.com's fast
prequalification feature, PreQual Plus.
Developed and operated by Move, Inc. (Nasdaq: MOVE), the leader
in online real estate and operator of Realtor.com®,
MortgageMatch.com also displays listings from Realtor.com based on
what each borrower can afford.
"The initial response to MortgageMatch.com has been tremendous.
Consumers are eager for tools that empower them and make the
process of getting a mortgage easier, faster and more successful,"
said Sue Stewart, Move, Inc.'s
senior vice president. "Today's tough lending standards often
cause deals to fall through not because borrowers don't qualify,
but because they are unprepared or lack basic knowledge about their
financial situation. Our first month results are very promising,
and we hope MortgageMatch.com will make the process of buying a
home easier to understand for everyone."
MortgageMatch.com's PreQual Plus system uses automated
underwriting in a comfortable, secure online environment so
borrowers can explore scenarios and move at their own pace. The
automated underwriting process establishes an objective evaluation
of a borrower's credit score along with their capacity to afford
monthly mortgage payments. The automated prequalification
process includes a full credit history review and underwriting risk
analysis with loan amounts, corresponding interest rates and loan
programs choices. Borrowers prequalifying with PreQual Plus
receive an electronic prequalification letter in minutes they can
print or e-mail to their agent.
"Knowing immediately what we could afford and being able to see
my credit report and credit score before we went looking for a home
was a relief that boosted my confidence," said 29-year old
Christina Villanueva of Ontario, California, looking to buy a new home with her
mother. "Now I can call an agent and show them I am
qualified, knowing the agent and the seller will see I am serious
and ready to buy."
"Having a prequalification letter and loan conditions available
to a client early in the home buying process saves everyone
involved time and money," said Patricia
Gomez, a seasoned real estate agent in Downey, California. "Having the ability
to see the client qualifies, is comfortable with the terms and is
able to produce and meet the conditions before looking at a home is
definitely a game changer."
To find out more about your borrowing power to purchase a home,
visit 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 12.1 million (1) 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(R), the official website of
the National Association of REALTORS(R); 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) comScore Media Matrix, December
2010
SOURCE Move, Inc.