Ease of Use and Transparent Delivery Gives Consumers More Options and Greater Understanding
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.
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.
CONTACT: Julie Reynolds, +1-818-264-5594, Julia.firstname.lastname@example.org, or Richard Garcia, +1-805-557-3087, Richard.email@example.com, both of Move, Inc.; or Steve Cook of MortgageMatch.com, +1-202-257-3652, firstname.lastname@example.org
Web Site: http://www.mortgagematch.com
Tagged with: Business • ComScore • Consumer • Homebuyers Have New Tool for Mortgage Qualification • Mortgage loan • Mortgage rates • MortgageMatch • Move • Move Inc. • NASDAQ • National Association of Realtors • Private Securities Litigation Reform Act • Real estate • Realtor.com • United States
Filed under: Real Estate