CAMPBELL, Calif. - Contour Software, a leading provider of mortgage lending software, has signed an agreement with Homebuyer's Fair, an on-line service designed to help home-buyers receive mortgage information quickly.
The service explains the home-purchasing process and the mortgage industry to prospective buyers. Contour has developed a prequalification calculator to enable prospective borrowers to evaluate mortgage finance options. During the four weeks ending Nov. 20, 1,106 people used the prequalification calculator, the company said.
Homebuyer's Fair provides access to a library of educational materials and information on areas such as locating a neighborhood and a house and how to finance it.
Those considering a new home can access Homebuyer's Fair through the World Wide Web protocol of the Iternet (URL=http://www.homefair.com/). Prospective buyers can then enter their financial information into the system and receive an analysis of their qualifications for a mortgage.
"Every day, thousands of people dial into the Internet to shop or find information for everything from computers to automobiles. Now they can find help in the very complex process of financing a home," said Scott Cooley, president of Contour.
After reading the information, and working through the calculations to determine the projected mortgage size, the prospective homebuyer can forward an inquiry by electronic mail to Contour Software, which performs a database search and matches the prospective home buyer with a mortgage company in the same locality. "Leads obtained through the Homebuyer's Fair allow the mortgagor to talk to the consumer even before the realtor does," said Mr. Cooley.
"This can often lead to prearranged loans or access to potential customers who may otherwise be directed to other lenders through prearranged relationships with realtors." Contour says it is the largest provider of residential mortgage loan software m the United States, with an installed client base of more than 4,000 customers