RICHMOND, Va. -- Crestar Mortgage Corp. has introduced a system that prequalifies homebuyers for mortgages within 10 minutes.

The system is aimed at realty agents and builders, who can determine in advance how large a mortgage potential buyers are qualified for and direct their sales efforts accordingly.

The customers fill out a short form, which is then faxed to Crestar.

The system evaluates the data provided and issues a prequalification letter by fax within 10 minutes.

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