ANN ARBOR, Mich. - ABN Amro Mortgage Group Inc. has relaunched Mortgage.com, part of the failed online lender that it purchased in February for $1.8 million.
William Newman, executive vice president of ABN Amro Mortgage, said Tuesday that the site is now a portal to assist ABN Amro customers looking for refinancing services. It is accepting applications via Freddie Mac's Loan Prospector automated underwriting service.
Mr. Newman said he is confident the Mortgage.com domain name, which ABN Amro bought along with the Spanish equivalent, will draw consumers, despite the failure of the previous owners. Mortgage.com fired its staff and began seeking a buyer last October.
"The name didn't fail; the Mortgage.com organization ran into problems and didn't survive," Mr. Newman said in an interview. But the Internet address "really does speak for itself."
He said ABN Amro is working on adding new mortgage-shopping tools to the site. "We're trying to drive as much of the decision-making process to get it into the hands of the consumer," he said. "To the extent possible we intend Mortgage.com to be a full-blown soup-to-nuts origination site. If the consumer chooses to have the whole process done through the technology on the site, we hope to facilitate that."