MILWAUKEE Mortgagebot.com, the online lending division of M&I Mortgage Corp., announced a pilot program Monday that will use its PowerSite and the Internet version of Freddie Macs Loan Prospector.
The program will accept mortgage applications that consumers have filed with lenders over the Internet and will deliver loan decisions based on Mortgagebot.coms and Freddie Macs underwriting technologies.
By integrating our technology platforms, we will for the first time truly automate the entire online loan application experience and help deliver on the promise of Internet lending: instant and personalized loan approvals at a fraction of the cost, said Scott Happ, president and chief executive officer of Mortgagebot.com.
Patricia McClung, vice president of Loan Prospector marketing at Freddie Mac, said the pilot program will help Freddie meet its goal of cutting origination costs by half over the next five years, she said. Freddie hopes to expand the test include more lenders next year, she said.