FAIRFAX, Va. - American Finance and Investment Inc. has completed what it believes to be the first mortgage loan originated over the Internet.
The borrower, Paul Coleman, was relocating to Texas from Michigan and found the lender's Internet address by conducting a search on his computer using the keyword "mortgage."
"I've applied for mortgages in the past and found the face-to-face interview and application process to be overly time-consuming and generally an unpleasant experience," Mr. Coleman said. He said he compared the rates and found they were as good as or better than any others he had been offered.
"But it was the simplicity and convenience of completing the application on my home computer that sold me," Mr. Coleman said.
The Virginia lender has been on the Internet since last August, providing basic mortgage information to consumers and real estate professionals in the "Real Estate Fair," one of the sites for real estate information on the Internet's Worldwide Web (www.homefair.com).
Jack Rodgers, president of American Finance and Investment, said: "With respect to the Internet and on-line lending, I think it's a natural for the mortgage business."
For those already on the Internet, the company's mortgage information can be found on the Worldwide Web at www.homefair.com/amin.htm.