E-Loan Offers Freddie's Underwriting System
DUBLIN, Calif. - E-Loan Inc., the on-line lending company, said it has started a mortgage application process it developed with the integration support of Freddie Mac's Loan Prospector tools.The process, using Freddie's automated underwriting system, offers borrowers instant loan approvals on-line, along with customized rates and real-time rate locks. E-Loan said the procedure is one of several on-line options offered to customers of Baldwin Real Estate Services, a real estate and mortgage brokerage headquartered in Arcadia, Calif.
Web Lender Expands Territory with Purchase
MELVILLE, N.Y. - AppOnline.com Inc., a fast-growing Internet mortgage banker, said it has bought Arrowhead Mortgage Co., an on-line mortgage banker.AppOnline.com said the deal expanded its territory. Arrowhead is licensed in Ohio, Kentucky, Indiana, Kansas, Missouri, Colorado, Texas, and West Virginia. Terms of the transaction were not disclosed.
Chase Unit to Launch Multilingual Program
SAN FRANCISCO - Homeowners.com, which markets mortgages and other home-related products on the Internet, said it has agreed to develop a multilingual on-line lending program for Chase Manhattan Mortgage Corp.The Edison, N.J.-based home loan unit of Chase Manhattan Corp. said it expects to kick off the minority-targeted program in January. Homeowners.com's own Web site material is available in English, Spanish, Korean, or Chinese.
On-Line Broker in Link With R.I. Realty Group
NEW YORK - MortgageIT.com, an on-line broker, said it has agreed to supply marketing resources to members of Independent Brokers Inc., a network of Rhode Island real estate brokers.The brokers will have access to an on-line system enabling them to prequalify homebuyers for loans. They will be able to do so for borrowers in any state.
Calif. Subprime Lender Speeds Web Approvals
WOODLAND HILLS, Calif. - WMC Mortgage Corp., a subprime lender, has added automated underwriting to its Internet channel, WMC Direct.The new system allows mortgage brokers to give loan applicants a decision within minutes, WMC said. It also outlines conditions for approval. WMC's account executives and brokers can use the system to check on the status of an application step by step.
The service is free for brokers. WMC Direct accounts for 30% of WMC Mortgage's application volume.
System Adds 7 Lenders For Commercial Realty
SAN FRANCISCO - LoopNet Inc., an on-line commercial real estate and commercial mortgage broker, signed up seven more lenders for its LoopLender system, including Wells Fargo Bank and GMAC Commercial Mortgage, a unit of General Motors.The other five new lenders on the site are Artesia Mortgage Capital, Cambridge Realty Capital, Capital Lease Funding, CIT Group, and Wexford Bancgroup.
LoopNet recently added financing programs and property types to its LoopLender service; it also improved work-flow automation. It offers permanent, construction, bridge, mezzanine, and Small Business Administration loans, as well as equity financing.