Loan Approvals Go Online

February 13, 2002

Mortgagebot, Freddie Mac Aim Services Toward Small, Mid-Size Lenders


Inman News Features

Mortgage-related technology developer Mortgagebot and Freddie Mac announced they have teamed up to offer small- to mid-size mortgage lenders the ability to deliver online mortgage loan approvals.

Mortgagebot said it plans to custom-build, host and maintain lender-controlled and lender-branded Web sites and link them to Freddie Mac?s Loan Prospector automated underwriting service.

"By working with Freddie Mac and Mortgagebot, lenders can move beyond bricks and mortar to reach borrowers via the Internet and take advantage of Loan Prospector?s ability to approve many types of borrowers," said Tricia McClung, Freddie Mac?s VP of Loan Prospector.

According to Mortgagebot, a lender?s Web site can be up and running in as little as 60 days. Consumers would be able to visit the lender?s Web site, complete an online mortgage application and receive an online loan decision from the lender within minutes, Mortgagebot reported.

Copyright: Inman News Service