Bank Launches Mortgage Comparison Bot

January 13, 2000 -- Mortgagebot.com, a leading national on-line mortgage originator, has introduced MortgageMarvel, which it claims is the first intelligent agent site that enables consumers to comparison shop online mortgage lenders.

The site compares rates and fees of the various lenders, searching for real-time price information and comparing the the benefits of the lenders. The results are displayed in a format that makes it easy to compare different on-line lending options.

Initially, MortgageMarvel will search six on-line lenders, with results typically available in less than a minute. The six lenders are E-Loan.com, iOwn.com, mortgage.com, Quicken Mortgage, Microsoft Home Advisor and mortgagebot.com .

"Intelligent search agents like MortgageMarvel will reduce the search time for consumers interested in on-line mortgages and ultimately provide borrowers with a lower cost mortgage," said Scott Happ, president and chief executive officer of M&I Mortgage Corp. and mortgagebot.com. "By helping consumers discover which on-line lender has the best overall price, prospective borrowers can spend less time surfing and more time evaluating their alternatives."

On-line mortgage originations are expected to grow by more than 5,000 percent between 1998 and 2003, from $4.2 billion to $250 billion, according to one study. 

To initiate a search, the user enters a minimum amount of information necessary to get detailed results. The company claims that conducting a similar search manually would take the average user about 30 minutes. 

Among the features MortgageMarvel examines are fees, lock periods, and escrow requirements in providing the consumer with a complete mortgage estimate.  In addition,  MortgageMarvel's price comparisons are based on a set of consumer-defined variables and a uniform set of assumptions.

"Our goal with the first release of MortgageMarvel is to provide consumers with an accurate rate and fee quote for the most commonly requested mortgage transactions: zero-point loans for owner-occupied, single-family, primary residences," said Happ. "MortgageMarvel is careful to adjust for the presence or absence of escrows, points, loan amount and home value for a true 'apples-to-apples' comparison among the leading on-line lenders."

Interestingly, while the site includes itself in the comparisons, it claims it gathers information from competing lenders in an equitable fashion.

"Objectivity is critical to the success of MortgageMarvel and we intend to promote this tool as a consumer-centric Web destination enabling borrowers to obtain quick, unbiased price information from the top on-line lenders," said Happ.

Mortgagebot.com is a division of M&I Mortgage Corp. which is a subsidiary of Marshall & Ilsley Corporation, which is headquartered in Milwaukee, Wisconsin.