In addition to finding a specific mortgage company, consumers will soon be able to request anonymous loan bids by completing and submitting a short pre-qualification form that provides their basic personal and financial information, as well as any specific details about the type of mortgage they are seeking.
Borrowers then select the companies in their area they want to bid on their loan.
To take part, all a company needs to do is supply us with its name, address, and fax number. This puts every mortgage office with a fax machine on the Internet. Internet FloorCall is scheduled for release next month. Pricing for this service has not yet been announced, but it will be free for the first 30 days, and aggressively priced on a per qualified loan basis thereafter. The Internet Office also allows mortgage professionals to help put their borrowers in control of the loan process through a secure web site where borrowers track the progress of their loan 24 hours a day, seven days a week.