MNT provides an electronic marketplace which connects loan shopping consumers with mortgage professionals, and facilitates electronic business between the many professional participants in the typical mortgage purchase. MNT distributes leads to a national network of experienced mortgage brokers. The centerpiece of the MNT's system is a web-based facility, developed by SRC, which provides an electronic marketplace for brokers, mortgage lenders, consumer portals, and other vendors to do business with one another.
Lenders can supply up-to the minute rate data.
Brokers can search for products and rates which fit a specific homebuyer's needs and then submit the loan application to the chosen lender. This system allows tremendous increases in communications efficiency relative to the industry standard fax-based communications. Increased efficiency results in fewer time lags in mortgage transactions. This in turn reduces uncertainties and risks to the lenders, and ultimately results in a lower price to the consumer and increased profit to the broker. The MNT electronic marketplace also provides opportunities for other vendors of services to the mortgage community.