Our method of operation in trying to develop a new online business is to team with a partner who can supply expertise in the traditional aspects of the business. The partner is interested in a new business idea with a potentially high payoff, but needs certain resources to take the idea from the idea level through feasibility demonstration and implementation. A traditional venture capitalist contributes resources in the form of money to the partnership in return for equity. Similar in concept to the Century 21 franchise for realtors, MtgPro provides mortgage brokers with the opportunity to gain the credibility, group buying power, and marketing advantages of a national affiliation. The centerpiece of the MtgPro system is a web-based facility, developed by SRC, which provides an electronic marketplace for brokers and mortgage lenders.
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 MtgPro electronic marketplace also provides opportunities for other vendors of services to the mortgage community.