The rest manually input information off the application forms. In shopping for a lender online, consumers will find dozens of companies offering a variety of services. Some lenders have simple Web sites that do nothing more than introduce their company and provide information on how to contact them. One of the trick features of Liberty's Web site is that consumers can get a pre-qualifying letter directly off the site. The borrower simply plugs in a few figures and can immediately see his or her chances of qualifying for a loan and for what amount.
Users can print out a prequalification letter to show to sellers or Realtors.
Qpoint's site not only provides information about loan programs, but lists homes for sale. Many consumers stop by Portland Mortgage's site to check out the mortgage rates, which are updated daily. Some loans are more appropriate for the online process than others, said Hogg. While the loan process surely will become more automated in the next few years, Qpoint Chief Executive Officer Rourke O'Brien dismisses fears that automation eventually will replace the need for loan officers. The same people making those predictions, he said, also predicted that TV would eliminate radio and that VCRs would wipe out movie theaters.