Extended mortgages - online features

Jack M. Guttentag, who has a PhD. in economics, since the mortgage industry for decades as a professor and researcher in international banking at the Wharton School of the University of Pennsylvania since 1969 and as a consultant for Freddie Mac and the World Bank, to name a few. He has a weekly column under the name "mortgage Professor" written for 12 years, and a group named the prior Mortgage Brokers Association, which promotes the transparency of fees not even started.

In February mortgage started a service that helps to match buyers and lenders on its website Professor Dr. Guttentag and two partners. "You can talk to all the people you like, and it has often minimal effect," he said "but if you have them a better way to do it better show, wears it makes much better."

Mortgage market and Bankrate.com are Dr. Guttentag compete with the likes of better-established organizations such as LendingTree, Zillow. Marketplaces are these so-called mortgage always become more popular as a way for borrowers loan prices and options research. For example, LendingTree, says that it has facilitated over 30 million loan requests and $214 billion in closed loan transactions since its inception 15 years ago. And all the available 1,200 mortgage-related sites tracked by Experian Hitwise moved 126 million visitors in February to 26 percent over the previous year.

The larger sites offer a mix of consumer mortgage calculators and other tools, along with fare quotes or match-ups with one or more of the hundreds of participants lenders. Add many other features and functionality, to stay more competitive.

Zillow mortgage marketplace focused on mobile applications, and have seen the early "enormous deployment," said Erin Lantz, the Director of the marketplace. To their mobile mortgage app for the iPhone that offers check borrowers loans and rates, has been downloaded more than two million times since June. In February, it started a version for Android phones.

LendingTree, now plans to redesign their website in the next three months, and has several functions, including one called "The best loan for life." It evaluates homeowners signed with LendingTree to see whether it would worth to refinance short-term loans against new offers from lenders. In June, are users of the site can add their own information - i.e., prices and conditions from other lenders, associated with not only the LendingTree. This will do a side-by-side analysis "and to see which is better", said Doug Lebda, founder. on Bankrate.com who would like a mortgage banker can now access "a call-center interface" and finally connect with someone, said Bruce Zanca, a spokesman. Not all mortgage banks have signed, he said.

The mortgage Professor service is tiny in comparison: only six mortgage lenders have so far signed. But Dr. Guttentag said that he hoped some of the larger shopping sites teachings. It consists of its mortgage-shopping site "certified network lenders" calls, of which each must comply with certain standards and post prices in real time. Borrowers can shop anonymously, until she bombed a lender, which you choose with information.

At various points in the mortgage shopping process are borrowers covered by "Decision Support," access to short informative articles and question-answer capabilities.

Dr. Guttentag is already considering updates. "We have a special section on niche products," he said.

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