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Wyomissing
Mortgage Co., Reading, on Monday announced it plans to launch a statewide
Internet Mortgage banking network intended to give Real Estate agents a
quick way to obtain an online
Mortgage approval along with a Commitment letter delivered over the
Internet before the client leaves the Real Estate Agents office.
Headquarters for the new service, to be called
Quickmortgageloan.com, “ will be located at the Wyomissing executive
office,” said Tim Macrina, technology director for the company, adding
that he expects the staff to grow to in excess of 100 within five years.
Consumers, through their Real Estate Agents, would apply over the Internet from the
Real Estate Agent’s office. The Real Estate Agent would be paid a fee for the services
actually provided to it’s clients
Despite the quick approval, Real Estate Agents as well as
Quickmortgageloan.com would encourage the clients to shop for the best
interest rate, while the online lender, Quickmortgageloan.com guarantees
to beat any lender’s annual percentage rate.
Sam Macrina, Quickmortgageloan.com President, said,
“Real Estate Agents are very sensitive to clients feeling that they are being
directed to certain lenders. By encouraging clients to continue to shop,
Real Estate Agents remain credible in the eyes of the consumer.
The Real Estate Agent would log on to
Quickmortgageloan.com site and enter information obtained from their client. While the Real Estate Agent
reviews the real estate sales agreements with their clients, a mortgage is
approved and a commitment letter is electronically delivered to the
Real Estate Agent’s email address.
The new Internet service cuts the time it takes to obtain a legally
binding mortgage approval from 4 weeks to 1 hour. Listing or selling
agents can benefit from the Internet service by providing the seller with
a commitment letter along with an offer to buy their home.
“Our research shows that listing agents are very keen on
providing their seller with the highest level of service possible. One way
to do this is to clearly present what the seller’s buyer has to do to
complete the sale before the seller signs the agreement. This will
virtually eliminate a seller taking a property off the market for 30 to 60
days only to find out the buyer could not meet all the conditions of the
mortgage approval.
Quickmortgageloan.com hopes to offer this service through 20 to 30
Top Flight Real Estate Agents in each county except for Philadelphia and Allegany
counties. These Top Flight Real Estate Agents can differentiate themselves by
offering 1-hour Internet approval while eliminating risks for both the
buyers and sellers of real estate.
Mortgage companies as well as Real Estate Agents need to differentiate
themselves to keep up with all the advances brought about by the Internet.
With technology, a small mortgage company or a Real Estate Agent with an assistant
or two can compete with large national companies.
According to Quickmortgageloan.com management, the advantage to the
consumer is the ability to communicate with a Real Estate Agent and a mortgage
lender face to face or over the telephone, as well as getting access to
the benefits offered by timely lending decision offered through the
Internet.
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