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Mortgage Marvel, a New Mortgage-Shopping Web Site, Takes the Pain out of Online Mortgage Shopping

MEQUON, Wis. (Business Wire EON) November 5, 2007 -- If you've shopped for a mortgage lately, you know the challenges: Going online is quick; but after that, it can really bog down. Web sites can be confusing. You may be forced to reveal personal information. You have to page through screen after screen just to get a simple rate and fee quote. And then when you finally get a list of mortgage products, the rates and fees can be outdated or inaccurate--which could be perceived as "bait and switch."

And then--how do you decide which lender to turn to? High-profile lenders (like Countrywide and Ditech) blanket our TV screens with ads. Online loan portals (such as BankRate.com or Interest.com) turn up in every Internet search. And loan aggregators (like LowerMyBills.com or Lending Tree) constantly clamor for our attention.

Who needs all that hassle and confusion?

Enter Mortgage Marvel

Mortgage Marvel is the new, easy-to-use, ad-free mortgage-shopping Web site operated by Mortgagebot, the leading provider of online mortgage-application technology for more than 700 banks, thrifts, and credit unions across America. Due to its unique business model, Mortgagebot is ideally positioned to create the industry's fastest, simplest, and most accurate mortgage-shopping Web site.

"In the last 10 years, we've created over 3600 mortgage Web sites for more than 700 banks, thrifts, and credit unions," said Scott Happ, the President/CEO of Mortgagebot. "All those sites are based on our PowerSite technology, which provides the easiest consumer-direct mortgage-application process available. So perhaps better than anyone else, we understand what borrowers face when researching and applying for a mortgage online."

"The problem," Happ said, "is that consumers can't get easy, convenient, and anonymous access to instant, accurate, and fully disclosed mortgage rate and fee comparisons from a single Web site--unless they're willing to spend significant time online, wade through confusing Web pages, and reveal lots of sensitive personal data."

No frustration, just fast and accurate mortgage quotes

"Mortgage Marvel features no ads," said Happ. "Borrowers never have to page through multiple screens, and they don't have to enter personal information. With only three bits of property-related data and only a single mouse-click, Mortgage Marvel provides borrowers with fast, accurate, real-time mortgage quotes from trusted, local lenders."

"Consumers always get accurate rates with Mortgage Marvel," Happ stated. "That's because Mortgage Marvel creates its rate and fee comparisons from the actual loan-product databases of the hundreds of trusted, local mortgage lenders that use our PowerSite system. And it's all done in 'real time,' so when you contact a lender to arrange for home financing, what you've seen online is exactly what you get."

"The result," Happ explained, "is that in less than 30 minutes a borrower can get accurate rates and fees, compare a selection of loan products, select a lender, complete a loan application, and get immediate online approval."

How Mortgage Marvel works

Simple. Accurate. Incognito. That's Mortgage Marvel in a nutshell.

Using Mortgage Marvel is a breeze. With three simple steps--and just one mouse-click--you can get true and accurate rate, fee, and disclosure comparisons from reliable, competitive lenders in your area.

First, log on to www.MortgageMarvel.com. With no ads or distractions, you can get right down to business.

Second, enter three pieces of property-related data: loan amount, property value, and property ZIP code; and click the "Compare Rates Now" button. That's all you need to generate a comparison table of quotes for a 30-year, fixed-rate loan. If you need a different loan, you can select the "Advanced Quote" option to enter just a few more bits of loan-related information. Either way, it takes only seconds--and it's completely anonymous.

Third, compare your quotes. Mortgage Marvel works similar to the Orbitz or Travelocity airline-reservation Web sites. In just seconds, Mortgage Marvel displays an easy-to-read and easy-to-sort table, which displays the loan products from the Mortgage Marvel lenders in your area that match your specified criteria. Mortgage Marvel makes it easy to compare interest rates, fees, APRs, closing costs, and lenders.

That's all there is to it.

When you're ready to apply, just click the "Apply" button next to the loan of your choice. You'll link directly to the lender's Web site, where you can complete an entire loan application in 20 minutes or less. Within 30 minutes of accessing Mortgage Marvel, you can be pre-approved with a good-faith estimate.

Knowledge is power--and Mortgage Marvel empowers borrowers

Mortgagebot understands that most home-buyers don't go through the process often enough to get familiar with the ins and outs of mortgage lending. And everyone knows that an informed consumer can make a wiser decision.

So Mortgage Marvel features a comprehensive Learning Center, which gives consumers practical borrower's tools, such as: mortgage-related calculators; expert commentary on mortgage-related issues, trends, and legislation; advice about discount points, credit scores, qualifying for a loan, mortgage insurance, and closing costs; and more. There's even a helpful FAQ section.

It's already winning awards

Mortgage Marvel was recently introduced to the financial-services community, and already it's generating a buzz. Mortgage-industry commentators are impressed; and Mortgage Marvel was even named "Best in Show" at the Finovate 2007 Conference in early October (www.Finovate.com). MortgageMarvel.com also meets the Better Business Bureau's BBBOnLine Reliability Program participation and membership standards.

"Mortgagebot got it right," said James D. Jones, president of First Wellesley Consulting Group (Wellesley Hills, Mass.). "Consumers want reliable information, accurate mortgage rate comparisons, lender choice, and personal control when shopping for mortgages online; and Mortgage Marvel gives (them) what they want."

About Mortgagebot

Mortgage Marvel is a product of Mortgagebot LLC (www.Mortgagebot.com), the Inc. 500 company that leads the mortgage industry in providing direct-to-consumer, Internet-based loan-origination solutions. Mortgagebot combines extensive mortgage experience with leading-edge "software-as-a-service" (SaaS) technology to create robust, scaleable, and affordable mortgage Web sites for more than 700 lenders nationwide. The award-winning PowerSite product family is a fully configurable and completely private-labeled solution set that enables lenders to take mortgage applications over the Internet, through the branch, or from a loan officer's laptop.

To view a brief video presentation about Mortgage Marvel, visit www.mortgagebot.com/marvelvideo2.

(1) "Online Mortgage Shoppers' Paths to Purchase", by Brad Strothkamp. Published by Forrester Research, Inc. (Cambridge, Mass.); June 7, 2006. (C) 2006 by Forrester Research, Inc.

Mortgagebot, Mortgage Marvel, and PowerSite are registered trademarks of Mortgagebot LLC. Other products and/or services are the property of their respective owners.

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