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Nationwide Mortgage Licensing System marks successful first year

National Mortgage Professional
Feb 15, 2009

Mortgagebot launches new Mortgage Marvel app for iPhoneMortgagePress.comMortgagebot, iPhone, Mortgage Marvel, application program, Rick Allen, iPhone App Store, Dan Welbaum Mortgagebot, an online, point-of-sale mortgage technology solutions for lenders nationwide, has introduced a free iPhone app (application program) for its revolutionary mortgage-shopping Web site, Mortgage Marvel. The new app has already generated impressive activity in its first six weeks on the market, including 30,000 rate-and-fee searches in January 2009. Since 2007, the award-winning Mortgage Marvel Web site ( has provided consumers with the most innovative, accurate, and hassle-free online mortgage-shopping experience available; and the new app now gives iPhone and iPod touch users unprecedented mobile access to real-time mortgage quotes from a nationwide network of trusted, reliable, and competitive banks and credit unions. The launch of the new mortgage-shopping app is very timely, especially since the mobile Internet is emerging as a powerful consumer business channel. According to the January issue of the Online Banking Report, "Mobile banking is expected to more than double in 2009, to one out of every six online banking households." "We're thrilled to be able to offer an accurate, real-time mortgage-shopping tool to iPhone users," said Rick Allen, director of strategic initiatives for Mortgagebot. "In seconds, iPhone users can download the free Mortgage Marvel app on the iPhone App Store and gain instant access to accurate, anonymous, real-time mortgage rate and fee quotes from lenders across America." The new application, released in December 2008, enables iPhone and iPod touch users to instantly view and compare accurate mortgage rates and fees from a nationwide group of trusted and respected banks and credit unions. In just seconds, users can enter a few property-related data points to obtain a wide selection of detailed mortgage quotes. And Mortgage Marvel is completely anonymousshoppers are not required to give up any personal information. Mortgage Marvel is unique in the way it extracts its data directly from the live product databases of lenders nationwide, displaying only accurate mortgage quotes in real time. Borrowers can click through to a lender's Web site and apply for a mortgage with confidence, knowing that the rates they see on Mortgage Marvel are truly available to qualified borrowersthey're not just 'teaser' rates. When shoppers "click through" to apply on a Mortgage Marvel lender's Web site, they will be visiting a customer of Mortgagebot, the technology leader whose award-winning PowerSite platform automates the mortgage Web sites of more than 800 banks and credit unionsthe same technology thats behind Mortgage Marvel. This means that consumers can complete the worlds fastest, most intelligent, and most interactive online mortgage application and get approved with full disclosures in 20 minutes or less. So both borrower and lender benefit from the worlds most streamlined mortgage-application and approval process. "Lenders are using Mortgage Marvel to grow their businesses and expand their market share," said Dan Welbaum, Mortgagebot's chief marketing officer. "In fact, with today's low interest rates, Mortgage Marvel is experiencing an unprecedented spike in activitythere was a 321 percent increase in rate searches in January '09 compared to last fall. With the new Mortgage Marvel iPhone app, banks and credit unions can tap into today's increased application volume and more easily reach the hundreds of thousands of potential borrowers who use either an iPhone or an iPod touch." "Just think about it, said Welbaum. "Only a few years ago, you had to call or visit a bank during business hours to shop for a mortgage. Now you can shop and even apply24/7/365using nothing more than a telephone or portable media player." For more information, visit
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