LoanTrader.com, the mortgage industry's first one-stop Internet portal for comprehensive originator-lender mortgage transactions, made its debut during the California Association of Mortgage Brokers industry showcase held July 21-24.
The new site enables mortgage originators to quickly access and send loans to a multitude of lenders in an online environment with greater product choices, quicker response time and less paperwork.
LoanTrader.com responds to the mortgage industry's demand for a one-stop Internet solution combining a broad range of mortgage transaction capabilities in an easy-to-use, standardized format. "Originators are starting to realize that mortgage transactions are quickly moving onto the Internet and most agree that the time to be part of this transition is now," said John Le, DeNovoNet's President and CEO. "However, many originators are also overwhelmed by the decision-making process of choosing the best Internet solution today for their needs now and in the future."
Until LoanTrader.com, the solutions available to originators have been piecemeal because of a failure to realize the full potential of the Internet to aggregate and manage efficient transactions. "We created LoanTrader.com as a complete solution, and one which is technologically ahead of its time, but simple to use; participation does not require special software, equipment or training. Originators can now upload loans to their favorite lenders or outsource to see what's available. We feel we've done an excellent job delivering on the Internet's promise to provide value to the mortgage industry," added Mr. Le.
Mr. Le noted the following points as LoanTrader.com's most important advantages to originators:
++It's free. There is no "risk" to originators. Originators have nothing to lose and everything to gain by logging on to LoanTrader.com
++No special software, equipment or training needed. Originators quickly plug in, log on and transact business without worrying about compatibility between software and hardware and without waiting for updated software to come in the mail. All that is needed is access to the Internet. Updates and enhancements take place without the need for the originator's involvement-at the LoanTrader.com site, not in the originator's office.
++Real time product sourcing. Through its multitude of lender partners, LoanTrader.com offers a broad range of mortgage products which are sourced directly from participating lenders with real time responses.
++Not a lender. LoanTrader.com is not a lender, but is a direct and open channel between originators and lenders-either direct or through open sourcing of loan requests to lenders with matching loan programs. LoanTrader.com was developed to assist originators and lenders in understanding and realizing the awesome potential of transacting business online. LoanTrader.com has created a universal channel open to all originators and lenders wanting to deliver loans via the efficiency and speed of the Internet.
Mr. Le says LoanTrader.com will also provide comprehensive product and service information, enhancing the scope and accessibility of key business information available to LoanTrader.com residential lenders and originators. Other unique features will include online access to loan documents, automated underwriting and third-party services via a password-protected area.
"Our goal is to provide one centralized marketplace for lenders and originators to log-on and have access to cutting-edge business applications and information," Mr. Lee said. "We're hoping that through our continued involvement in technology, it will become easier and more efficient for lenders and originators to conduct business with one another while at the same time creating a competitive advantage for conducting business into the next millennium."
DeNovoNet, Inc. is a privately held company with corporate offices in Irvine, California.