|[November 13, 2012]
MortgageAuction Launches Today in Massachusetts, Transforming the Mortgage Process to Increase Borrower Savings and Generate Lender Leads
BOSTON --(Business Wire)--
MortgageAuction, offering a simple, secure and transparent online
mortgage auction environment, launched today. The company's easy-to-use
connects motivated borrowers seeking significant savings with licensed
lenders pursuing quality leads. MortgageAuction transforms the mortgage
process by eliminating the need for exhaustive searching and negotiating
for the best mortgage rate. Initially conducting business in
Massachusetts, the company plans to expand to other states in coming
There are notable benefits to online mortgage auctions. Borrowers value
saving money by having lenders compete for their business while reducing
time-consuming research and negotiation. Lenders constantly seek high
quality leads, and MortgageAuction delivers a cost-effective model to
grow their loan volume. They choose the auctions in which they
participate, including how much and how often they bid.
The mortgage market is enormous. According to Hoover's (News - Alert), as of 2012 U.S.
mortgage banking generates $60 billion in annual revenue, with the
Internet serving as a major source of mortgage applications. At 35%
Mortgage is the leading category for all lead generation demand.
MortgageAuction delivers an online auction platform that delivers new
efficiencies and opportunities for boh borrowers and lenders in this
"Participating in a pre-launch beta test, I experienced first-hand how
MortgageAuction can save mortgage borrowers a lot of money," said
Stephanie G. of Los Angeles. "It is hassle free, straightforward,
user-friendly and easy to navigate and set up. It's especially fun to
watch lenders actually compete for business. Monitoring my auction was
enjoyable, especially comparing the results and watching the savings add
up. I received an email whenever there was a new bid in my auction,
which was really useful. I also appreciated being in control, which is a
unique and empowering feeling for a mortgage borrower."
"The mortgage origination industry can be challenging, especially when
it comes to generating quality leads on an ongoing basis in an efficient
and cost-effective manner," said Richard Shapiro of Asset Mortgage
Group, Natick, MA. "MortgageAuction provides access to the 'holy grail'
for lenders, borrowers actively seeking a mortgage and ready to do
business. We plan to leverage MortgageAuction as a new lead generation
channel that can help us grow our business and directly impact our
Creating an auction with MortgageAuction is simple. Log onto www.mortgageauction.com,
sign up in seconds, click to create an auction and watch savings grow as
lenders compete. The entire experience is transparent and hassle free.
"Online mortgage rate search has been a dark alley for borrowers and
lenders. Borrowers are overwhelmed with mysterious terms and conditions
while trying to negotiate for the best mortgage deal," said
MortgageAuction Chief Executive Officer Jeff Chin. "An open, competitive
bidding model saves time and money for the borrower while creating a
channel of quality leads for lenders. The model is a win-win that will
transform the mortgage industry."
Borrowers, lenders and others seeking additional information about
MortgageAuction may contact firstname.lastname@example.org.
About MortgageAuction (www.mortgageauction.com)
MortgageAuction leverages the proven and understandable auction concept
to transform the mortgage process. With MortgageAuction, borrowers no
longer have to engage in the exhaustive process of searching and
negotiating for the best mortgage rate. The company provides licensed
lenders with access to quality leads to increase their loan volume.
Founded in 2012, MortgageAuction is headquartered in Boston,
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