RealTime IT News

IPI Financial Launches Mortgage Site

Mortgage broker IPI Financial Services Inc., through an equity investment arranged by ING Barings LLC, launched MortgageIT.com on a national scale.

The rollout, due to be completed by September 1999, will be supported by an extensive marketing/advertising campaign aimed at first-time homebuyers, repeat homebuyers and homeowners looking to refinance.

The capital (specifics were not disclosed) raised through ING Barings provides MortgageIT.com with the resources necessary to expand its business nationally, the company said.

"The online mortgage consumer is starving for a high-end, proven mortgage company to lead the marketplace," said Doug W. Naidus, chief executive officer of MortgageIT.com. "MortgageIT.com's ability to provide experienced customer service, long-standing lender relationships, unmatched buying power and state-of-the-art Internet technology to consumers on a national scale will allow us to capture a large percentage of the estimated $3 billion online mortgage market."

Consumers visiting MortgageIT.com can access rates from more than 100 lending institutions.

"MortgageIT.com differs from most other online mortgage firms because we are a traditional mortgage company utilizing the technology of the Internet to expand our reach," said Naidus. "Nearly all other e-mortgage sites are electronic commerce companies that just happened to choose mortgages as their virtual product."

MortgageIT.com also offers a proprietary Internet software package that provides interest rates indicative of the individual consumer's personal financial situation. Through an online summary application, completed by the consumer, MortgageIT.com will search and deliver an accurate mortgage rate, based on criteria including credit quality, information on the residence being financed, debt profile, income, etc.