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GE Capital Launches Mortgage Broker Site

Putting its two cents into the online mortgage pool, GE Capital Monday debuted its mortgage lender site NetOriginate.com to offer brokers and lenders a series of tools to consolidate the loan origination process.

Brokers can personalize their home page, to which various lenders can deliver customized rates and program parameters. Users can find credit reports, take mortgage applications and qualify loans against the lenders' guidelines. Brokers can also request a rate lock online and download the loan information.

The site will also include a broker profitability model, pipeline reports, e-mail, and a MSNBC news feed.

"NetOriginate.com was designed to preserve and facilitate the existing relationship between the lender and the broker while taking full advantage of Internet efficiencies," said Cathy Kenworthy, senior vice president of e-commerce at GE Capital Mortgage Corp.

Participants in the pilot site are InterFirst, a Division of the ABN AMRO Mortgage Group; Norwest Mortgage; GE Capital Mortgage Services; and United Lending Partners, a consortium of Texas mortgage brokers.

The trial will begin this month and full rollout is scheduled for early next year.

The move follows the $370 million purchase of direct mortgage lender Rock Financial Corp. by Intuit Inc. (INTU), the largest acquisition yet in the online mortgage market. Intuit also purchased Title Inc. to offer streamlined mortgage services.