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RealTime IT News

@Home Signs RealEstate.com

Real estate information and services company RealEstate.com signed a two-year agreement to become the sole provider of mortgage information and services on Excite@Home's broadband @Home service.

Excite@Home will build a new "Mortgage Wizard" on its high-speed @Home service in which subscribers can participate in RealEstate.com's Mortgage Auction, a real-time, competitive online auction for home loans. Financial arrangements were not disclosed.

RealEstate.com also will have an advertising presence -- rich in video, product information and high-resolution photography -- throughout the @Home service.

"Broadband content allows us to actively engage consumers in the online loan experience," said Alan F. Daniels, chairman and CEO of RealEstate.com. "Through this strategic alliance we hope to build relationships with a highly desirable segment of homebuyers."

RealEstate.com's Mortgage Auction connects consumers with more than 200 lenders offering their lowest rate -- at no cost and no obligation to the consumer. Consumers fill out a secure, online auction form and their anonymous profiles are posted to the daily auction. In as little as 24 hours, the loan is awarded to the lender with the lowest overall package, the company said.