After successfully launching its name-your-own mortgage service in Florida, priceline.com inc. Monday debuted the service to the New York tri-state area.
PricelineMortgage is now available to homebuyers in New York, New Jersey and Connecticut. Developed with First Alliance Bank, the service is designed to allow customers to name their own interest rates and cut closing costs. Alliance Mortgage is an approved Fannie Mae seller, and will provide Fannie Mae’s Desktop Underwriter automated underwriting system. PricelineMortgage handles first mortgage loan requests of up to $240,000.
Priceline (PCLN) said it expects to roll out PricelineMortgage nationally during the first quarter of 2000.
Features of the mortgage service include:
- Loan level pricing — decisions on whether to accept the customer’s requested interest
rate and closing costs are determined uniquely based on each
customer’s credit history and loan attributes, ensuring the
lowest possible price for each customer.
- Real-time loan request evaluation — customers receive
a complete credit decision online in 24 hours or less.
- Online lock-in — At the time a borrower’s offer is accepted, PricelineMortgage provides a locked-in rate.
- Online loan counselors — a live chat
support from a staff of online loan counselors is available.
- Guaranteed low closing costs.
“The service harnesses the power of the Internet to allow consumers to purchase the world’s most time-sensitive commodity — a home mortgage — with the full knowledge that the rate they want is the rate they’ll get,” said Richard S. Braddock, priceline.com’s chairman and CEO.
In addition to the new mortgage service, Priceline began offering a name-your-price grocery service to New York area residents, with plans to expand nationally in the near future. The company also offers name-your-price hotel, airline, car and loan services.