January 14, 2010 06:00 ET Goes Live

Free Consumer Service Uses Home-Account Mortgage Engine to Match Borrowers With the Lowest "TrueCost" Refinancing

NEW YORK, NY--(Marketwire - January 14, 2010) - Inman Real Estate Connect Conference --, a free, consumer-focused service that guarantees borrowers the best refinancing for which they're qualified, went live today. The site defines "best" as the lowest "TrueCost" loan over time. combines a fluid, easy-to-use interface with the Home-Account Mortgage Engine, developed in association with Jack M. Guttentag, known as The Mortgage Professor, to match homeowners seeking refinancing with the best loan chosen -- by the borrower -- from a large array of reputable lenders.

" is designed to put borrowers, not lenders, in control of the mortgage refinancing process," said Mark H. Goldstein, chief executive of Home-Account, Inc., which manages "Other sites in this space exist to funnel leads to lenders. They spray borrowers' personal information to multiple lenders who then adopt an aggressive sales approach without much concern for the borrower. We've designed a smooth, smart, fast system that lets borrowers steer from beginning to end."

Here's how it works:

--  Borrowers answer a series of questions establishing their financial
    status, current mortgage information, and what elements are most important
    to them in refinancing (low payments, length of loan, maximum cash out,
-- "soft-pulls" borrowers' credit report and score from
    Experian, a partner, in a way that doesn't affect
    borrowers' credit score.
-- then gives borrowers a mortgage "grade." If borrowers
    "pass," qualifying for attractive loans, the process continues. If
    borrowers do not qualify, they are referred to to work on
    increasing their lender attractiveness.
--  If applicable, suggests "quick fixes" to help borrowers
    raise their mortgage grade immediately -- for example, taking care of a
    small, unpaid medical bill marring their credit report.
--  The Home-Account Mortgage Engine, which Prof. Guttentag helped design,
    first recommends what sort of refinancing would be best for each borrower's
    situation, then matches borrowers to numerous pre-qualified lenders. The
    site shows borrowers each lender's interest rates, resulting monthly
    payments, fees, and monthly savings over their current mortgage. Matches
    can usually be made within seconds.
-- further differentiates itself by giving borrowers a
    "TrueCost" comparison of loans, taking into account not only APR, but also
    principal, lender's fee, loan origination/discount points, mortgage
    insurance (if needed), and income tax savings over the time borrowers
    expect to own the home.
--  Borrowers can click on a selection of loans to compare their features.
--  When borrowers decide to apply for refinancing from a particular lender,
    they click on "Rate Lock," which obligates lenders to offer the loan at
    that rate within 48 hours.
--  Only when borrowers approve of working with a given lender is their
    detailed financial information shared with that lender.
-- customer service representatives follow up within 24 hours
    to make sure borrowers are satisfied with the process.
--  All of this is free to borrowers. is paid a flat fee by the
    one lender that ends up working with each borrower. has vetted and selected Tier 1 lenders ranging from major regional banks to boutiques. Among others,'s lenders include, RoundPoint Mortgage Company, Eagle National Bank and First Choice Funding.

About Home-Account, Inc., and

Home-Account, Inc., is a mortgage-finding service designed to help America's 75 million borrowers save money and make smart mortgage choices. The service grades and analyzes borrowers' current mortgages, presents scenarios to improve their financial situation, and then matches each borrower to the best mortgage options in the market. Home-Account is based in San Francisco and has offices in Charlotte, N.C. The company is backed by Charles River Ventures, Rembrandt Ventures, and several Silicon Valley angel investors. For more information, please visit: or video: is operated by Home-Account, Inc., which is licensing the URL.

Contact Information

  • For more information, contact:
    Missy Cavin
    (415) 515-5146
    Email Contact

    Sarah Singleton
    Red Canyon Communications
    (415) 290-8045
    Email Contact