SOURCE: Mortgagebot

Mortgagebot

August 31, 2010 10:00 ET

Consumer Survey Confirms: Mortgage Marvel Delivers a Superior Mortgage-Shopping Experience

Consumers Rate Mortgage Marvel "Superior" to Other Online Mortgage-Shopping Services; Positive Borrower Perception Helps Mortgage Marvel Lenders Grow Their Businesses

MEQUON, WI--(Marketwire - August 31, 2010) -  According to the results of a recent consumer survey, the best tool for online mortgage shopping is Mortgage Marvel (www.MortgageMarvel.com), the unique and innovative mortgage-shopping service developed by Mortgagebot LLC (www.Mortgagebot.com) of Mequon, Wis. to help banks and credit unions connect with online mortgage shoppers and gain new business from the Internet. Ninety-two percent of consumers surveyed not only give Mortgage Marvel a positive rating, they also say they would recommend the service to others.

"Currently more than 70 percent of borrowers start their mortgage shopping on the Internet, so banks and credit unions are increasingly perceiving online-lending technology as a 'must-have' solution," said Rick Allen, Mortgagebot's Director of Strategic Initiatives. "Lenders are using online mortgage-origination technology to attract new business, and they're gaining impressive benefits from Mortgage Marvel."

Mortgage Marvel, the preferred mortgage-shopping service

Today's borrowers have many options to choose from when selecting an online mortgage-shopping service. But the survey -- which Mortgagebot conducted in collaboration with the consulting firm Conversion Mill of Chicago, Ill. -- reveals that 81 percent of consumers rate Mortgage Marvel "better" or "superior" to such mortgage-shopping sites as LendingTree, BankRate, and Zillow.

According to Allen, 563 consumers who used Mortgage Marvel were invited to participate in a survey of their online mortgage-shopping and -application experience. Nearly 20 percent (106 individuals) responded to the survey invitation, and the survey was conducted in March 2010.

The survey reveals that consumers place high value on Mortgage Marvel's unique feature set. About 53 percent specifically cited the ease of comparing multiple rate quotes as Mortgage Marvel's best feature, followed by its anonymity and its accurate, real-time quotes.

Lenders also appreciate Mortgage Marvel's ease of use -- because it brings in new business. Karen Bardakoglu, Mortgage Operations Manager of Xceed Financial Credit Union of El Segundo, Calif., said, "We're impressed with Mortgage Marvel's simplicity. We also like the fact that it provides accurate quotes for mortgage shoppers -- and they can use it in complete anonymity."

"But the biggest benefit we've gained," Bardakoglu observed, "is more loans. We've found Mortgage Marvel to be a very good way to attract new members; it has really brought in the business."

Easy shopping and fast applications

According to Allen, banks and credit unions appreciate having their rates featured on Mortgage Marvel because it helps them attract new business while consumers are shopping for competitive mortgage quotes. "Having your rates featured on a mortgage-shopping site that 92 percent of consumers rate favorably is a great way to attract new business," Allen said.

But there's more to Mortgage Marvel than just online mortgage shopping. Unlike other loan portals or loan aggregators, Mortgage Marvel enables borrowers to click through directly to the lender of their choice, apply for a mortgage, and get immediate conditional approval with complete and compliant online disclosures -- all in as little as 20 minutes.

According to Cheryl Preston, Vice President of Danversbank (Danvers, Mass.), new mortgage customers who find Danversbank through Mortgage Marvel give the online application process high marks for being straightforward and user-friendly.

"People like the fact that the application process doesn't take a lot of time," Preston stated. "Our 'smart' online application even tells borrowers right up front that they will be asked questions about income and employment, so they can locate the information they need before they actually have to enter it."

Preston's assessment of customer satisfaction is confirmed by the survey results: More than 4 out of 5 consumers who completed a mortgage application as result of shopping on Mortgage Marvel say they are "satisfied" or "very satisfied" with the Mortgage Marvel lender they selected.

About Mortgage Marvel and Mortgagebot

Mortgage Marvel (www.MortgageMarvel.com) is the only nationwide, online mortgage-shopping service that instantly delivers accurate, real-time quotes from multiple lenders in complete privacy. The award-winning Mortgage Marvel enables consumers to quickly get mortgage quotes from trusted lenders by entering as few as four key pieces of non-sensitive information. In seconds, Mortgage Marvel presents free, accurate, up-to-date mortgage quotes from multiple lenders in an easy-to-understand display that is fully compliant with all government regulations. But unlike other online mortgage-shopping services, Mortgage Marvel enables borrowers to link directly to their preferred lender -- where they can complete a mortgage application and get approved with full disclosures, all in about 20 minutes or less.

Mortgage Marvel is operated by Mortgagebot LLC (www.Mortgagebot.com), the industry-leading, Inc. 5000 company that provides the unique, award-winning PowerSite family of integrated point-of-sale (IPOS) solutions for taking mortgage applications from every business channel: Internet, branch, call center, or loan officer. Mortgagebot blends deep mortgage experience with innovative "cloud-computing" technology to create scalable and affordable Web sites for nearly 1,000 banks and credit unions nationwide. Lenders large and small view PowerSite as a "must-have" solution because it helps them grow their businesses, reduce costs, and compete more effectively. In addition, PowerSite is flexible, easy to use, and features a rapid and proven implementation process.

Mortgagebot, Mortgagebot PowerSite, and Mortgage Marvel are registered trademarks of Mortgagebot LL.

All other trademarks are the property of their respective owners.

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