SOURCE: Home-Account

Home-Account

Home-Account

May 19, 2010 14:50 ET

"Mortgage Grade(SM)" Launches in Syndication on Leading Mortgage Sites

Free, Analytics-Based Assessment Tool From Home-Account Added to Monetize Site Traffic, Deliver Well-Qualified Lender Leads

SAN FRANCISCO, CA--(Marketwire - May 19, 2010) -  Home-Account, Inc., the company behind Refinance.com that's been praised by The New York Times, BusinessWeek and CNET, today announced the availability in syndication of Mortgage Grade(SM), a free, easy to use analytics service that helps homeowners find the lowest-cost mortgages for which they qualify. Mortgage Grade is syndicated to leading mortgage-oriented websites to help those sites build and monetize traffic. Additionally, Mortgage Grade (www.mortgagegrade.com) delivers the most committed, best-qualified leads to lenders.

On launch today, Mortgage Grade (www.mortgagegrade.com) is live on Home-Account.com and in the coming weeks will be syndicated at Bills.com, Credit.com, ConsumerUnited.com, e-rate.com and mtgprofessor.com, as well as available on Refinance.com.

Consumers should visit http://www.mortgagegrade.com now to learn more about their Mortgage Grade and how it can help them secure the best mortgage available.

"Whether consumers choose the long or short-form version, Mortgage Grade benefits all parties to the mortgage transaction," said Mark H. Goldstein, chief executive of Home-Account, Inc. "Consumers get valuable, objective information. Syndication partners get multiple new ways to monetize traffic by offering visitors a free, no-pressure, analytics-based service -- not a sales tool. And lenders get leads of unmatched quality."

Justin Dangel, founder and chief executive of Consumer United said, "Mortgage Grade not only acts as a broker without the fees, it educates our members on how they can better understand their options and helps them qualify for the best terms. The process is easy and engaging, and the value add keeps users coming back to Consumer United as a trusted source for both products and consumer information."

"Mortgage Grade enables us to attract visitors to our site and keep them by providing an engaging service," Dangel said. "It's a win-win both for us and our members."

Dangel added, "For lenders, Mortgage Grade delivers an unusually high-value lead precisely because it is NOT a lead-generation service. The leads are well qualified because Mortgage Grade provides lenders all the data that went into compiling the consumer's Mortgage Grade after the consumer has chosen to deal with that lender."

"Consumers are committed because once they receive a Mortgage Grade and agree to work with a particular lender, that's the only lender the consumer will talk to."

Sites or lenders interested in exploring partnership should contact Mark Goldstein at mark@home-account.com.

How it Works
Mortgage Grade, which is syndicated as a button or widget on partner sites, is powered by the Home-Account Mortgage Engine, developed with Jack M. Guttentag, The Wharton School mortgage expert known as The Mortgage Professor. When consumers hit the Mortgage Grade button on the syndication partner site, they are taken to a co-branded environment where they can choose to go through the entire Mortgage Grade process or use a short form to get a Preliminary Mortgage Grade (see below).

Consumers begin the long-form process by entering detailed information about their financial status, current mortgage (if any), and data about their current home or the property they hope to buy. Importantly, this consumer-supplied information is then verified and augmented automatically by third-party applications:

  • Mortgage Grade "soft-pulls" borrowers' Experian credit report in a way that doesn't affect their credit score.
  • Automated Valuation Model from Lender Processing Services, Inc., validates the property's real value (not a "guesstimate Zestimate").
  • Closing.com provides best-estimate of closing costs.
  • Econometric and market data flow in real time from Economy.com.
  • Home-Account provides real-time pricing and qualification data from its lender partners.

All of this is analyzed within seconds, and the consumer receives an easy to understand Mortgage Grade with extensive explanation for the grade as well as suggested next-best actions. The consumer can quit the process and keep the information without obligation, or move on to other actions.

"RATE GUARANTEE" - A consumer who continues all the way through the process can lock in a guaranteed mortgage or refinance loan within 48 hours by clicking on "Rate Guarantee," at which point the consumer's hand-picked lender will contact the consumer. One of Mortgage Grade's promises to consumers is no lender will ever contact a consumer unless the consumer has asked to be contacted.

PRELIMINARY MORTGAGE GRADE - Consumers who are pressed for time or simply interested in a lightweight test drive can get a Preliminary Mortgage Grade by answering just seven questions. Consumers who receive a Preliminary Mortgage Grade can then choose to return at a later time to provide more detailed information and receive a full Mortgage Grade. Or they can click on "have someone call me," and a service rep will contact them to walk them through the rest of the process.

Mortgage Grades

  • The highest grade -- A+ -- means the consumer already has the best mortgage available. But that's not the end of the story. Mortgage Grade offers a free service subscription that will monitor market conditions and consumers' financial information and alert consumers via email when the time is right for refinancing at a savings.
  • Consumers with grades A, A-, B+ and B are eligible for different types of loans -- all at the best rates available anywhere - and are offered educational information and connections to pre-vetted lenders. They may also subscribe to Mortgage Grade's email mortgage/refinance alert service.
  • A B- means FHA-eligible only. C+ means consumers may find manually underwritten loans, which Mortgage Grade/Home-Account can help arrange with qualified lenders. C consumers are not eligible for mortgages, and are referred to loan modification, credit counseling, debt reduction, or credit workout organizations. (See accompanying chart for more details.)

About Home-Account, Inc.
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: www.home-account.com/ or video: http://vimeo.com/6755779.

Contact Information

  • For more information, contact:
    Sarah Singleton
    Red Canyon Communications
    (415) 290-8045
    Email Contact


    Michael Paige
    Red Canyon Communications
    (323) 336-5865
    Email Contact