Intuit Launches QuickenMortgage On The Internet
Intuit Inc. announced today it has launched QuickenMortgage (at ), a web service offering consumers one-stop shopping for great mortgages from a set of the nation’s leading lenders.
“By comparison shopping online, consumers can save time and money and make a more informed mortgage decision,” said Bill Harris, Intuit executive vice president. “At Intuit, we strive to make financial decisions easier, by providing objective information and interactive tools on all aspects of household and family finances. In this case, we have created a new channel for mortgage lenders to communicate directly with their customers and prospects.”
QuickenMortgage’s unique Pre-qualification Interview helps consumers make apples-to-apples comparisons of different mortgage loan products, customized to their particular property and financial situation. Potential home buyers and customers seeking to refinance can pre-qualify in minutes with one of the six charter lenders, and even start the mortgage application process online.
Chase Manhattan Mortgage Corporation, Countrywide Home Loans, HomeSide Lending, North American Mortgage Company, PNC Mortgage, and Principal Residential Mortgage, six of the nation’s top 25 lenders, are offering loans electronically via QuickenMortgage. These lenders, and others to be added in the future, will offer a wide range of products, including conventional and jumbo loans with fixed or adjustable rates, or balloon payment loans, directly to customers visiting the QuickenMortgage site. Also available are Veteran’s Administration (VA) and Federal Housing Administration (FHA) loans.
For consumers who are not yet ready to get a loan, QuickenMortgage offers three interactive tools:
* “How Much House Can You Afford?” calculates the loan amount a consumer can afford and how to afford an even bigger loan.
* “Should You Refinance Today?” assesses a homeowner’s current mortgage and suggests whether refinancing makes sense, based on the current lending rates.
* “What Are Today’s Rates?” displays the current average rates available for different types of loans in each state.
Consumers can also use QuickenMortgage to get real estate and mortgage news from independent services such as Inman News and Mortgage Market Information Services. Expert advice is also available as well as a comprehensive directory of web resources featuring the best home and mortgage web sites.
QuickenMortgage is free to all users and can be accessed from the Internet at or directly from their Quicken 98 software. QuickenMortgage is also available through Excite’s Business & Investing Channel and Intuit’s Quicken.com.
Harris said that in the future QuickenMortgage will provide consumers the ability to complete a full application online, lock in rates, obtain a credit report, and use “best-fit” analysis tools that will allow visitors to calculate the impact of various mortgage options on their current financial situation.
“Chase is excited to be a Charter Lender for Intuit’s QuickenMortgage,” said Gregg Gorman, executive vice president of Chase Manhattan Mortgage. “Blending Chase’s strength in the mortgage industry with Intuit’s experience in software development will create a powerful combination that can benefit all of our mutual customers.”
“Intuit’s approach is consistent with Countrywide’s consumer direct strategy to provide easy direct access to home loan products,” said Stan Kurland, president of Countrywide Home Loans. “We feel Intuit’s expertise in personal financial software combined with Countrywide’s mortgage processing efficiency creates a great opportunity to serve the home loan needs of more consumers.”
“HomeSide Lending and Intuit are both proven leaders in the financial marketplace,” said Mark Johnson, Homeside’s executive vice president of Production. “Working together on QuickenMortgage, we believe we will provide new and exciting alternatives for consumers seeking to fulfill their dreams of homeownership.”
“The timing of North American Mortgage Company’s alliance with Intuit will allow us to showcase our expanded line of mortgage products, which was brought about by the recent merger of Dime Savings Bank and North American Mortgage,” explained Fred Koons, chairman and chief executive officer of North American Mortgage Company — now the eighth-largest residential lender. “QuickenMortgage will provide consumers with a convenient, cost-effective means to obtain one of our many mortgage products for the purchase or refinance of a home,” added Koons.
“Participation on Quicken Mortgage is a natural next step for PNC Mortgage,” said Rick Lovett, executive vice president of PNC Mortgage. “PNC Mortgage has extensive experience offering mortgages to customers anywhere in the United States through innovative and convenient channels that converge at its national telemarketing center. The Intuit QuickenMortgage web site is very customer friendly and we are pleased to be a charter participant.”
“Intuit is at the forefront of consumer direct software and marketing,” said Paul Bognanno, president and CEO of Principal Residential Mortgage, Inc. “Combining their skills with Principal Residential’s mortgage expertise will give online consumers a real edge when it comes to mortgage transactions. We expect the consumer to benefit tremendously from this powerful combination.”
“Enabling consumers is our top priority at Inman News Features,” said Kris Inman, executive vice president, Inman News Features. “Intuit is completely devoted to that mission.”
“We are looking forward to providing our information to Quicken’s Internet visitors to ease many of their concerns surrounding the complexity of mortgage loans,” said Jim De Both, president of Mortgage Market Information Services. “We take pride in our role as an advocate for consumer mortgage information. QuickenMortgage users will be able to use this information to make a more educated home financing decision.”
Intuit Inc., a financial software and Web-based services company, develops and markets Quicken, the leading personal finance software; TurboTax, the best-selling tax preparation software; and QuickBooks, the most popular small- business accounting software. Intuit’s Quicken.com Web site () offers a complete set of personal finance news, information and tools, including the leading mutual fund and insurance sites. Intuit’s products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses.
Countrywide and Intuit Team Up to Provide On-Line Mortgages
Today, Countrywide Home Loans, the nation’s largest independent mortgage lender, and Intuit, Inc., a financial software and Web-based services company, began a new channel of originations for the home loan industry. Consumers now have on-line access to mortgage information, rates and applications through Intuit’s QuickenMortgage(TM) Web site, in which Countrywide is a charter lender. The Web site is available via the Quicken Financial Network, , or directly through Quicken 98 software.
With the mortgage information provided by Countrywide, and the easy-to-use interactive tools, consumers are able to electronically obtain mortgage advice, current rates, pre-qualify for loans and apply for loans on-line. A full range of mortgage products are available, including fixed-rate and adjustable, conventional, government and jumbo loans. Low downpayment programs with more flexible guidelines are also offered.
“This is a bold new step that provides the consumer with direct access to home loan products,” said Cameron King, executive vice president of Countrywide’s Electronic Commerce Division. “Countrywide and Intuit are two companies that have pioneered a creative and efficient new channel so more consumers can obtain the benefits of home ownership, economically. The future of the Countrywide/Intuit relationship will make applying and obtaining home loans as easy as home banking on a personal computer. Both companies believe the future will incorporate all aspects of home financing, including quick approvals and the automation of the closing process.”
Intuit’s Quicken Financial Network offers a complete set of personal finance news, information and tools, including the leading mutual fund and insurance sites. Intuit’s products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses.
Founded in 1969, Countrywide Home Loans, Inc., produces, purchases, sells and services loans for single-family homes. The company is headquartered in Calabasas, California, and has more than 400 locations across the country.Details