Mortgage Marvel is rooted in two simple, powerful ideas. First, for most consumers, taking out a mortgage to buy a home is the largest, most complex financial decision they’ll ever make. People need to weigh and understand the relationship between interest rates, points and closing costs to find the combination that works best for them. Second, their privacy matters, and they should be able to obtain this data without divulging all kinds of personal information.
The creators of Mortgage Marvel saw already in the late 1990s that the Internet had the potential to aggregate and deliver mortgage-related information to consumers and to respect their privacy while doing so. Executives at Mortgagebot, the company behind Mortgage Marvel, made the first version of the website as a way to make side-by-side comparisons with the few companies that were providing rate quotes online.
Today, about 1,000 lending institutions rely on Mortgagebot for the computing solutions they need to process loans online. This customer base is the driving force behind today’s Mortgage Marvel. Hundreds of quality lenders throughout the United States, like community banks and credit unions, take part in Mortgage Marvel, making available real-time information about their rates, closing costs and the impact that paying points will have on payment schedules. Consumers using Mortgage Marvel can do so without revealing their identity, and they have access to complete, solid, accurate information from lenders who are ready to do business with them.
"It's been our great pleasure to see Mortgage Marvel grow from the rudimentary service it was in the late 1990s to the powerful consumer tool it is today," said Scott Happ, the founder of Mortgagebot and Mortgage Marvel. "We're committed to continuously improving the site and hope people will turn to us for the wealth of mortgage information we deliver."