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Mortgage Marvel Questions and Answers

1. What is Mortgage Marvel?

Mortgage Marvel is an online mortgage-shopping website that delivers real-time quotes from multiple lenders—in complete privacy. It enables consumers to get mortgage rate quotes quickly by entering as little as three pieces of non-private information. In just seconds, Mortgage Marvel displays free, accurate, up-to-date mortgage rate and fee quotes from multiple lenders in an easy-to-understand table.

2. What information does a consumer have to provide to receive a MortgageMarvel.com quote for rates and closing costs?

Consumers can receive a quote with as little as three pieces of information – the value of the property, the amount the consumer wishes to borrow, and the property’s ZIP code. To receive a more tailored quote, consumers need to provide some additional information – the purpose of the transaction (purchase, refinance, etc.); the credit score; the type and term of the loan being sought; the range of discount points that will be paid; the type of property; and whether the consumer plans to use the property as a primary residence, a vacation home or an investment property. Consumers can receive mortgage rate quotes without providing their name and contact information. They provide their email address only if they choose to sign up to receive convenient Rate Watch emails. If a consumer elects to apply online with a participating lender, the personal information the consumer provides is submitted directly to the lender; no other lender will have access to that information.

3. Can you really claim to consumers that they’re seeing accurate, up-to-date rates and fees – and real loan offers – on MortgageMarvel.com?

Yes, as long as the consumer has provided accurate information, the quote for rate and closing costs will be correct. Mortgage Marvel can make this assurance because it has direct, real-time integration with the product and pricing database for all participating lenders.

4. What if a person doesn’t know his/her credit score?

Of course, providing the exact credit score will provide the most accurate results. If a consumer does not know his/her credit score, MortgageMarvel.com has a tool that helps consumers estimate their credit scores based on their credit profiles–without asking for any personal information. Because mortgage pricing is typically done within credit score bands of about 20 points, a close estimate will usually result in the correct rate quote.

5. How many lenders participate in Mortgage Marvel?

About 230 lenders participate in Mortgage Marvel, including large institutions such as TD Bank, BBVA Compass, Pentagon Federal Credit Union and Zions Bank. Scores of solid, conservative community banks and credit unions also take part. A consumer using MortgageMarvel.com will receive accurate, thorough, real-time quotes from a wide range of lenders whose business and lending practices can be trusted.

6. From among those institutions, how can consumers be sure they’re getting the best rates and terms for their mortgage?

They need to shop, and MortgageMarvel.com is an excellent tool for doing so. It's readily available and it provides accurate, thorough, real-time information from specific lenders about their rates and closing costs. Even better, consumers can obtain the information without revealing their name, phone number or email address. Consumers, of course, can also contact lenders directly over the phone or my email.

7. How does Mortgage Marvel differ from its competitors’ sites? Can you provide a side-by-side comparison with LendingTree, Bankrate, Zillow and other sites?

We have such a comparison. Go here to see it. Consumers also should compare the sites themselves and come to their own conclusions. We're certain that we provide the most accurate, real-time information consumers can find about mortgage rates and closing costs.

8. Which competitors are better, and which are worse?

Consumers should make up their own minds about which site serves them best. We believe MortgageMarvel.com does the best job of providing accurate, thorough, real-time information about mortgage rates and closing costs.

9. What is Mortgagebot?

Mortgagebot is an Inc. 5000 company that is the mortgage industry's leading provider of integrated point-of-sale solutions for banks, savings institutions, and credit unions. Mortgagebot's proprietary technology for originating mortgage applications is used by more than 1,000 lending institutions nationwide.

10. What is the relationship between Mortgage Marvel and Mortgagebot?

Mortgagebot is the creator and operator of Mortgage Marvel. The relationship that Mortgagebot has with lending institutions makes it possible for Mortgage Marvel to integrate directly with the lender’s product and pricing database and provide consumers accurate, real-time information about rates, fees and closing costs. When consumers see this information on Mortgage Marvel, it is presented as a real offer for which consumers can apply on the spot by clicking the 'Apply Now' button and completing an easy online application in as little as 20 minutes.

11. What are the application rates and the application-to-close ratio for MortgageMarvel.com?

We don't share that information, but participation in and use of MortgageMarvel.com has done nothing but grow over the past several years. We now have 230 lenders participating in MortgageMarvel.com, and few of them drop out. Our lenders are very satisfied with MortgageMarvel.com.

12. What makes your rate-trend data different from what's sent out by Zillow and Freddie Mac each week?

Mortgage Marvel Rate Trends™ are derived directly from the product and pricing databases of over 1,000 lenders. We believe that we survey more lenders than anyone else. Also, other rate trend providers factor in a combination of rates and points; we always present our data with no points figured in, making our rate trend data the clearest presentation of the effective rate for a consumer. To summarize, we use the largest sample of lenders, our data is current, and we present the clearest information about real effective rates – information that isn’t complicated by factoring points into the equation.