Introducing eLoanBid.com: A Loan Pricing and Bidding Service for the Mortgage Loan Community

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Mortgage Brokers, Loan Officers and Lenders are now able to seal their deals in record time with a new online service offered by eLoanBid.com. All parties now have a "one stop" location for loan pricing, bidding, and document exchange, making collaboration and loan-fulfillment much more efficient.”

Mortgage Brokers, Loan Officers and Lenders are now able to seal their deals in record time with a new online service offered by eLoanBid.com. eLoanBid is a web-based mortgage-loan matchmaking service that saves countless hours of “legwork”, all in a fully dynamic and collaborative environment.

“The days of Loan Officers and Lender Account Executives wasting hours on the phone chasing each other down to exchange loan pricing, rate sheet and niche program information are over” says Chief Operating Officer of eLoanBid.com, Nicholas Nerues, “With eLoanBid.com, all parties now have a 'one stop' location for loan pricing, bidding, and document exchange, making collaboration and loan-fulfillment much more efficient.”

There are a number of reasons why eLoanBid.com stands out from other similar services and is set to drastically change the mortgage marketplace.

First, the service contains a unique "targeted" yet flexible matchmaking technology, which practically guarantees that ONLY matching parties find each others’ products. This takes the guess-work out of the whole process.

eLoanBid allows search results to be compiled and delivered in real-time via email and text-messaging (SMS) to its members. They can also view the results via web browser on their “personalized” web space on eLoanBid.com. This means that the latest data is always available to them whether they are in the office or on the road.

In their personalized space on the website, all members have a private database of other “favorite” or “preferred” members, which allows them to easily maintain existing relationships, as well as create new ones.

Loan Officers can submit their loan scenarios to Lender Account Executives for pricing OR bidding. Allowing Lender Account Executives to bid on loan scenarios presents the best interest rate to the borrower and the best possible return to the Loan Officer. Additionally, Loan Officers can limit their submission to their “preferred” lenders. This is a marked improvement over finding the “right” lender and rates by making hours of phone calls and playing “phone tag.”

Finally, lenders have their loan pricing information, rate sheets, and “niche” program marketing material available to loan officers for easy download from the website, around the clock.

All these features add up to huge savings in effort, time, and money for everyone involved in an increasingly mobile mortgage lending community.

"When I started using eloanBid.com, I was a bit apprehensive. I had used other loan pricing services but I was not really impressed,” said Reginald Opara, President of Ace1 Mortgage, a Seattle Washington based Mortgage Broker (http://www.ace1mortgage.com), “I am impressed with eLoanBid.com, as it consistently delivers what it promises and does so with a personal touch. We have seen a remarkable improvement in our Loan Officers’ productivity. We now price and close loans 80% faster. We have also seen a dramatic reduction in our phone bill -- our Loan Officers now concentrate on originating and closing loans instead of searching for current rate sheets or playing phone tag or 'waiting games’ with Lender Account Executives.”

And that is just the tip of the iceberg. “Response from Lenders, their Account Executives, Brokers, and Loan Officers, has been tremendous," said Nicholas Nerues.

eLoanBid.com is currently free and in Beta mode, but converts to a paid service (with an expanded feature set) in the very near future."

For more information on eLoanBid.com, please visit http://www.eloanbid.com. PRESS CONTACT: Nicholas Nerues 800.779.7659

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Nicholas Nerues