NameYourLoan.com, the world's first online mortgage auction, has been introduced as an alternative to other lead-generation loan origination Web sites. Use of the service is free for borrowers, who receive multiple competitive bids in an online auction setting from reputable lenders in a standardized format, while participating lenders pay no monthly or up-front fees.
After completing an online registration, lenders are notified via e-mail when there is a new loan request that meets their specifications. The lender then places a loan offer online, including all fees and costs. Throughout the duration of the auction, all competing bids are displayed, and lenders can always improve their offer in an effort to win the lead.
"Our multiple-bid auction format, coupled with constant consumer feedback, will make it easy for us to weed out dishonest lenders and only keep the best in our mortgage lenders network," says Al Sahali, president and CEO of NameYourLoan.com. "Essentially, we help honest lenders expand their business, while empowering consumers to shop the entire market and get the best deals possible with the click of a mouse.’