LOS ANGELES, Dec. 16, 2003 (PRIMEZONE) -- GoLoan Mortgage Banking has introduced a new feature that allows its Affiliate Realtors to enable their clients to go online and view the status of their home loan. The new feature is called GoDirect.
"This is an innovation that will streamline Realtor-client communications with respect to the loan process. Now with a few clicks of the mouse, borrowers will be able to see what their Realtors see about the status of their home loan. There will be no more guessing and less mystery in the process," said Adi Harari, president of GoLoan.
Established in 2001 to enable Realtors to act on behalf of their clients to secure a home loan, GoLoan has emerged as one of the leading online direct lenders in the professional residential real estate sales industry. With GoLoan the Realtor can initiate the loan application, provide his client with more than 200 loan options at rates better than retail and be compensated with the loan origination fee.
For the Realtor, GoLoan's service completes a broker-borrower-lender triangle while enabling Realtors to provide clients with a one-stop shopping environment that surveys show is favored by most home buyers. For the Realtors affiliated with GoLoan, the GoDirect feature is yet another advantage over their local competitors.
As everyone who has bought a home knows, the loan process can be the most anxiety-ridden element of the transaction, Harari said. In the past, the loan applicant had to rely on his Realtor, loan broker or bank's mortgage representative to return a phone call with the information. The delay often is frustrating for everyone, especially the borrower, Harari said.
With its new feature, the borrower who is working with a GoLoan Realtor Affiliate Realtor, simply logs on with a password through the Realtor's website or the GoLoan website and can immediately view the up-to-the-minute status of the loan application, the underwriting process or the loan conditions and more. Additionally, the borrower can email or call his account representative at GoLoan to discuss the status of the loan directly.
"The new GoDirect feature also is a valuable time saver for the GoLoan Realtor Affiliate, who must give permission to the client to access the Internet loan files. With GoDirect, The Realtor still maintains control, but the borrower becomes an integral part of the process. We believe that once this new feature gains acceptance and use, the loan process will be hastened because everyone literally will be on the same page," Harari said.
For instance, the minute a full list of loan conditions comes out, the borrower is alerted and can look at his file via the Internet and immediately see why the lender needs two months of bank statements and the last two pay stubs.
"It gives the borrower a sense of relevance for the loan conditions. If the borrower faxes GoLoan the documentation, they can go online within two or three minutes and see that the documents have been received and noted in the file," Harari said.