Computer service to help home buyers find mortgage loans
How does the prospective home buyer tell which of the myriad of mortgage loans available today might be best for him or her? One way is by harnessing the computer.
A computer service developed by Prime Rating of Sausalito, Calif., lists loan plans available from many of the state's 300-odd mortgage lenders. Since most realty offices have computer terminals, they can, for a fee, tap this information. For those without terminals, the company publishes a weekly catalog listing current loan programs. Real estate agents pay $300 annually, plus a per-usage cost. Lenders are charged an annual fee, depending on the geographical area covered, of about $7,000. There are plans for the service to go nationwide, with offices in Seattle, New Orleans, Dallas, Atlanta, Chicago, New York, and Boston.