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WMC Launches Prequals for PDAs
www.WMCMortgage.com/Prequalm/
General Electric-subsidiary WMC Mortgage has launched an online prequalification tool for personal digital assistants and wireless phones.
Located at www.WMCMortgage.com/Prequalm/, the site offers a simple design that doesn't eat up too much precious, limited bandwidth -- though some images could be replaced with linked text for better use of limited screenspace.
Users are prompted to submit lien position, credit information and loan details, including amortization and yield-spread premiums up to 4%.
Once submitted, the system responds with several options, including fixed rates, adjustable rates, hybrids and interest-only.
While the tool basically functions as an online version of a one-page printed pricing matrix, it does pave the way for a truly substantial system that would enable actual automated approvals.
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