[November 13, 2012]

MortgageAuction Launches Today in Massachusetts, Transforming the Mortgage Process to Increase Borrower Savings and Generate Lender Leads

MortgageAuction, offering a simple, secure and transparent online mortgage auction environment, launched today. The company's easy-to-use website, www.mortgageauction.com, connects motivated borrowers seeking significant savings with licensed lenders pursuing quality leads. MortgageAuction transforms the mortgage process by eliminating the need for exhaustive searching and negotiating for the best mortgage rate. Initially conducting business in Massachusetts, the company plans to expand to other states in coming months.

There are notable benefits to online mortgage auctions. Borrowers value saving money by having lenders compete for their business while reducing time-consuming research and negotiation. Lenders constantly seek high quality leads, and MortgageAuction delivers a cost-effective model to grow their loan volume. They choose the auctions in which they participate, including how much and how often they bid.

The mortgage market is enormous. According to Hoover's (News - Alert), as of 2012 U.S. mortgage banking generates $60 billion in annual revenue, with the Internet serving as a major source of mortgage applications. At 35% Mortgage is the leading category for all lead generation demand. MortgageAuction delivers an online auction platform that delivers new efficiencies and opportunities for boh borrowers and lenders in this large market.

"Participating in a pre-launch beta test, I experienced first-hand how MortgageAuction can save mortgage borrowers a lot of money," said Stephanie G. of Los Angeles. "It is hassle free, straightforward, user-friendly and easy to navigate and set up. It's especially fun to watch lenders actually compete for business. Monitoring my auction was enjoyable, especially comparing the results and watching the savings add up. I received an email whenever there was a new bid in my auction, which was really useful. I also appreciated being in control, which is a unique and empowering feeling for a mortgage borrower."

"The mortgage origination industry can be challenging, especially when it comes to generating quality leads on an ongoing basis in an efficient and cost-effective manner," said Richard Shapiro of Asset Mortgage Group, Natick, MA. "MortgageAuction provides access to the 'holy grail' for lenders, borrowers actively seeking a mortgage and ready to do business. We plan to leverage MortgageAuction as a new lead generation channel that can help us grow our business and directly impact our bottom line."

Creating an auction with MortgageAuction is simple. Log onto www.mortgageauction.com, sign up in seconds, click to create an auction and watch savings grow as lenders compete. The entire experience is transparent and hassle free.

"Online mortgage rate search has been a dark alley for borrowers and lenders. Borrowers are overwhelmed with mysterious terms and conditions while trying to negotiate for the best mortgage deal," said MortgageAuction Chief Executive Officer Jeff Chin. "An open, competitive bidding model saves time and money for the borrower while creating a channel of quality leads for lenders. The model is a win-win that will transform the mortgage industry."

Borrowers, lenders and others seeking additional information about MortgageAuction may contact [email protected].

About MortgageAuction (www.mortgageauction.com)

MortgageAuction leverages the proven and understandable auction concept to transform the mortgage process. With MortgageAuction, borrowers no longer have to engage in the exhaustive process of searching and negotiating for the best mortgage rate. The company provides licensed lenders with access to quality leads to increase their loan volume. Founded in 2012, MortgageAuction is headquartered in Boston, Massachusetts.

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