Financial Services Industry
Industry: Email Alert RSS FeedHot Week for Mortgage E-Commerce.(Statistical Data Included)
National Underwriter Property & Casualty-Risk & Benefits Management, January, 2000 by STRICKBERGER, MATT
PLANTATION, FL--It was a hot week for mortgage E-commerce, as several online lenders or portals got new funding or announced significant new deals. They include Mortgage.com, E-Loan, Ultraprise Corp., and Homestore.com. Mortgage.com here is selling a 49 percent interest in Openclose.com Inc., owner of a website that matches mortgage brokers with wholesale lenders, for $30 million.
Three investment firms -- Canaan Partners, Dominion Ventures and Technology Crossover Ventures -- are the buyers. In exchange for its shares, Openclose will receive $30 million, $24 million of which will go to Mortgage.com. This move by Mortgage.com may portend a more focused approach by the company. Speaking on condition of anonymity, one analyst expressed concern that the...
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