New real estate and mortgage e-commerce company launched

Internet Business News, March, 2000

INTERNET BUSINESS NEWS-(C)1995-2000 M2 COMMUNICATIONS LTD

Microsoft Corp has partnered with Freddie Mac, Chase.com, GMAC-Residential Funding Corp, Norwest Mortgage Inc and Bank of America to form a consumer and business-to-business real estate and mortgage e-commerce company HomeAdvisor Technologies Inc.

The new company, in which Microsoft has a majority stake, will offer a loan platform designed to automate many of the steps required to approve and finance a mortgage including credit checks, appraisals and underwriting decisions. The loan platform is expected to be introduced on HomeAdvisor's web site in the coming weeks and will also be distributed by the partners.

HomeAdvisor has signed a long-term commercial agreement with Microsoft's MSN Internet portal making it the portal's exclusive channel for home, real estate and mortgage decisions.

In related news, HomeAdvisor has acquired Tuttle Decision Systems Inc, a mortgage technology company, for an undisclosed sum.

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