New Internet Service Explains Home Purchasing Process Contour Software Introduces Free Service Available on Homebuyer's Fair

Business Wire, Nov 29, 1994

CAMPBELL, Calif.--(BUSINESS WIRE)--Nov. 29, 1994--Contour Software, the nation's leading provider of mortgage lending software, signed an agreement with Homebuyer's Fair, an on-line service designed to help home buyers receive instantaneous mortgage information.

The service explains the home purchasing process and the mortgage industry to prospective buyers. Contour has developed a prequalification calculator to enable prospective borrowers to evaluate their mortgage finance options. During the four weeks ending Nov. 20, 1994, 1,106 people used the prequalification calculator.

Homebuyer's Fair takes the prospective buyer on a tour of the home-buying process and unravels the complexities associated with purchasing a home. The service provides access to a complete library of educational materials and information on areas such as locating a neighborhood and a house and how to finance it.

Those considering a new home can access Homebuyer's Fair through the World Wide Web protocol of the Internet (URL=http://www.homefair.com/)and find answers to their concerns. Prospective buyers can then enter their financial information into the system and receive an analysis of their qualifications for a mortgage.

The Internet service enables buyers to gain a better understanding of the financial processes, the different loan types, closing costs and scams for borrowers to avoid. Information on mortgage qualifications, outstanding debt allowed and monthly payments can all be accessed to help the buyer make informed decisions.

"The Internet is truly a medium for information about anything you would want to know," said Scott Cooley, President, Contour Software. "Every day, thousands of people dial into the Internet to shop or find information for everything from computers to automobiles. Now they can find help in the very complex process of financing a home."

After reading the information, and working through the calculations to determine the projected mortgage size, the prospective home buyer often wants to speak with a local professional in the lending industry.

When they choose, they can forward an inquiry by electronic mail to Contour Software, who performs a database search and matches the prospective home buyer with a mortgage company in the same locality. "The Homebuyer's Fair attracts the home buyer who is in the very preliminary stages of looking for a home. Leads obtained through the Homebuyer's Fair allow the mortgagor to talk to the consumer even before the realtor does," said Cooley.

"This can often lead to prearranged loans or access to potential customers who may otherwise be directed to other lenders through prearranged relationships with realtors. Homebuyer's Fair leads can result in the unique opportunity for the mortgage company to turn leads to the realtor!"

"During these tough economic times for the mortgage lending industry," said Cooley, "Contour Software is committed to serving our customers by helping generate leads for them. All of our customers are automatically enrolled in the program."

Contour Software is the largest provider of residential mortgage loan software in the United States, with an installed client base of more than 4,000 customers. They include mortgage bankers, mortgage brokers, credit unions, commercial banks and savings institutions. Founded in 1982, the company offers software products for every facet of mortgage lending, from qualification to servicing.

Contour Software is a technology leader in mortgage software with the most complete line of software products available.

For more information on the Homebuyer's Fair Prequalification Calculator or any of Contour's software products, contact Scott Cooley, President, Contour Software, 700 West Hamilton, Campbell, Calif. 95008-0403, or call 1-800-CONTOUR (800/266-8687). For general information on Homebuyer's Fair, contact Arnold Kling of ASK Real Estate Information Services at 301/754-0730.

CONTACT: William Mills Agency, Atlanta

Scott Mills, 404/261-4900