Contour releases seven new Internet tools for lenders

Real Estate Weekly, Oct 21, 1998

These seven new products are designed to operate on an individual mortgage lender's Web sites, allowing lenders to dramatically increase their on-line business.

CIS is a division of Contour Software, Inc., a Silicon Valley, CA-based provider of mortgage loan software systems for the financial industry.

"Today's consumer wants to analyze every possible loan option available to them on the Internet without having to go to a loan officer," said Scott Cooley, president of Contour Software. "These seven new products, the likes of which have never been made available for sale to mortgage origination companies, add a whole new dimension to a consumer's self-help capabilities."

These new products allow consumers to perform almost every mortgage analysis or calculation associated with selecting a loan product. For example, a consumer can not only locate and compare loan products currently available in the market, but also instruct one of the tools to notify him or her via e-mail when the chosen loan product is available at the desired interest rate. The suite of products includes the following:

* The Rate Reporter - Gives consumers the ability to locate a loan program instantly, including comparisons and cost forecasts.

* The Loan Qualifier - Allows consumers to determine what they can afford.

* The Loan Advisor - Provides consumers with the loan program currently available that best fits their finances.

* The Loan Monitor - Helps determine whether or not consumers should refinance their current mortgage.

* The Market Observer - Notifies consumers via automatic e-mail whenever a desired interest rate is available.

* The Digital Brochure - Helps real estate agents generate sales brochures with a lender's specific loan program, agent and contact information.

* Library and Resources - Offers a wealth of mortgage information to consumers through a comprehensive library, index and collection of relevant articles.

"Consultative mortgage Web sites have been all the rage this year, as consumers flocked to the many sites with such capabilities," said Cooley. "Microsoft, Intuit and HomeShark have greatly increased traffic and converted many prospects into applicants by offering similar capabilities to ours at their Web sites. These companies have spent hundreds of thousands of dollars building their Web sites and creating these tools. Today, for around $5,000, our clients can look as good or better than the best 'of them. Having such tools helps level the playing field. Even small lenders can now look large on the Internet."