Mortgage insurance in 5 seconds

SearchMyLoan.com searches for PMI, too
SearchMyLoan.com users can now shop for mortgage insurance using a search and pricing engine that matches a loan program and product with a mortgage insurance company in five seconds or less, the company says.

Port Washington, N.Y.-based SearchMyLoan.com provides loan search and pricing services to mortgage bankers and mortgage brokers. Lenders typically require borrowers providing down payments of less than 20 percent to obtain private mortgage insurance. Many lenders are now shying away from "piggyback" second mortgages that allowed borrowers to avoid the requirement. At the same time, private mortgage insurers have tightened their underwriting standards, particularly in markets where prices are declining (see story).

SearchMyLoan.com makes it easier for loan originators to see which mortgage insurance provider will approve a loan, or whether lender-paid mortgage insurance is available, the company said. After entering a loan scenario into SearchMyLoan.com and obtaining suitable loan products and programs, originators can click on an "MI" button to find insurance company matches.

SearchMyLoan.com says it is also providing seamless integration with Calyx Software's Point application, providing access to more than 13,000 lender products and programs to Point users. The SearchMyLoan.com platform provides comprehensive search and pricing for every loan type, including prime, alt-A, FHA and subprime loans, the company said.

ForSaleByOwner.com distributes listings through Facebook app
ForSaleByOwner.com, a Web site that allows homeowners to post information about their own for-sale homes, announced today that its listings will be included in the Cribfinder application on the Facebook social networking platform. Starting today, all ForSaleByOwner.com customers will have their property listings automatically posted to Cribfinder at no additional cost, enabling customers to locate homes in the Facebook community.

Cribfinder is owned by Jenius Industries Inc., an Internet company specializing in Facebook applications. ForSaleByOwner.com, which syndicates property listings on other sites, including Google Base, Yahoo.com, USAToday.com and AOL.com, also offers Florida home sellers with real estate-related prepaid legal services.

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