The launch of MortgageMatch
In December 2010, Move launched MortgageMatch.com as a byproduct of acquiring Cornerstone Mortgage. MortgageMatch came after years of development and proprietary technology originally used for student loans, reengineered for the lending company in combination with third party data sources like Closing.com for detailed information down to the county level. The goal of the product was to solve Realtors’ number one complaint- deals falling apart at the last minute.
The fall of MortgageMatch
In July of 2011, the MortgageMatch website featured news and tips, but borrowers could not actually apply for a loan. Some speculate the site was temporarily disabled as the lender became subject of a discrimination suit and a $750,000 penalty from HUD, others speculate the two companies simply weren’t a match. Cornerstone and Move have yet to comment on the reason for the split and it appears they have no intention to.
As of November 3, 2011, the MortgageMatch.com website was a stark, blank page with Cornerstone’s phone number on it and a notice to visitors to call them. Since we reached out to Move for comment, they have since redirected the URL to https://prequalplus.move.com/ which is powered by MetLife and oddly enough features the same color scheme as the former MortgageMatch site (the new site is above, the old site is below).
The rise of MortgageMatch MetLife
Julie Reynolds, Vice President of Public Relations at Move, Inc., issued the following statement to AGBeat:
MetLife Home Loans is our current mortgage lender for Move’s PreQualPlus decision and pricing engine, and we’re hosting a page for MetLife that can be accessed from:
- The ‘Estimate My Payment’ or ‘Get Mortgage Rates’ links on Realtor.com listing detail page
- The ‘Get Mortgage Rates’ links on the Listing Detail Pages we host for AOL
- The ‘Estimate My Payment’ or ‘Get Mortgage Rates’ links on the Listing Detail Pages we host for MSN
Real Estate brokers with mortgage offerings that are Showcase Enhancement advertisers on Realtor.com can advertise their mortgage offering on the Realtor.com listing detail page, and their ad will be hot linked to their mortgage company’s website. (here’s a good example of a broker on Realtor.com with a mortgage offering https://www.realtor.com/realestateandhomes-detail/1771-Seminole-St_Detroit_MI_48214_M33822-19322?source=web
Visitors electing to work with MetLife can:
- Immediately begin the pre-qualification process
- Access their ‘My PreQualPlus’ account
- Return to Realtor.com to search for more homes
- View a toll free customer service number and email address for MetLife Home Loans
The PreQualPlus decision engine remains powered by Move, and is now ‘presented’ by MetLife on a page that focuses primarily on Move’s decision engine. You’ll also find fantastic mortgage related content is now available from the left-hand rail on the MetLife landing page.
More than 1.4 million consumers visited MortgageMatch.com while it was in operation, and an impressive number completed the PreQualPlus feature. Our decision engine remains an unmatched piece of technology. We’re committed to making it available to help folks – especially first time buyers – get the loan they need to purchase a home.
Mystery solved?
The mystery isn’t exactly solved, it is unclear what happened, but Move retains their proprietary technology and MetLife is their current lending partner.
julie reynolds
November 9, 2011 at 12:22 pm
Hey Lani – There's a couple of important call outs we wanted to share related to your take on Move's mortgage offering — PreQualPlus.
Move did not launch MortgageMatch.com as a by product of acquiring any company, and we did not acquire Cornerstone Mortgage Company. The MortgageMatch.com website, and specifically the PreQualPlus decision and pricing engine, were launched to help deliver more qualified borrowers actively looking for a home to agents and brokers.
While there may be speculation as to why MortgageMatch.com is no longer in operation, and framing it as 'the rise and fall of MortgageMatch.com' is an interesting take….the real story is about the Rise of PreQualPlus. That's because the PreQualPlus decision and pricing engine technology developed over a two year period at Move was so successful in the initial phase of operation, it's availability continues to expand. PreQualPlus is now available to millions of potential borrowers on AOL, MSN and Realtor.com along side homes for sale. And keep an eye out for the PreQualPlus decision and pricing engine…it's popularity is growing!
Julie