Industry News

Service puts Magic into mortgage lending

Dot-com adds lender referrals to realty agent, contractor marketplace

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ServiceMagic has added a lender referral service to its online marketplace of real estate salespeople and home improvement contractors. The new lender service connects home loan borrowers to prescreened lenders and mortgage brokers who pay a fee to participate in the program. "(ServiceMagic Lending) is a marketplace that operates very similar to our original home services segment and our real estate segment that we launched a year and a half ago. We connect consumers with multiple screened and rated providers from whom they can choose," said ServiceMagic co-founder Rodney Rice. The lending service is being offered through a joint venture with Cornerstone Mortgage, a wholly owned subsidiary of First National Bank of Omaha. The new program adds ServiceMagic to a long list of companies that already offer home loan borrowers an online service to find a lender or apply for mortgage financing. Companies already active in the space include Interactive Corp.'s LendingTree and