A real estate technology company today announced the launch of a Web site where consumers can apply for a no-mortgage-fee, no-cost home loan, and also announced plans to launch technology that cuts real estate agents out of real estate transactions.

The site uses proprietary technology to search for the loan rates across dozens of lenders, according to an announcement by FutureNet Realty Technologies. “Since the process is streamlined with online document management, FutureNet Mortgage can offer this product with no mortgage fees or costs,” according to the announcement. FutureNet Mortgage is a part of FutureNet Realty Technologies.

“Soon, MyFutureNet will roll out the world’s first ‘list-to-close’ technology-enabled real estate process, putting consumers in control of home buying and selling decisions, keeping more money in their pockets and eliminating the real estate agent middlemen,” the announcement states. The company reported that its technology will allow buyers and sellers to conduct real estate transactions online without paying commissions or fees, and without real estate agent middlemen.

The Web site states that the company will soon offer “no-commission, no-fee home sales.”

“The patent-pending ‘list-to-close’ online platform is currently undergoing internal testing and is scheduled for live tests beginning in early 2006,” the company announced. “It … integrates home valuations, listings, secure messaging, offer/counter-offer negotiations, online document storage, and title and settlement closing processes, all online and free for use by buyers and sellers. No real estate agents will be involved in the process, and no fees or commissions will be charged, saving consumers thousands of dollars.”

Frank Divers, co-founder and executive VP of FutureNet, stated, “There’s no question the real estate industry is antiquated and broken. The power of information is in the hands of agents, and buyers and sellers are at their mercy. Our full-service Internet community will break the old real estate paradigm by putting the power to market and control the home buying and selling process in the hands of consumers, where it belongs. Consumers’ money will stay where it belongs — in their pockets.”

Jen Katzfey, founder and CEO of FutureNet, said in a statement, “Our mortgage technology is like LendingTree on steroids.” Katzfey is a real estate agent licensed in the state of Pennsylvania.

Headquartered in Wexford, Pa., with offices in Phoenix, FutureNet Realty Technologies was founded in 2004.

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Send tips or a Letter to the Editor to glenn@inman.com or call (510) 658-9252, ext. 137.

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