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New service lets lenders, agents bid for clients

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When Minnesota mortgage professional David Prouty tried to find 100 percent financing on a loan for a friend, it took hours of searching online, more than 10 phone calls and 10 days of searching – and that's how Bid4Mortgage was born. "A local police officer called me and said he found a lot he wanted to buy with as little money down as possible. The best I could find online was 20 percent down. I contacted a lot of my broker friends, and 10 days later, found 100 percent financing," said Prouty, founder and CEO of Lakeville, Minn.-based Bid4Mortgage. "It took me 10 days to do it, and I'm in the business. It would have taken this guy a much longer time to find it – if at all," Prouty said. With that in mind, Prouty started his service. The concept behind Bid4Mortgage, which launched a mere 17 days ago, isn't new. As with its predecessor LendingTree, lenders compete for clients by sending them offers and clients pick the best offer themselves. And as with sites like RealtyBa...