Realtor.com operator Move Inc. is looking for a new lending partner for its mortgage website, MortgageMatch.com, and until it finds one consumers will no longer be able to use the site to prequalify and apply for loans.

When the site launched in December, Move was partnered with Houston-based correspondent lender Cornerstone Mortgage Co., which was to fund loans offered on the site.

MortgageMatch.com employed an automated pricing engine that allowed consumers to see the loan products and rates offered by multiple lenders. Cornerstone Mortgage was to provide the initial funding for mortgages, which it would sell to other lenders or investors.

Realtor.com operator Move Inc. is looking for a new lending partner for its mortgage website, MortgageMatch.com, and until it finds one consumers will no longer be able to use the site to prequalify and apply for loans.

When the site launched in December, Move was partnered with Houston-based correspondent lender Cornerstone Mortgage Co., which was to fund loans offered on the site.

MortgageMatch.com employed an automated pricing engine that allowed consumers to see the loan products and rates offered by multiple lenders. Cornerstone Mortgage was to provide the initial funding for mortgages, which it would sell to other lenders or investors.

Today, while MortgageMatch.com still offers advice and news on mortgage lending, consumers can’t actually apply for loans.

Move spokeswoman Julie Reynolds said the company is currently looking for a new lending partner, and is in discussion with "several candidates." Reynolds said Move would not comment on the state of its relationship with Cornerstone, or on its talks with potential lending partners.

Move owns the MortgageMatch.com URL, she said, and intends to offer mortgages again when the company chooses a new lending partner.

"During the startup period we were very pleased with site traffic," which totaled more than 1 million visitors, Reynolds said, including "tens of thousands of borrowers" who prequalified for loans in less than 10 minutes on average.

One Cornerstone Mortgage executive contacted by Inman News said he was not able to comment. A message left with another Cornerstone executive was not immediately returned.

Reynolds said consumers who started the prequalification or loan application process with Cornerstone will continue to work with the lender. Cornerstone operates its own website, houseloan.com, which does not offer a pricing engine or prequalification tools.

In June, the Department of Housing and Urban Development announced a settlement with Cornerstone following an investigation of allegations that Cornerstone and other lenders discriminated against women taking maternity leave.

Cornerstone agreed to provide $15,000 in compensation to Dr. Elizabeth Budde, based on her claims that Cornerstone initially denied her a mortgage loan when she was on paid maternity leave and planning to return to work. Cornerstone also agreed to create a $750,000 victims’ fund to pay lump-sum payments of $7,500 apiece to as many as 100 claimants.

HUD has also charged Milwaukee, Wis.-based mortgage insurer MGIC with discriminating against a Pennsylvania family by denying their application for mortgage insurance unless and until the wife returned to work from maternity leave.

In Move’s most recent quarterly report to investors, it said a $500,000 increase in first-quarter revenue from a year ago was "primarily due to new product introductions, including ListHub reports, and fees from our operation and support of the MortgageMatch.com website."

When Move launched the site, it said it planned to integrate MortgageMatch.com tools into Realtor.com to help homebuyers focus on homes they are most likely qualified to buy. The site generated prequalification letters including loan terms and rates that could be emailed to a real estate agent or printed out before touring a home.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Will you attend ICLV virtually or in-person? The agenda is packed with stellar speakers and sessions.Learn More×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription