September 15, 2000
MCLEAN, Va. Freddie Mac and the National Association of Hispanic Real Estate Professionals (NAHREP) announced a major agreement today (Sept. 7) to work together to deliver state-of-the-art mortgage underwriting technology and training to NAHREP members. As part of the initiative, Freddie Mac will make its Loan Prospector on the Internet automated underwriting service available to NAHREP members who are mortgage brokers, providing them with the best tool available today to reduce the time and cost of a consumer getting a mortgage. The service will be accessed via RealEstateEspanol.com, a wholly owned subsidiary of quepasa.com.
Loan Prospector on the Internet will enable NAHREP's mortgage broker members, in conjunction with their lenders, to provide their homebuyers with near-instant loan decisions and dramatically reduce documentation requirements at the point of sale.
In addition, Freddie Mac and NAHREP will explore other opportunities with RealEstateEspanol.com to develop web-based educational courses that will further extend the benefits of technology to all Hispanic real estate professionals. RealEstateEspanol.com is also the official Internet site of NAHREP, and the leading online provider of bilingual information and resources to the Hispanic real estate community.
Loan Prospector on the Internet is a system used by several thousand mortgage brokers and correspondents, and hundreds of wholesale lenders.
NAHREP wants to successfully leverage the speed and simplicity of Loan Prospector on the Internet so that its members will be able to provide Hispanic homebuyers 80 percent of whom are first-time homebuyers with a superior customer service experience. "We want to make the home-buying process easier for our customers. To compound the complexity of the transaction, Hispanic home-buyers have cultural and language barriers that require the professional to have additional skills in order to properly serve their clients," says Ernie Reyes, Chairman of NAHREP. "Because a significant number of NAHREP members are licensed mortgage brokers, our agreement with Freddie Mac provides the right tools and resources today to reduce complexity in the process and put more families into homes. It also gives us a platform to develop other tools that all our members can use in the future."
"Freddie Mac is pleased to work with NAHREP and RealEstateEspanol to provide Loan Prospector on the Internet to its members for use with homebuyers at the point of sale," said Patricia McClung, Freddie Mac's vice president of Loan Prospector Marketing. "By using the service at the point of sale, lending professionals will not only be able to provide their borrowers with a loan decision in a matter of minutes, they can ensure that homebuyers are receiving a loan product that best meets their needs. Making Loan Prospector on the Internet and its efficiencies available through channels such as RealEstateEspanol brings Freddie Mac one step closer to fulfilling its vision of cutting the cost of mortgage origination in half over the next five years."
"Freddie Mac has always been a leader in innovative mortgage solutions that address the changing needs of today's homebuyers. This partnership further demonstrates their commitment to reach out to the special needs of the Hispanic community," says Gary Acosta, Sr. VP, RealEstate-Espanol.com. "As REE is the only significant company serving the needs of the Hispanic real estate professional and consumer, we are uniquely qualified to build viable links between companies, like Freddie Mac, and the individuals who benefit from their products."
NAHREP, a non-profit trade association, represents the professional interests of the over 50,000 Hispanics employed in real estate. Established in 1999, NAHREP has members in 32 states and is headquartered in San Diego California.