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HomeSide Lending, Inc. and US mortgage financier Fannie Mae have joined forces to launch an online mortgage service that sets new standards for ease of use, choice of mortgages and fast and complete approval. The initiative between HomeSide and Fannie Mae allows a secure, online home loan application to be completed through to approval in 10 minutes. The approval process allows several loan packages to be reviewed via the one application. Settlement can be made in five days. The process is not a re-engineer of existing loan procedures but has been built using both HomeSide's proprietary mortgage platform and Fannie Mae's in-house technology. Congress created Fannie Mae in 1938 as part of the Federal Housing Administration. Today it is the third largest corporation in the United States in terms of total assets. It has a mortgage portfolio exceeding 12 million mortgages. It is a listed company and forms part of the Standard and Poor 500 Composite Stock Price Index. More details about Fannie Mae can be found on the company's website at www.fanniemae.com. HomeSide Lending, Inc., is a wholly owned subsidiary of National Australia Bank and one of the world's largest full-service residential mortgage companies. HomeSide services a portfolio of 1.9 million mortgages with a value of $US150 billion. The online lending industry in the US is predicted to grow to $US150 billion in the next three years. This new e-Commerce platform provides existing mortgage lenders and businesses seeking to enter the field with a complete mortgage package that can be marketed through their own brand to their customers within 30 days. When announcing the online mortgage capability with Fannie Mae, HomeSide also announced strategic alliances with Bank One Mortgage, Suddath Relocation Services and BET.com, who will incorporate the HomeSide online product into their product and service offerings.
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