Cendant Mortgage and America Online Announce Home Financing Alliance.Business Editors/Hi-Tech Writers MT. LAUREL, N.J./DULLES, Va.--(BUSINESS WIRE)--April 20, 2000 Cendant Mortgage Launching MortgageSave.com Brand; Guarantees Best Price in the Industry Agreement Will Provide AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. Members New, Easy-to-Use Online Mortgage Application Cendant Mortgage, the nation's 6th largest retail lender, and America Online See AOL. , Inc. (NYSE NYSE See: New York Stock Exchange : AOL), the world's leading interactive services company, today announced an agreement that will create an exclusive benefit to AOL members for home financing through Cendant Mortgage's newly created brand, MortgageSave.com, which offers a best price guarantee and will allow customers to complete their mortgage application online. Under the agreement, AOL members will have access to a co-branded MortgageSave.com site through AOL's Personal Finance Channel, ranked by Media Metrix as the No. 1 financial destination in cyberspace. The co-branded site will also be promoted in other mortgage-related areas throughout the AOL service. MortgageSave.com will become available to AOL members beginning May 1. In Fall 2000, MortgageSave.com plans to introduce a new mortgage offering and technology platform that will enhance speed and service while reducing the overall cost of the residential mortgage transaction. This new platform, the result of a strategic alliance with Fannie Mae Fannie Mae: see Federal National Mortgage Association. announced on on March 27, 2000 by Cendant, will offer members immediate loan decisions and pricing. AOL will also include MortgageSave.com as the exclusive mortgage provider in AOL Member Perks (AOL Keyword: Perks), an area specially developed by AOL to make exclusive offers available to its members. One of the most compelling characteristics of MortgageSave.com is its guarantee to beat any lender's price or pay the customer $250(a). In addition to the best price guarantee, in the near future AOL members will be able to take advantage of MortgageSave.com's guarantee to provide a three-hour loan decision or pay the customer $250(a). For approved, conventional, purchase loans only, MortgageSave.com promises to close on the customers' agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy date or reduce their interest rate by one-eighth of one percent for the life of their loan. In addition, Cendant initially will provide free credit reports to all AOL Members applying for a loan through MortgageSave.com. "This agreement offers unprecedented access and convenience for AOL members, and we're pleased to be able to offer this state-of-the-art service to members to help them fulfill their dream of homeownership" said Terry Edwards Terry Edwards (b. August 10, 1960) is a musician from Hornchurch, England. Edwards gained a degree in music from the University of East Anglia in 1982,[1] where he was also a founding member of The Higsons. , president of Cendant Mortgage. "Researching and applying for a mortgage can be a daunting daunt tr.v. daunt·ed, daunt·ing, daunts To abate the courage of; discourage. See Synonyms at dismay. [Middle English daunten, from Old French danter, from Latin task, and we believe MortgageSave will be a valuable resource for our members," said Jonathan Sacks Not to be confused with Yonason Sacks. Rabbi Sir Jonathan Henry Sacks (born 1948, London) is the Chief Rabbi of the United Kingdom's main body of Orthodox synagogues. His official title is Chief Rabbi of the United Hebrew Congregations of the Commonwealth. , Senior Vice President and General Manager, AOL Interactive Services. "With this new agreement, our members will be able to find and apply for the best mortgage packages online in the shortest amount of time." About America Online, Inc. Founded in 1985, America Online, Inc., based in Dulles, Virginia Dulles, Virginia is an unincorporated census-designated place located in Loudoun County, Virginia, part of the Washington Metropolitan Area. The headquarters of AOL, Orbital Sciences Corporation and ODIN technologies and the former headquarters of MCI Inc. are located in Dulles. , is the world's leader in interactive services, Web brands, Internet technologies, and e-commerce services. America Online, Inc. operates: two worldwide Internet services, America Online, with more than 22 million members, and CompuServe, with more than 2.7 million members; several leading Internet brands including ICQ ("I Seek You") A conferencing program for the Internet from Mirabilis, Tel Aviv, Israel (www.icq.com). It provides interactive chat, e-mail and file transfer and can alert you when someone on your predefined list has also come online. , AOL Instant Messenger See AIM. and Digital City, Inc.; the Netscape Netcenter and AOL.COM portals; the Netscape Navigator An earlier Web browser for Windows, Macintosh and X Windows from Netscape that provided secure transmission over the Internet. Soon after its introduction in 1994, Navigator, or just "Netscape," as it was commonly called, quickly became the leading browser on the Web. and Communicator browsers; AOL Moviefone, the nation's No. 1 movie listing guide and ticketing service; and Spinner.com and NullSoft's Winamp, leaders in Internet music. Through its strategic alliance with Sun Microsystems, the company develops and offers easy-to-deploy, end-to-end e-commerce and enterprise solutions for companies operating in the Net Economy. About MortgageSave.com MortgageSave.com is easy to navigate and will offer a total online experience, including the ability to check loan status and servicing information such as loan balance and escrow accounts after the loan has closed. The site also allows the customer the flexibility to ask for assistance via e-mail, or by calling a toll-free number and speaking to one of MortgageSave.com's expert loan consultants. About Cendant Mortgage A wholly-owned subsidiary of Cendant Corporation (NYSE: CD), Cendant Mortgage is a full service lender and a leader in relationship-driven mortgage banking, serving real estate brokers, affinity groups, credit unions, financial institutions, corporations and government agencies. In 1999, Cendant Mortgage provided over $25 billion in mortgage financing for American homes. Cendant Mortgage is currently ranked as the country's sixth largest online lender by National Mortgage News. For more information about Cendant Mortgage, visit its Web site at www.cendantmortgage.com. Cendant Mortgage is part of the move.com family of relocation, real estate and home-related services companies. (a) A customer must provide a complete, system generated Good Faith Estimate, listing a specific lender's name, that is dated the same day as the rate quoted by Cendant. If such Good Faith Estimate indicates an equivalent or lower interest rate and closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, package, for the same loan program that is offered by Cendant and Cendant has verified the accuracy of the rate and fees listed then Cendant will have the option of beating that lender's total loan costs by $100 or paying the customer $250 ($500 for properties located in California) when they close with that lender and provide Cendant with a copy of the signed Note and Final HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. 1 Settlement Statement.
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