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PUGET SOUND MULTIPLE LISTING ASSOCIATION ADDS LOAN SEARCH TO AID BUYERS

PUGET SOUND MULTIPLE LISTING ASSOCIATION ADDS LOAN SEARCH TO AID BUYERS
 KIRKLAND, Wash., Sept. 4 /PRNewswire/ -- Home buyers who are working with members of the Puget Sound Multiple Listing Association (PSMLA) can compare mortgage products from more than 60 institutions, thanks to a unique service being implemented with a Mercer Island company, PSMLA announced today.
 Jack Johnson, president of PSMLA, said that the added service is available to buyers at no cost simply by contacting an association member. PSMLA, with a network of 674 real estate offices and nearly 9,700 sales associates, serves King and Snohomish counties and the northern part of Pierce County.
 PSMLA members can access the comprehensive computerized database from their brokerage office or personal computers. The program includes information on mortgage rates, fees and programs available from local, national and regional lenders. Co-developed by Mortgage Information Systems Inc. (MISI) of Mercer Island, the exclusive service is updated every morning.
 The mortgage information program enables a buyer or agent to search for loans by location, type of financing (e.g., purchase or refinance), eight different property categories (e.g., single family, condominium, duplex), type of loan (e.g., 30- and 15-year fixed rates, adjustable rates, balloon programs). Searches also consider the purchase price, amount of down payment, occupancy, maximum interest rate and maximum loan fees.
 The versatile service is an outgrowth of a program MISI developed for area lenders who wholesale loans. Joe Ringer, MISI president, said that to the best of his knowledge, the Puget Sound region is the first area in the country to offer this type of service to realty agents and home buyers. Rapid growth is expected as new lending institutions are added. The two-year-old company also plans to introduce the service to other markets.
 In a joint statement announcing the inauguration of the mortgage information service, Ringer and Johnson said the program is another tool real estate agents can use to help buyers select from a maze of financing options. The real winners, they agreed, are the buyers who will be able to choose the best loan package for the specific needs.
 -0- 9/4/92
 /CONTACT: Jack Johnson of PSMLA, 206-820-9200; or Joe Ringer of MISI, 206-236-1995/ CO: Puget Sound Multiple Listing Association; Mortgage Information
 Systems Inc. ST: Washington IN: SU:


LM-TM -- SE004 -- 7032 09/04/92 15:36 EDT
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Publication:PR Newswire
Date:Sep 4, 1992
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