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New Company Launches New Broker-Lender Auction Portal By James Comtois A new privately held Wayne, Pa.-based company that was formed to provide online lending services to the mortgage industry has just launched its website, which has been designed to make the bringing together of brokers and lenders faster and easier. LendingGear Network, which was formed earlier this year, has launched a new broker-lender mortgage auction portal on its website, http://www.lendinggear.com, to give brokers and lenders technology to compete in any market cycle for residential and commercial mortgages. "This is a new company and this is a new way of getting loans exchanged between brokers and lenders. I'm a broker myself and I use the portal," said Bruce Eppinger, president and operations manager for LendingGear. "We formed the company back in January, February and it took us a good six months to put this together," Mr. Eppinger added. "We launched last Monday and we bootstrapped the construction of the site and the patent has been filed." Since brokers need to connect with lenders who can fill their borrower's needs and lenders need to connect with brokers to continue a quality flow of business, LendingGear established this portal to give both sides these abilities. Through a web-based form, registered brokers can post a thorough listing of residential or commercial mortgages they desire to place with a lender. Registered account executives and lenders search for compatible loans and place bids for loans they wish to fund. Automatic notifications of matching listings are sent to their email inbox, with corresponding links to navigate to bid on loans with custom search settings saved within the account executive's profile. Brokers can review all bids and choose the one that most matches their needs. Mr. Eppinger said that the advantage for brokers is that they no longer have to load an entire loan profile into an automated engine for every lender to get different offers on mortgage applications. One form brings the appropriate lenders to them. "Lenders like finding new loans in their email that meet their requirements every day and acquiring new broker accounts that will keep producing new loans," he added. Additionally, LendingGear provides a centralized source for market conditions, individual marketing tools and resources, educational materials, news and open discussion forums. As an example, a typical user can get an education in originating commercial mortgages through the website's commercial mortgage documentation, then network with commercial lenders about how they review and approve loans. "LendingGear is designed to allow users of all backgrounds to access critical knowledge to improve their opportunities," said Marcus Cudd, business development manager for LendingGear in a statement, adding, "They can privately train themselves in new mortgage products at any time of day or night and interact with the community to learn new ways to put this knowledge to use. Later on, this same community will help them fund new loans through LendingGear." The company has plans to add new features, including continuing education, website creation and hosting for brokers, and a full recruiting system that will allow users to explore opportunities in the mortgage industry. Currently this feature is served more informally through the website's forums.

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