"Consumers have told us that QuickenMortgage has taken all the hassles out of the mortgage process. They love having one place to comparison shop for rates and to apply online; that way they can save hours of time and hundreds of dollars," said Alison Berkley, group product manager, Intuit. "We are thrilled to be offering consumers an even broader choice of lenders as well as more decision making tools in this release." Consumers can also continue to enjoy the $225 rebate after using the online loan application.

What's New
For version 3.0, QuickenMortgage has added four new interactive tools, upgraded its infrastructure, added online rate-locking and enhanced its look. The new tools are based on suggestions offered by consumers after using versions 1.0 and 2.0. They include:

• What Loans Are Available Now? In just 2 minutes, consumers can get a snapshot of all the available loans from the seventeen participating lenders. Updated every five minutes and this calculator includes fixed, adjustable and balloon loans for conventional and jumbo products.
• Should you Rent or Buy? New calculator helping consumers understand the tax implications and costs of home ownership relative to renting. Incorporates real-time interest rates from all participating lenders.
• How's Your Credit? Credit assessment tool gives consumers an indication of their credit and provides resources and alternative lenders for consumers with less-than-perfect credit histories.
• Lower Rate or Fewer Points? New tool helps consumers understand the complicated tradeoffs between rates and points. A must for all savvy borrowers!

17 National Lenders
Over the next few weeks, QuickenMortgage will add seven new lenders, bringing the total to seventeen. The new lenders include three which are interfacing directly with QuickenMortgage: Cendant Mortgage, US Bank and Prism Mortgage and four which are interfacing through Intuit's new technology and processing partner, First Mortgage Network (FMN). These four include: Fleet, First Union, GMAC Mortgage and GE Capital Mortgage Services, for whom submissions from the QuickenMortgage site will be directed to a team from FMN who will work with the borrower to originate, process and fund the loan prior to its ultimate delivery to the selected lender.

These seven are in addition to the six Charter Lenders (November 1997): Chase, Countrywide, Dime (North American), HomeSide, PNC Mortgage and Principal Residential as well as the five lenders added in Release 2.0 (March 1998): Allied Money, American Finance & Investment, Wells Resource, LaSalle and LoanWorks. All lenders, with the exception of Wells Resource (which recently merged with Norwest), are continuing with QuickenMortgage in its second year of operation.

How QuickenMortgage Works
QuickenMortgage allows consumers to search through thousands of loans, pre-qualify themselves online at no cost, and submit an online mortgage application for a specific loan via the QuickenMortgage web site. Users can make apples-to-apples comparisons of loans, selected and sorted based on their preferences. For loans offered by the participating lenders, users can drill down and get detailed information including an itemized list of closing costs along with an online Good Faith Estimate. Over the past three quarters, Intuit has originated over $350 million of mortgages with August being a record month of $75 million of closed loans.

Existing Noteworthy Features on QuickenMortgage Include:

• Online, instant, printable pre-qualification letter.
• Home finance calculators - "Should You Refinance Today?", "How Much House Can You Afford?" and "What Are Today's Rates?"
• Online application, Good Faith Estimate and detailed checklist of all the documentation needed to close a loan. Licensed in all 50 states.
• State-of-the-art encryption and verification technology, certified through ISCA.

Site visitors can also enjoy four QuickenMortgage Centers dedicated to educating consumers about the entire home purchase and financing cycle:

• Home & Mortgage Center - features articles from industry expert Ilyce Glink and Inman news, including Glink's Step-by-Step Guide to Homeownership. Also includes daily market commentary and detailed mortgage news from Mortgage Market Information Services
• HomeSearch Center - provides access to over 600,000 home listings provided by a national listing provider.
• Credit Center - helps consumers find out how their credit affects the loan process, where to go for help and provides access to order credit reports online.
• Refinance Center - educates the consumer about what to consider in deciding whether to refinance and points consumers to the best tools and articles on the web.

Since its launch in November 1997, QuickenMortgage has hosted over 7 million visitors and the site was awarded "Best Consumer Real Estate Site" by Inman News. The new Intuit partnership with Realtor.com and existing relationships with America Online, Excite and CNNfn gives QuickenMortgage the potential to reach over fifteen million new consumers. QuickenMortgage rounds out Intuit's web offerings that include personal finance, investing, tax, retirement and insurance tools, advice and resources.