Mortgage Marvel, a mortgage shopping website based out of Mequon, Wis., is competing with the big guys while maintaining a small guy mentality. According to a customer survey conducted by the company, 81% of users gave Mortgage Marvel a “better” or “superior” rating to other websites such as LendingTree, BankRate and Zillow. Ninety-two percent of respondents said they would recommend the service to others. “Currently more than 70 percent of borrowers start their mortgage shopping on the Internet, so banks and credit unions are increasingly perceiving online-lending technology as a ‘must-have’ solution,” said Rick Allen, director of strategic initiatives at Mortgagebot, the firm that developed the website. That’s why, he said, lenders are also benefiting from the site. Mortgage Marvel compares rates from different local lenders depending on the zipcode a potential borrower puts in, which 53% of survey respondents said was the best feature. The site also offers borrowers anonymity when searching and the format is more simplistic than other mortgage matching websites. Mortgagebot LLC is a mortgage technology firm that provides point-of-sale solutions for mortgage applications. Mortgage Marvel was launched in October 2007. The satisfaction survey was distributed to 563 Mortgage Marvel customers, 106 of which responded. Write to Christine Ricciardi.
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