|Description||Innovative Mortgage Marketplace|
|Angel, 10/09 ||$3.1M|
Nail Your Mortgage’s (NYM) proprietary solution allows borrowers and lenders to interact in a completely open, transparent electronic marketplace. This marketplace supports the delivery and closing of mortgage loans for both property purchases and refinance transactions. The company is more than a lead generation tool for lenders or a pricing engine for borrowers/brokers and it does not function as a loan broker/intermediary in the traditional sense. NYM’s technology is running in a live production mode. The platform was opened to borrowers and lenders in May 2011. Multiple lenders present their loan products on the NYM platform; when a prospective borrower enters the marketplace to search for financing options, he/she will always see the lowest wholesale rates available from NYM’s lenders, unburdened by hidden fees or lending spreads. Lenders can present their loan products on NYM at no cost, affording a zero customer acquisition cost for each loan closed. NYM is compensated for enabling transactions through a fixed fee paid by the borrower when the loan closes.