REDMOND, Wash., Aug. 20, 1999 — Microsoft Corp. today announced it has made a minority investment in Tuttle Decision Systems Inc., a leading provider of electronic price distribution and loan technology products for the mortgage industry. Tuttle’s electronic pricing technology will be integrated into the MSN TM HomeAdvisor TM Web site, allowing consumers to quickly and easily secure loan rates and browse mortgage options.
Tuttle brings to HomeAdvisor a unique combination of industry-leading technology, relationships with top-tier mortgage lenders, proven distribution channels, and experienced product experts working to accelerate the growth of real-time rate distribution, loan pricing, and rate locks over the Internet. In 1998, loan volume through Tuttle’s LockPoint Xtra® totaled over $25 billion, higher than any other third-party mortgage software provider.
“This move by Microsoft is an endorsement of the technology we bring to lenders and home buyers on the Web,”
said Paul Tuttle, president, CEO and founder of Tuttle Decision Systems Inc.
“HomeAdvisor does a fantastic job of utilizing today’s most advanced technologies to allow consumers access to loans from multiple lenders simultaneously. The addition of our technology helps ensure that HomeAdvisor customers will continue to receive the most flexible and up-to-the minute loan and rate information available.”
“With this investment, HomeAdvisor will have the technology to deliver loan information and prices to our customers faster than any other mortgage Web site,”
said Bryan Mistele, product unit manager at MSN HomeAdvisor.
“Tuttle’s LockPoint technology allows us to present rate quotes specifically tailored to each customer’s needs, a service not available on any other site. This takes the guesswork out of most loan rates online today, and gives consumers an accurate loan rate tailored to their particular situation.”
Once integrated with HomeAdvisor, Tuttle’s LockPoint Xtra database and software service will manage lenders’ loan programs and pricing information, enabling HomeAdvisor lenders to provide up-to-the-minute pricing to borrowers.
Financial terms of the transaction were not disclosed.
About Tuttle Decision Systems Inc.
Tuttle Decision Systems Inc. provides integrated loan origination products for increased loan productivity and efficiency for the mortgage banking industry. Founded in 1983 as Tuttle & Co., Tuttle Decision Systems Inc. was incorporated in Delaware effective Oct. 1, 1998. A premier provider of mortgage pipeline risk management services, the company hedged over $130 billion in mortgage loans in the past two years. The company’s electronic pricing technology delivered over $25 billion in rate locks and loan registrations to major conduits from over 575 lenders across the United States. Tuttle Decision Systems Inc. has 100 employees and is based in Mill Valley, Calif. More information on Tuttle can be found at http://www.tuttle.com/ .
About MSN HomeAdvisor
MSN HomeAdvisor is the Internet’s most complete guide for finding homes and loans, combining Microsoft® technology with services and expertise from some of the most trusted
names in the real estate industry. It empowers consumers through every step of the home-buying process and is the first Internet site to fully integrate content and services such as neighborhood crime and school statistics with homes, loans, editorial content and expert advice. Winner of the Inman Innovator Award as the best residential real estate site, HomeAdvisor is a PC Magazine Top 100 Web site, a Yahoo! Internet Life Best of the Best winner and a Family PC Web Site of the Month. Part of the MSN network of Internet services, HomeAdvisor launched in July 1998 and is free on the World Wide Web at http://homeadvisor.MSN.com/ (connect-time charges may apply).
About Microsoft
Founded in 1975, Microsoft (Nasdaq
“MSFT”
) is the worldwide leader in software for personal computers. The company offers a wide range of products and services for business and personal use, each designed with the mission of making it easier and more enjoyable for people to take advantage of the full power of personal computing every day.
Microsoft, MSN and HomeAdvisor are either registered trademarks or trademarks of Microsoft Corp. in the United States and/or other countries.
LockPoint Xtra is a registered trademark of Tuttle Decision Systems Inc.
Other product and company names herein may be trademarks of their respective owners.
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