Microsoft is today expected to announce that it has created a company to promote online home buying.
The software giant will be the major shareholder in the new firm, called Homeadvisor Technologies, and will be backed by US mortgage lenders Chase Manhattan, Wells Fargo Northwest Mortgage, Bank of America and GMAC-Residential Funding.
Homeadvisor will use a Microsoft-designed software platform which will automate part of the mortgage financing procedure. The software giant claims the system will speed up the mortgage offer process and completion of home sales.
Homeadvisor will also market software to estate agents, and operate a website providing details on homes and advice on home buying.
The company's revenue will come from charges on loan transactions and advertising sales.
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